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Home Repossession Rate Reaches a One Year High: 'A 25% increase from the second quarter of 2005 obviously isn't a positive trend.'.
IRVINE, CA -- At one new foreclosure for every 425 U.S. households, a recent report shows the national second-quarter foreclosure rate "was higher than in any quarter of last year."
However, foreclosure filings in the second quarter of 2006 present a classic "good news, bad news scenario," said RealtyTrac CEO, James J. Saccacio, in a company release.
According to the 2006 Q2 U.S. Foreclosure Market Report published by RealtyTrac of Irvine Calif., the number of properties "that entered some stage of foreclosure" during the second quarter 2006 has decreased by 16% when compared to the previous quarter, but remains 25% higher than the same quarter of 2005. The online marketplace for foreclosed properties reported a total of 272,109 properties entered a foreclosure stage during the quarter.
"A 25% increase from the second quarter of 2005 obviously isn't a positive trend," Mr. Saccacio said. "But despite some of the sensational reports we've seen lately, foreclosure filings have actually slowed down since peaking in February."
Among market factors affecting these results, the executive listed low unemployment and home appreciation in most housing markets which have held foreclosures in check even though the national foreclosure rate "has certainly shifted into a higher gear since last year." At the top of the list are Colorado, Georgia and Texas, the three states that posted the highest quarterly foreclosure rates, all of which follow the same "good and bad" national pattern.
In Colorado, the ratio was one new foreclosure filing for every 158 households, putting the state at the top. During the quarter, Colorado reported 11,599 properties in some state of foreclosure, a 13% decrease from the previous quarter, yet 48% higher compared to the same quarter of last year.
Georgia reported a total of 15,309 new filings during the quarter as foreclosure activity "slowed substantially in June" recording one foreclosure for filing for every 202 households and a 37% decrease from the first quarter of 2006 and a 42% increase compared to the same quarter of last year.
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