Property foreclosures nationwide remained high in September as housing markets continued to cool across the country.
The number of residential properties entering some stage of foreclosure during September was 112,210, down 1 percent from the previous month, and up 63 percent from September 2005, according to foreclosure tracking service RealtyTrac.
The national foreclosure rate now stands at one new foreclosure filing for every 1,030 U.S. households, the third-highest monthly foreclosure rate reported this year, the company said.
“September was the second straight month in which more than 110,000 new foreclosure filings were reported nationwide, evidence that the spike in August was not just a one-month anomaly,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure filings are up 39 percent year to date and have already surpassed the total number reported in all of 2005. If they continue at the current pace, foreclosures will exceed the 1.2 million mark by the end of the year.”
Michigan, Colorado and Nevada had the top state foreclosure rates. A total of 7,846 properties entered some stage of foreclosure in Michigan in September, a 14 percent increase from the previous month and nearly three times the number reported in September 2005. With one new foreclosure filing for every 538 households, Michigan’s foreclosure rate replaced Florida’s foreclosure rate among the nation’s top three.
Despite slowing foreclosure activity in September, Colorado and Nevada continued to document the first- and second-highest state foreclosure rates, respectively. Colorado reported 4,485 properties entering some stage of foreclosure, a decrease of 26 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 408 households — 2.5 times the national average. Nevada reported 1,919 properties entering some stage of foreclosure, a decrease of nearly 5 percent from the previous month and a foreclosure rate of one new foreclosure filing for every 452 households — 2.3 times the national average.
Other states reporting foreclosure rates among the nation’s 10 highest were Florida, Georgia, Indiana, Illinois, Texas, Ohio and Utah.
California saw a 19 percent increase in foreclosure activity last month with 14,806 properties entering some stage of foreclosure, nearly three times the number reported during the same month a year ago and 1.3 times the national average. The state’s foreclosure activity has risen more than 40 percent over the last two months.
With 12,946 properties entering some stage of foreclosure, Florida reported the second-highest number of new foreclosure filings in September. That was a 21 percent drop from the previous month, but still up 41 percent from September 2005. The state’s foreclosure rate of one new foreclosure filing for every 564 households was fourth highest among the states.
Texas reported 11,988 properties entering some stage of foreclosure, a 16 percent decrease from the previous month but a 23 percent increase from September 2005. The state’s foreclosure rate of one new foreclosure filing for every 671 households dropped out of the nation’s top five but was still 1.5 times the national average.
For the second month in a row, Greeley, Colo., posted the highest foreclosure rate among the nation’s 252 largest metropolitan areas. The Greeley metro area (Weld County) documented 393 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 168 households — more than six times the national average.
With 4,190 properties entering some stage of foreclosure, the Detroit metropolitan area (Wayne County) registered the nation’s second-highest metro foreclosure rate — one new foreclosure filing for every 197 households.
Miami’s foreclosure rate of one new foreclosure filing for every 271 households ranked as the nation’s third-highest metro foreclosure rate. The metro area (Miami-Dade County) reported 3,147 properties entering some stage of foreclosure in September.
