RealtyTrac, the Irvine, California online marketplace for foreclosure properties, today reported a total of 147,708 foreclosure filings in April, down about 1% from the previous month but up 62% from April 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 783 U.S. households during the month.
"After hitting a two-year high in March, U.S. foreclosure activity slipped slightly lower in April," said James J. Saccacio, CEO of RealtyTrac. "Last year foreclosure activity subsided somewhat during the spring and summer months, thanks in part to increased interest from buyers. Whether the decrease in April is the beginning of a similar trend this year remains to be seen, but we expect foreclosure activity to at least stay above last year's levels for the remainder of 2007, fueled by a combustible mix of risky loans taken out in the last few years--many in the subprime market--and slowing home price appreciation."
Nevada reported 3,737 foreclosure filings during April, one for every 232 households--highest among the 50 states for the fourth month in a row and more than three times the national average. The state's foreclosure activity decreased 21% from the previous month but was up more than 200% from April 2006.
Colorado's foreclosure rate of one foreclosure filing for every 314 households was second highest among the states despite a 7% decrease in foreclosure activity from the previous month. The state reported 5,826 foreclosure filings during April, the eighth most of any state and a 57% increase from April 2006.
Connecticut's foreclosure rate rose to third highest among the states in April. The state reported 4,207 foreclosure filings during the month, one for every 329 households--more than twice the national average. Connecticut's dramatic increase is due in part to more rigorous data collection activities implemented by RealtyTrac in the state during April. Other states with foreclosure rates ranking among the nation's 10 highest in April were California, Ohio, Georgia, Florida, Arizona, Illinois and Michigan.
California documented the largest foreclosure total of any state for the fourth consecutive month. The state's foreclosure activity decreased about 3% from the previous month but was up more than 200% from April 2006, one foreclosure filing for every 400 households--fourth highest among the states and nearly twice the national average.
Florida reported 14,318 foreclosure filings in April, the second largest state total and a foreclosure rate of one for every 510 households--seventh highest among the states and 1.5 times the national average. The state's foreclosure activity increased less than 1% from the previous month and was up nearly 72% from April 2006.
Ohio's foreclosure activity surged in April, up 39% from the previous month and up 135% from April 2006, pushing the state¹s foreclosure total to third largest in the nation. The state reported 11,431 foreclosure filings during the month, one for every 418 households--1.9 times the national average. Other states with foreclosure totals among the nation's 10 highest in April were Texas, Illinois, Georgia, Michigan, Colorado, Connecticut and Arizona.