National Foreclosures Show No Sign of Let Up
IRVINE, Calif. -- Credit union mortgage lenders who were hoping the rising national foreclosure rate would soon be abating will have to wait longer.
RealtyTrac(TM), the leading online marketplace for foreclosure properties last month released its August 2006 U.S. Foreclosure Market Report, and the data shows a 22% increase from the previous month in the number of properties nationwide that entered some stage of foreclosure during the month, and an increase of nearly 50% from August 2005.
The latest statistics also show a national foreclosure rate of one new foreclosure filing for every 1,021 U.S. households, the second highest monthly foreclosure rate reported year-to-date.
RealtyTrac(TM) CEO James Saccario observed that after "spiking "early in 2006, U.S. foreclosure activity has been relatively flat over the last few months. But foreclosures increased significantly in August, pushing the national foreclosure rate close to its highest level of the year thus far.
He added that with home price appreciation continuing to decelerate and billions of adjustable rate mortgages projected to reset in the next few months, August's increase could be the beginning of an upward shift in the foreclosure market.
The five states with the most new foreclosure filings--Florida, Texas, California, Ohio and Illinois--accounted for 50% of the nation's foreclosure activity in August.
Colorado's foreclosure rate increased nearly 60% from the previous month, and the state documented the highest state foreclosure rate in the U.S. for the sixth consecutive month.
Nevada posted the country's second highest state foreclosure rate for the third straight month, and Florida foreclosure activity jumped to its highest level of the year so far.