Washington, DC, January 17, 2007--The number of homes entering the foreclosure process fell by 9% last month compared with November but rose 35% compared with December 2005, according to data released Wednesday by Realtytrac Inc.
For the fifth straight month, more than 100,000 properties entered foreclosure because the owner fell behind on loan payments. In December, 109,652 properties entered foreclosure, about one for every 1,055 households.
Foreclosure rates varied widely among metropolitan areas and states. There were 14,195 foreclosure filings in Texas, but just one in Vermont.
"While the number of new foreclosure filings dropped back from the high point of 2006 in November, the combination of slower home sales and rising interest rates on adjustable mortgages continues to drive foreclosures at significantly higher numbers than a year ago," said James Saccacio, chief executive of RealtyTrac, in a press release.
Colorado had the highest foreclosure rate for the ninth month during 2006, with one foreclosure filing for every 376 households. By contrast, Vermont's one foreclosure compared to every 294,382 households.
The remaining top five states for foreclosures were Nevada (one in 392 households), Georgia (one in 480), Massachusetts (one in 541) and Texas (one in 567). Other jurisdictions with few foreclosures per households included Maine, the District of Columbia, New Hampshire and North Dakota.
Greeley, Colorado, had the highest foreclosure rate among cities: one for every 169 households. Ft. Worth, Texas, had a foreclosure filing for every 242 households, and Detroit had one for every 250 households
