U.S. FORECLOSURE ACTIVITY INCREASES 75 PERCENT IN 2007

    More Than 2.2 Million Foreclosure Filings on Nearly 1.3 Million Properties Reported

    IRVINE, Calif. – Jan. 29, 2008 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released year-end data from its 2007 U.S. Foreclosure Market Report, which shows a total of 2,203,295 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,285,873 properties nationwide during the year, up 75 percent from 2006. The report also shows that more than 1 percent of all U.S. households were in some stage of foreclosure during the year, up from 0.58 percent in 2006.

    A total of 215,749 foreclosure filings were reported in December, up 97 percent from December 2006 and bringing the fourth-quarter total to 642,150 filings on 527,740 properties — up 1 percent from the previous quarter and up 86 percent from the fourth quarter of 2006.

    “The year ended with a monthly increase of 7 percent in December, making it the fifth straight month with more than 200,000 foreclosure filings reported and giving the fourth quarter the highest quarterly total we’ve seen since we began issuing our report in January 2005,” said James J. Saccacio, chief executive officer of RealtyTrac. “It also pushed the foreclosure filing total for 2007 well over 2 million. And while filings were up 75 percent, the number of properties in some stage of foreclosure was up 79 percent, indicating that some properties may have just entered the initial stage of foreclosure in 2007 and could  be going through the rest of the foreclosure process in 2008 — unless lender and government intervention efforts begin to gain more traction.”

    Top annual foreclosure rates
    Nevada posted the nation’s highest state foreclosure rate for 2007, with 3.4 percent of its households entering some stage of foreclosure during the year — more than three times the national average. The state documented the highest monthly foreclosure rate in all 12 months of the year. A total of 66,316 foreclosure filings on 34,417 properties were reported in Nevada in 2007, an increase of more than 200 percent in total filings from 2006.

    With more than 2 percent of its households entering some stage of foreclosure during the year, Florida documented the second highest state foreclosure rate for 2007. A total of 279,325 foreclosure filings on 165,291 properties were reported in the state during the year, more than twice the number of filings reported in 2006. The state’s foreclosure filing total in December was up 275 percent from December 2006, and its fourth quarter total was up 211 percent from the fourth quarter of 2006.

    Michigan documented the nation’s third highest state foreclosure for 2007, with 1.9 percent of its households entering some stage of foreclosure during the year. A total of 136,205 foreclosure filings on 87,210 properties were reported in the state during the year, a 68 percent increase in total filings from 2006. Michigan foreclosure activity dipped 17 percent from the third quarter to the fourth quarter, but its December foreclosure filing total was still up more than 70 percent from December 2006.

    California, Colorado, Ohio, Georgia, Arizona, Illinois and Indiana all posted foreclosure rates among the nation’s top 10 in 2007, and all these states documented more than 1 percent of their households entering some stage of foreclosure during the year.

    Highest foreclosure filing totals
    With a total of 481,392 foreclosure filings on 249,513 properties during the year, California documented the highest number of foreclosure filings and the most properties in some stage of foreclosure in 2007. The state’s total foreclosure filings more than tripled from 2006, and the state’s 2007 foreclosure rate — 1.9 percent of its households entering some stage of foreclosure during the year — ranked fourth highest among the states. California foreclosure filings were down 3 percent from the third quarter to the fourth quarter despite a 33 percent spike in December, but total foreclosure filings in the fourth quarter were still nearly three times the number reported in the fourth quarter of 2006.

    Florida tallied the second highest totals, both in terms of foreclosure filings and properties entering some stage of foreclosure in 2007. (See above for more details on Florida.)

    Ohio’s total foreclosure filings, 153,196, and total properties entering some stage of foreclosure, 89,979, both ranked third highest among the states for 2007. The state’s foreclosure filings increased 88 percent from 2006, and its 2007 foreclosure rate was the nation’s sixth highest, with 1.8 percent of the state’s households entering some stage of foreclosure during the year. Ohio’s high ranking for the year came despite a dip in foreclosure activity in the fourth quarter, when foreclosure filings decreased 2 percent from the previous quarter. The state’s December foreclosure filings were down 26 percent from the previous month but still up 64 percent from December 2006.

    Other states with foreclosure filing totals among the top 10 were Texas, Michigan, Georgia, Illinois, Colorado, Arizona and Nevada.

    Report methodology
    The RealtyTrac 2007 Year-End U.S. Foreclosure Market Report provides the total number of foreclosure filings nationwide and by state, 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). Data is also available at the individual county level.

    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).

              U.S. Foreclosure Market Statistics by State -- 2007 TotalsRate  State       Total     %Change     %Change    Total    %Households
    
        Rank  Name     Foreclosure   from        from   Properties (foreclosure
    
                         Filings     2006        2005  with Filings   rate)
    
    --    U.S.     2,203,295     74.99      148.83   1,285,873    1.033
    
        37  Alabama        7,903     81.76       83.07       5,572    0.268
    
        28  Alaska         1,650     54.64       17.69       1,332    0.486
    
         8  Arizona       69,970    150.91      160.70      38,568    1.516
    
        26  Arkansas      14,310     26.44       23.58       6,406    0.513
    
         4  California   481,392    237.99      681.95     249,513    1.921
    
         5  Colorado      71,149     29.96      140.12      39,403    1.919
    
        16  Connecticut   23,470   100.05*     111.38*      11,860    0.833
    
        38  Delaware       1,430   225.00*     342.72*         999    0.266
    
            District of
    
             Columbia        800   607.96*     393.83*         777    0.280
    
         2  Florida      279,325    123.96      129.25     165,291    2.002
    
         7  Georgia       99,578     31.07      118.43      59,057    1.566
    
        43  Hawaii         1,270     88.71      -60.39         966    0.197
    
        20  Idaho          6,032   140.51*     119.83*       3,640    0.611
    
         9  Illinois      90,782     25.29       94.30      64,310    1.250
    
        10  Indiana       52,930     11.31       73.57      27,980    1.027
    
        33  Iowa           7,404   114.92*     251.90*       4,103    0.314
    
        42  Kansas         4,978     20.85     161.31*       2,434    0.203
    
        35  Kentucky       8,793     23.45       76.96       5,105    0.274
    
        41  Louisiana      7,331   151.58*       90.61       3,968    0.204
    
        48  Maine            N/A       N/A         N/A         286    0.042
    
        17  Maryland      25,109    455.26      388.41      18,879    0.830
    
        19  Mass.         41,487    161.14      751.36      17,737    0.660
    
         3  Michigan     136,205     68.32      282.22      87,210    1.947
    
        25  Minnesota     13,615   127.11*     506.73*      11,557    0.513
    
        45  Mississippi    1,997     91.65        4.55       1,409    0.114
    
        13  Missouri      32,022     80.93      176.74      23,492    0.906
    
        36  Montana        1,378     29.27       52.60       1,150    0.268
    
        30  Nebraska       3,971     30.88       91.84       3,636    0.474
    
         1  Nevada        66,316    215.12      758.68      34,417    3.376
    
        40  New Hampshire    N/A       N/A         N/A       1,238    0.212
    
        14  New Jersey    53,652     34.06       52.75      31,071    0.902
    
        32  New Mexico     3,893    -26.04      -46.55       2,994    0.357
    
        27  New York      57,350     10.19       54.72      38,688    0.493
    
        18  North
    
             Carolina     37,426     66.52      135.07      29,101    0.739
    
        46  North Dakota     308     74.01       86.67         250    0.082
    
         6  Ohio         153,196     87.93      207.35      89,979    1.797
    
        23  Oklahoma      13,594    -12.78        0.71       8,256    0.520
    
        22  Oregon        10,746     12.25       56.76       8,461    0.543
    
        34  Pennsylvania  34,089    -11.07       18.98      16,379    0.302
    
        31  Rhode Island   3,241   153.80*    7804.88*       1,838    0.410
    
        39  South
    
             Carolina      5,038    -27.56      -33.76       4,247    0.220
    
        50  South Dakota     N/A       N/A         N/A          24    0.007
    
        11  Tennessee     45,834     24.56       65.66      25,914    0.983
    
        12  Texas        149,703     -4.57        9.22      84,469    0.936
    
        15  Utah           9,668    -25.87      -16.19       7,438    0.852
    
        49  Vermont           61     35.56        1.67          29    0.009
    
        24  Virginia      24,199    456.30      728.73      16,307    0.514
    
        21  Washington    23,705     27.95       59.47      15,184    0.573
    
        47  West Virginia  1,135     30.31       10.95         460    0.053
    
        29  Wisconsin     17,503   131.15*     241.79*      12,133    0.486
    
        44  Wyoming          497     21.52       99.60         356    0.151

    *Actual increase may not be as high due to expanded data coverage in this
    state.

         U.S. Foreclosure Market Statistics by State -- Q4 2007 and Dec 2007Dec 2007                    Q4 2007
    
                              %Change  %Change         %Change  %Change  Total
    
                               from     from            from     from   Properties
    
        State         Total     Nov      Dec    Total    Q3       Q4      with
    
        Name         Filings    07       06    Filings   07       06    Filings
    
    U.S.      215,749   6.83    96.76  642,150    1.10    85.83  527,740
    
        Alabama          693   5.00     6.29    2,182   35.70    17.25    1,698
    
        Alaska           321 105.77   306.33      729  113.16   156.69      549
    
        Arizona        7,599  31.77   200.95   19,705  -13.38   136.53   18,872
    
        Arkansas       1,360  19.30    77.31    3,996   17.08    57.76    2,770
    
        California    53,292  33.26   322.18  143,685   -3.01   199.54  128,565
    
        Colorado       6,262  -2.54    28.74   18,066   -3.88    16.50   14,314
    
        Connecticut    1,733  35.18    61.36    4,609  -18.61    34.14    2,692
    
        Delaware          54 -59.09    68.75      317  -44.68   178.07      197
    
        District of
    
         Columbia        265 223.17 6525.00*      429   29.61 1330.00*      369
    
        Florida       31,219   6.78   275.18   90,647    4.84   211.54   75,051
    
        Georgia        7,697 -14.17    19.24   28,017    5.59    37.30   23,261
    
        Hawaii           130  15.04   202.33      374    2.47   105.49      314
    
        Idaho            694   4.05  767.50*    1,961   21.65  259.82*    1,508
    
        Illinois       9,864  19.74    42.89   27,776   38.82    34.08   23,481
    
        Indiana        3,711 -34.13     8.00   14,629    5.15    37.00   10,549
    
        Iowa             561 -25.00    18.60    1,982  -10.19    43.94    1,253
    
        Kansas           367   4.26     3.38    1,221   -2.24     2.95      959
    
        Kentucky         414 -45.38   -19.92    1,984  -13.96     3.60    1,206
    
        Louisiana        437 -32.87    10.63    1,808   -2.95    45.69    1,139
    
        Maine            116  -1.69 1833.33*      381  -10.77  580.36*      171
    
        Maryland       3,079  -1.60  1478.97    9,735   16.73   870.59    8,993
    
        Mass.          4,220  25.71   -12.86   10,481  -17.15    26.13    4,508
    
        Michigan      11,644   1.57    70.93   36,523  -16.59    64.43   32,379
    
        Minnesota      1,232   1.82    71.83    4,092    2.20   113.35    3,834
    
        Mississippi      153 -20.31    -9.47      564   14.17    39.26      496
    
        Missouri       3,187  -4.55    61.37   10,111   29.15    91.35    8,793
    
        Montana          151  27.97    73.56      415   31.33    28.88      395
    
        Nebraska         474  -2.07    85.16    1,296   30.12    32.92    1,243
    
        Nevada        10,979  64.01   396.11   24,291   44.44   249.61   18,935
    
        New Hampshire    487  15.95 3958.33*    1,481    9.22 3602.50*      557
    
        New Jersey     3,250 -23.20   -15.91   12,326   -9.73   -11.18    9,756
    
        New Mexico       409  57.92    30.25    1,148   84.57    28.13    1,011
    
        New York       4,619 -20.28    -1.51   16,932   18.64    22.02   12,577
    
        North Carolina 3,240 -18.41   157.14   11,236   28.24   148.04    9,945
    
        North Dakota      26 -18.75    85.71       83   16.90    93.02       68
    
        Ohio          12,066 -26.01    64.19   45,650   -2.49    99.62   33,660
    
        Oklahoma         930 -21.72    23.02    3,419    1.88    13.51    2,649
    
        Oregon         1,099 -10.07   310.07    3,416   26.71    86.46    3,120
    
        Pennsylvania   2,239 -13.12   -39.55    7,986  -19.49   -16.84    5,483
    
        Rhode Island     278  -6.08   445.10      936   14.71   140.00      566
    
        South Carolina   515  -2.09    47.99    1,601   24.01    21.20    1,197
    
        South Dakota      27  22.73    35.00       68   -9.33     7.94      N/A
    
        Tennessee      3,778  -2.18    32.47   12,189   -0.07    20.48    8,763
    
        Texas         12,253   5.64   -13.68   36,140  -18.04    -3.85   28,611
    
        Utah             831 -15.29    15.10    2,862   31.71     5.73    2,480
    
        Vermont            3 -50.00  200.00*       18  -28.00  500.00*        9
    
        Virginia       3,955  53.41   971.82    9,051   17.27   700.27    7,945
    
        Washington     2,016 -18.48    59.87    6,682   10.72    55.54    5,811
    
        West Virginia     32 -34.69   -70.91      129  -54.58   -45.57       84
    
        Wisconsin      1,744 -26.88   196.10    6,635   34.23   208.75    4,814
    
        Wyoming           44 -29.03    41.94      156  -11.86    14.71      139

    *Actual increase may not be as high due to improved or expanded data coverage in this state.
    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 more charts, graphs, commentary on the 2007 year-end report, and to offer your own insights and opinions, visit the Foreclosure Pulse blog.

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