The number of properties entering the foreclosure process dropped 10 percent in April from the previous month, but was up 33 percent from the same month a year ago, according to an industry report.
A total of 91,168 properties nationwide entered some stage of foreclosure last month, according to RealtyTrac‘s April foreclosure market report. The report shows an April national foreclosure rate of one foreclosure filing for every 1,268 U.S. households.
“Foreclosure filings have decreased 23 percent over the past two months after shooting up 40 percent in the first two months of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the national foreclosure rate is still higher than it was in any month last year, this two-month downward trend indicates that housing markets in most areas of the country have remained strong enough to hold foreclosures in check despite rising interest rates and slowing home-price appreciation.”
Colorado posted the nation’s highest foreclosure rate for the second month in a row even though the state’s foreclosure activity decreased 31 percent from the previous month. A total of 3,706 Colorado properties entered some stage of foreclosure in April, a foreclosure rate of one foreclosure filing for every 494 households and an increase of 43 percent from April 2005.
Utah documented one foreclosure filing for every 542 households in April, and the state’s foreclosure rate ranked as the nation’s second highest after being fourth highest the previous month. The state reported 1,418 properties entering some stage of foreclosure, a 1 percent decrease from the previous month but a 40 percent increase from April 2005.
Texas foreclosure filings increased in April, ending two straight months of decreases and boosting the state’s foreclosure rate to one foreclosure filing for every 582 households — third highest among all the states and more than twice the national average. A total of 13,829 Texas properties entered some stage of foreclosure in April, a 16 percent increase from the previous month and a 22 percent increase from April 2005.
Indiana and Georgia also posted foreclosure rates among the nation’s five highest and more than twice the national average in April. Indiana reported 4,309 properties entering some stage of foreclosure, a 13 percent decrease from the previous month but a 61 percent increase from April 2005, and Georgia reported 5,150 properties entering some stage of foreclosure, a 33 percent decrease from the previous month but more than three times the number reported in April 2005.
Meanwhile, Texas documented the most foreclosures filings of any state for the fifth month in a row and accounted for 15 percent of foreclosure filings nationwide.
Despite a dip in foreclosure activity, California documented the second most foreclosure filings of any state for the second straight month and accounted for nearly 10 percent of the nationwide total. A total of 8,839 California properties entered some stage of foreclosure in April, a 20 percent decrease from the previous month but a 91 percent increase from April 2005. The state’s foreclosure rate of one foreclosure filing for every 1,382 households dropped below the national average.
Florida foreclosure activity decreased for the third straight month, but the state still documented the third most foreclosure filings of any state, with 8,350 properties entering some stage of foreclosure. That was a 10 percent decrease from the previous month and a 21 percent decrease from April 2005. The state’s foreclosure rate of one foreclosure filing for every 875 households continued to register above the national average and among the nation’s 10 highest state foreclosure rates.
RealtyTrac publishes a national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country.
