National Foreclosures Increase Almost 19% in October
November 29, 2005
IRVINE, Calif., /PRNewswire/ -- RealtyTrac(TM) released its October 2005 Monthly U.S. Foreclosure Market Report, which showed 81,382 properties nationwide entered some stage of foreclosure in October, an 18.6 percent increase from the previous month. The report shows an October national foreclosure rate of one foreclosure for every 1,422 U.S. households.
"New foreclosures increased in October to their highest level so far this year," said James J. Saccacio, chief executive officer of RealtyTrac. "Some of the increase can be attributed to foreclosure activity ramping up again in Louisiana and Mississippi after being disrupted by the recent hurricanes. But it's possible that increasing interest rates and other economic factors are beginning to move foreclosures closer to their historic levels."
For the second month in a row, Texas reported the most new foreclosures of any state, with 16,386 properties entering some stage of foreclosure. That was a 68 percent increase from the previous month and accounted for 20 percent of the nation's new foreclosures in October. With one foreclosure for every 492 households, the state's foreclosure rate was 2.9 times the national average.
New Jersey foreclosure rates were the highest in the country, with one foreclosure for every 422 households, and New Mexico foreclosures ranked third highest, with one property in every 601 in foreclosure. Despite a 29 percent decrease in the number of new foreclosures, Colorado's foreclosure rate placed 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 2 times the national average, the state's foreclosure rate dropped from first place to fifth place among all the states.
Ohio and California continued to rank among the five states reporting the most new foreclosures. Ohio reported 4,700 properties entering some stage of foreclosure in October -- a 19 percent decrease from the previous month. But with one foreclosure for every 1,018 households, the state's foreclosure rate was still 1.4 times the national average. California's foreclosure rate continued to register well below the national average, with one foreclosure for every 2,610 households. The state reported a total of 4,679 properties entering some stage of foreclosure, a 6.3 percent decline from the previous month.
Florida foreclosures decreased 17 percent in October, and the state's foreclosure rate dropped out of the five highest state foreclosure rates, with one foreclosure for every 958 households. But with a total of 7,629 properties entering some stage of foreclosure in October, Florida continued to rank among the five states reporting the most new foreclosures.
New foreclosures in Louisiana and Mississippi were below the levels reported before Hurricane Katrina hit despite a 25 percent increase in Louisiana and an 82 percent increase in Mississippi. Alabama foreclosures decreased 12 percent in October.