U.S. property foreclosures soared in October to the highest monthly level this year as housing markets continued to cool, an industry report stated.
Some 115,568 properties entered some stage of foreclosure last month, up 3 percent from September, and up 42 percent from October 2005, according to foreclosure tracking service RealtyTrac.
The RealtyTrac report also shows a national foreclosure rate of one new foreclosure filing for every 1,001 U.S. households, the highest monthly foreclosure rate reported so far this year.
“So far this year more than 1 million properties have entered some stage of foreclosure nationwide, up 27 percent from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Monthly foreclosure filings hit their highest mark of the year so far in October, mirroring the trend from last year, when the most foreclosures of the year were also reported in October. Our data from the last three months shows that foreclosures are definitely trending upward, putting more pressure on an already strained housing market, and placing buyers and investors in the driver’s seat when it comes to negotiating home purchases.”
For the eighth consecutive month Colorado documented the nation’s highest state foreclosure rate — one new foreclosure filing for every 327 households — thanks to a 25 percent month-over-month increase in foreclosure activity. The state reported 5,592 properties entering some stage of foreclosure during the month, more than twice the number reported in October 2005.
With one new foreclosure filing for every 389 households, Nevada documented the nation’s second-highest state foreclosure rate for the fifth straight month as foreclosures continued to climb. The state reported 2,229 properties entering some stage of foreclosure, an increase of 16 percent from the previous month and more than six times the number reported in October 2005.
Rising 33 percent from September, Georgia’s foreclosure rate — one new foreclosure filing for every 449 households — jumped to third highest in October after being fifth highest the previous month. The state reported 6,895 properties entering some stage of foreclosure, almost twice the number reported in October 2005.
Other states reporting foreclosure rates among the nation’s 10 highest were Michigan, Illinois, Florida, Ohio, Tennessee, New Jersey and Utah.
More than 16,000 California properties entered some stage of foreclosure during October, the most of any state for the second straight month and an increase of more than 8 percent from the previous month. The state’s foreclosure rate of one new foreclosure filing for every 759 households rose to 1.3 times the national average and was 12th highest among the states. California foreclosure activity has more than tripled from a year ago.
With 11,413 properties entering some stage of foreclosure, Florida reported the second most foreclosure filings of any state and a foreclosure rate of one new foreclosure filing for every 640 households — 1.6 times the national average and sixth highest among the states. Florida’s foreclosure activity was down almost 12 percent from the previous month but up nearly 50 percent from October 2005.
Texas, Michigan, Illinois, Ohio, Georgia, Colorado, New Jersey and New York rounded out the 10 states with the most new foreclosure filings in October.
Among the nation’s 200-plus largest metropolitan areas, Greeley, Colo., posted the highest foreclosure rate for the third month in a row. The Greeley metro area (Weld County) documented 378 properties entering some stage of foreclosure, a foreclosure rate of one new foreclosure filing for every 175 households — 5.7 times the national average.
With 4,216 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 196 households.
Modesto, Calif., posted a foreclosure rate of one new foreclosure filing for every 214 households, third highest among the nation’s metropolitan areas. The metropolitan area (Stanislaus County) reported 705 properties entering some stage of foreclosure during the month.
