DETROIT, STOCKTON, LAS VEGAS POST HIGHEST 2007 METRO FORECLOSURE RATES

    DETROIT, STOCKTON, LAS VEGAS POST HIGHEST 2007 METRO FORECLOSURE RATES

    IRVINE, Calif. – Feb. 13, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Year-End 2007 Metropolitan Foreclosure Report, which shows Detroit, Stockton, Calif., and Las Vegas documented the three highest foreclosure rates among the nation’s 100 largest metro areas during 2007.

    RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

    “As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nation’s 100 largest metro areas, with 86 metros reporting increases from 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “Most of the metro areas with the highest foreclosure rates were either cities like Stockton and Las Vegas, which experienced meteoric growth and unsustainable price appreciation over the past few years, or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates.”

    California, Ohio, Florida and Michigan cities dominate top 20 metro rates
    Fifteen of the metro areas with the top 20 metro foreclosure rates were located in four states: California with six, Ohio with four, Florida with three and Michigan with two.

    Detroit registered the highest foreclosure rate among the nation’s 100 largest metro areas, with close to 5 percent of its households entering some stage of foreclosure during the year — 4.8 times the national average and up from about 3 percent in 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68 percent from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy at No. 17.

    With 4.866 percent of its households entering some stage of foreclosure during the year, Stockton, Calif., documented the second highest metro foreclosure rate. A total of 22,184 foreclosure filings on 10,608 properties were reported in the metro area in 2007, up 271 percent from 2006. Other California metros with foreclosure rates in the top 20 were Riverside-San Bernardino at No. 4, Sacramento at No. 5, Bakersfield at No. 7, Fresno at No. 14 and Oakland at No. 16.

    Las Vegas posted the third highest metro foreclosure rate among the 100 largest metropolitan areas in 2007, with 4.228 percent of its households entering some stage of foreclosure during the year. A total of 59,983 foreclosure filings on 30,375 properties were reported in the metro area during 2007, up 169 percent from 2006.

    Cleveland’s 2007 foreclosure rate — 2.972 percent of households entering some stage of foreclosure during the year — ranked sixth highest nationally and was the highest of any Ohio metro area on the list. A total of 49,071 foreclosure filings on 27,848 properties were reported during 2007, up 112 percent from 2006. Other Ohio metros with foreclosure rates in the top 20 were Akron at No. 12, Dayton at No. 15 and Toledo at No. 19.

    With 2.724 percent of its households entering some stage of foreclosure in 2007, Miami documented the eighth highest metro foreclosure rate, highest among Florida metro areas. A total of 51,662 foreclosure filings on 25,296 properties were reported in the metro area during 2007, up 106 percent from 2006. Other Florida metro areas with foreclosure rates in the top 20 were Fort Lauderdale at No. 10 and Orlando at No. 20.

    Other cities in the top 20 were Denver at No. 9, Atlanta at No. 11, Memphis at No. 13, and Indianapolis at No. 18.

    Report methodology
    The RealtyTrac Metro Foreclosure Market Report provides the total number of foreclosure filings by metropolitan area, along with the total number of unique addresses entering some stage of foreclosure and percentage of total households entering some stage of foreclosure (foreclosure rate). 

    The household numbers are based on the U.S. Census Bureau’s 2005 estimates of total housing units. Foreclosure filings include foreclosure-related documents in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

    Foreclosure Activity for the Nation’s 100 Largest MSAs – 2007 Totals

    Rate Rank Metro Area Foreclosure Filings Properties with Filings %Households (foreclosure rate) % Change from 2006

    1

    DETROIT/LIVONIA/DEARBORN, MI

    72,616

    41,273

    4.918

    68.15

    3

    LAS VEGAS/PARADISE, NV

    59,983

    30,375

    4.228

    169.11

    5

    SACRAMENTO, CA

    49,532

    23,772

    3.189

    272.54

    7

    BAKERSFIELD, CA

    13,682

    7,524

    2.960

    244.82

    9

    DENVER/AURORA, CO

    49,519

    26,632

    2.641

    27.79

    11

    ATLANTA/SANDY SPRINGS/MARIETTA, GA

    81,038

    50,271

    2.531

    52.25

    13

    MEMPHIS, TN

    22,654

    11,291

    2.141

    30.35

    15

    DAYTON, OH

    14,285

    7,812

    2.073

    145.51

    17

    WARREN/FARMINGTON HILLS/TROY, MI

    30,378

    21,607

    2.069

    95.19

    19

    TOLEDO, OH

    10,056

    5,756

    1.938

    117.29

    21

    PALM BEACH, FL

    18,561

    11,918

    1.924

    88.90

    23

    TAMPA/ST PETERSBURG/CLEARWATER, FL

    41,539

    24,086

    1.908

    95.90

    25

    COLUMBUS, OH

    24,055

    13,823

    1.832

    86.39

    27

    JACKSONVILLE, FL

    15,149

    9,540

    1.748

    38.99

    29

    FORT WORTH/ARLINGTON, TX

    25,050

    12,295

    1.645

    2.42

    31

    VENTURA, CA

    6,261

    4,341

    1.629

    195.11

    33

    CINCINNATI, OH

    21,392

    13,119

    1.469

    104.38

    35

    LOS ANGELES/LONG BEACH, CA

    93,696

    45,415

    1.360

    137.77

    37

    CAMDEN, NJ

    5,237

    3,415

    1.229

    42.35

    39

    HOUSTON/BAYTOWN/SUGAR LAND, TX

    39,220

    24,917

    1.221

    4.08

    41

    WASHINGTON/ARLINGTON/ALEXANDRIA, DC-VA-MD

    28,455

    19,229

    1.160

    574.94

    43

    NEWHAVEN/MILFORD, CT

    7,348

    3,790

    1.093

    340.19

    45

    NEWARK, NJ

    15,403

    8,770

    1.049

    45.71

    47

    TACOMA, WA

    5,276

    3,107

    1.025

    38.95

    49

    MILWAUKEE/WAUKESHA/WST ALLIS, WI

    9,856

    6,529

    1.017

    79.47

    51

    SAN JOSE/SUNNYVALE/SANTA CLARA, CA

    11,433

    6,173

    0.991

    161.57

    53

    RALEIGH/CARY, NC

    5,249

    3,884

    0.982

    122.83

    55

    LITTLE ROCK/NORTH LITTLE ROCK, AR

    5,396

    2,702

    0.952

    15.52

    57

    OMAHA/COUNCIL BLUFFS, NE-IA

    3,403

    3,021

    0.890

    59.67

    59

    NASHVILLE/DAVIDSON, TN

    8,454

    5,301

    0.869

    54.01

    61

    EDISON, NJ

    15,800

    7,723

    0.836

    43.42

    63

    ROCHESTER, NY

    3,903

    3,404

    0.776

    126.78

    65

    HARTFORD, CT

    7,427

    3,699

    0.761

    216.97

    67

    SPRINGFIELD, MA

    5,190

    1,985

    0.706

    109.83

    69

    BOSTON/QUINCY, MA

    11,165

    5,106

    0.683

    199.47

    71

    ALBUQUERQUE, NM

    2,921

    2,217

    0.651

    5.77

    73

    PORTLAND/VANCOUVER/BEAVERTON, OR-WA

    5,834

    5,162

    0.602

    24.18

    75

    BIRMINGHAM/HOOVER, AL

    3,069

    2,351

    0.521

    63.15

    77

    EL PASO, TX

    2,317

    1,257

    0.515

    -17.57

    79

    PHILADELPHIA, PA

    16,246

    7,899

    0.492

    -32.09

    81

    SEATTLE/BELLEVUE/EVERETT, WA

    9,028

    5,016

    0.475

    16.35

    83

    PROVIDENCE/NEW BEDFORD, RI

    3,241

    1,839

    0.411

    354.07

    85

    WILMINGTON, DE-NJ

    1,363

    1,012

    0.367

    157.51

    87

    NORFOLK/VIRGINIA BEACH/NEWPORT NEWS, VA

    2,321

    1,841

    0.361

    258.17

    89

    CHARLESTON, SC

    1,043

    839

    0.318

    35.10

    91

    BATON ROUGE, LA

    997

    823

    0.270

    -59.81

    93

    WICHITA, KS

    1,322

    662

    0.262

    -13.12

    95

    RICHMOND, VA

    1,090

    908

    0.184

    168.64

    97

    HONOLULU, HI

    621

    517

    0.157

    52.96

    99

    SYRACUSE, NY

    935

    364

    0.128

    128.93

    About RealtyTrac Inc.
    Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

    Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For current news and information regarding foreclosure-related issues and trends, visit our blog at www.ForeclosurePulse.com.

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