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Foreclosures up 38 percent in first quarter

The number of foreclosures surged 38 percent nationally in the first quarter, according to RealtyTrac. Texas Jogged the most with 40,236 while Florida ranked second with 29,636.

According to RealtyTrac's 2006 01 U.S. Foreclosure Market Report, 323,102 properties nationwide entered some stage of foreclosure in the first quarter of 2006, a 38 percent increase from fourth quarter 2005 and a 72 percent year-over-year increase from the first quarter of 2005. The nation's quarterly foreclosure rate of one new foreclosure for every 358 U.S. households was higher than in any quarter of last year.

"The sharp increase in foreclosures in Q1 continues a steady upward trend that we've observed since the beginning of last year," says James J. Saccacio, chief executive officer of RealtyTrac. "Foreclosures have now increased in.four consecutive quarters and are on track to go above 1.2 million in 2006, which would push the nation's annual foreclosure rate to more than 1 percent of U.S. households."

Saccacio notes that foreclosures actually dipped 13 percent from February to March, evidence that the nation's foreclosure rate could be leveling off after the long run-up.

"With the current market conditions, it's unlikely that real estate foreclosures will return to the historically low levels they were at in recent years when interest rates hit rock bottom and home price appreciation skyrocketed in many areas of the country," he says. "But it's possible that foreclosures will flatten or even move a bit lower this spring if more buyers and investors enter the market, giving homeowners in distress a better chance of selling their Brevard properties to avoid going into default or foreclosure."

Florida also ranked in the top 10 in foreclosure rates, which compares the number of foreclosures to the number of homes. Georgia, Colorado and Indiana post the highest quarterly foreclosure rates, with Georgia logging one new foreclosure for every 127 households, and Colorado having one new foreclosure for every 138 households. In addition to Florida, other states in the top 10 include Nevada, Michigan, Texas, Ohio, Tennessee and Utah.

©2006 FLORIDA ASSOCIATION OF REALTORS®