X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, Calif. – RealtyTracT, which publishes the largest national database of pre-foreclosure and foreclosure properties, released its October 2005 Monthly U.S. Foreclosure Market Report and the findings were sobering – nationwide, 81,382 properties entered some stage of foreclosure in October, representing an increase of 18.6% from the previous month and making October’s rate the highest level for 2005. That’s a reversal from September’s numbers that showed national foreclosures decreased 9.2%. According to RealtyTrac, September’s decline was the second consecutive drop. The October national foreclosure rate works out to one foreclosure for every 1,422 U.S. households. September’s rate was one foreclosure for every 1,685 households. RealtyTrac CEO James Saccacio said some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after Hurricanes Katrina and Rita. But, he added, it’s possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels. For the second consecutive month, Texas reported the most new foreclosures of any state – 16,386 properties entered some stage of foreclosure. That’s an increase of 68% from the previous month and accounted for 20% of the new foreclosures in the U.S. in October. With one foreclosure for every 492 households, the state’s foreclosure rate was 2.9 times the national average. New Jersey’s foreclosure rate was the second highest in the country – 7,835 – with one foreclosure for every 422 households. Florida’s foreclosures decreased 17% in October from the previous month. But with a total of 7,629 properties entering some stage of foreclosure that month, Florida continued to rank among the five states reporting the most new foreclosures. Despite a 29% decrease in the number of new foreclosures, Colorado’s foreclosure rate placed it among the five highest state foreclosure rates for the eighth month in a row. The state reported 2,568 properties entering some stage of foreclosure, one for every 713 households. Although that was twice the national average, RealtyTrac said it dropped Colorado’s foreclosure rate from first to fifth place among all 50 states. Other states which reported a high number of new foreclosures in October were Ohio – 4,700 properties, down 19% from September – and California – 4,679 properties, down 6.3% from the previous month. -

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.