Foreclosures Rise
Foreclosure.com has announced that total foreclosures for 2005 increased by 12.7%, and new foreclosure filings in December increased by 7.7%, creating the sharpest rise in inventory since March 2005. Competitor Realtytrac says that their December national foreclosure rate showed one new foreclosure for every 1,422 U.S. households, the highest foreclosure rate reported in 2005.
The South region of the U.S. — Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee and Texas — led the country with a 17.4 increase in new foreclosures from November to December and a nine percent increase in new foreclosures. The Midwest region showed the second highest percentage increases, followed by the Northeast and West regions.
Foreclosures jumped 30% in Nevada placing Nevada in the top five nationwide for foreclosures. Nevada reported 1,124 properties entering some stage of foreclosure, one foreclosure for every 772 households.
(Source: Realty Times)
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