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Foreclosures Climb to 2005 High

Monthly U.S. Foreclosure Market Report released

November 29, 2005

By MortgageDaily.com staff

October's new foreclosures climbed to the highest level this year, with the Lone Star State leading the way again.

Nationwide, properties that entered some stage of foreclosure amounted to 81,382 in the first month of the quarter, rising 18.6 percent from September, according to RealtyTrac's announced Monthly U.S. Foreclosure Market Report.

"New foreclosures increased in October to their highest level so far this year," said James J. Saccacio, RealtyTrac chief executive officer, in the statement. "Some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after being disrupted by the recent hurricanes. But it's possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels."

Accounting for 20 percent of the national figure, Texas held the highest number of new foreclosures for the second consecutive month -- up 68% from the prior month to 16,386 properties in October. With one foreclosure for every 492 households, the state's foreclosure rate is almost three times the national average, the Irvine, Calif.-based online foreclosure marketplace service reported.

While New Jersey had about 48% fewer new foreclosures than the Lone Star State, it had the highest foreclosure rate in the country, with one foreclosure for every 422 households, and New Mexico foreclosures ranked third highest, with one in every 601, RealtyTrac said.

With a reported 29 percent decrease in the number of new foreclosures to 2568, Colorado's foreclosure rate fell from first place to fifth place in the nation with one for every 713 households. Despite the downturn, Colorado has been among the five states with the highest rate for the eighth month in a row.

Ohio, with a 19 percent decrease to 4,700 properties, and California, with a 6 percent decline to 4,679 properties, continued to rank among the five states reporting the most new foreclosures, according to the announcement.

Meanwhile, Florida dropped out of the top five foreclosure rates, but it continued to rank among the top five most new foreclosures with 7,629 properties entering the process in October.

New foreclosures in Louisiana and Mississippi respectively increased 25 percent and 82 percent but were below the levels reported before Hurricane Katrina hit, RealtyTrac noted. In Alabama, foreclosures decreased 12 percent.

Rhode Island had the lowest amount -- 1 -- of new foreclosures in October, the announcement said.

Other states that reported less than 10 foreclosures included Delaware, Maine, New Hampshire, North Dakota, South Dakota and Vermont.

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