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Florida First in Foreclosures

RealtyTrac announces 71,606 foreclosures during November

December 20, 2005

By MortgageDaily.com staff


New foreclosure activity slowed from a year-high pace.

During November, 71,606 properties nationwide entered some stage of foreclosure, down 12% from the prior month, according to RealtyTrac's latest Monthly U.S. Foreclosure Market Report.

"After reaching their highest level of the year in October, foreclosures in November retreated closer to the levels we saw earlier this fall and in the summer," RealtyTrac Chief Executive James J. Saccacio said in an announcement. "While fewer foreclosures in most of the Gulf Coast states contributed to this, it also continues the trend of seeing the national foreclosure rate drop the month after a significant spike."

Foreclosures occurred at a rate of one for every 1,615 households in November, the online foreclosure marketplace service reported.

With new foreclosures rising 16 percent to 8,872 during the month, Florida took over Texas' No. 1 spot for the most foreclosures nationwide and was the only Gulf Coast state with increasing foreclosures, according to the announcement. The Sunshine State's foreclosure rate of one for every 824 households was the third highest in the country.

The two highest foreclosure rates belonged to Colorado, with 2,687 properties entering a stage of foreclosure and a rate of one out of every 681 households, and Georgia, with 4,416 new foreclosures and rate of one for every 701 homes, RealtyTrac said.

The fourth highest rates belonged to Ohio, as a 5.7 percent rise in its new foreclosures to 4,968 contributed to a rate of one for every 963 properties, the announcement said.

Indiana held the fifth-highest foreclosure rate in November, at one for every 902 households, thanks to a 32 percent boost in new foreclosures to 2,800, the Irvine, Calif.-based company reported.

RealtyTrac noted that the extension of a foreclosure moratorium in areas affected by Katrina and Rita may have contributed to lower foreclosure numbers in several Gulf Coast states.

Texas new foreclosures reportedly dropped 52 percent in November to 7,912 -- the second highest in the country -- while its foreclosure rate of one for every 1,017 households ranked below the five highest in the country for the first time since July. Meanwhile, foreclosures in Louisiana, Alabama and Mississippi, dropped 42, 20 and 75 percent, respectively.

Rhode Island was the only state with no foreclosures, and following with 5 and 9 foreclosures, Vermont and Delaware respectively had the second and third least amount of foreclosures, the announcement said.


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