U.S. FORECLOSURES ACTIVITY INCREASES 5 PERCENT IN Q3

By
Managing Real Estate Broker with DDLRG Brokered By EXP 0555553

U.S. FORECLOSURE ACTIVITY INCREASES 5 PERCENT IN Q3
By RealtyTrac Staff   

 

U.S. Foreclosure Activity Sets New Quarterly Record, Up 23 Percent From Q3 2008

IRVINE, Calif. - Oct. 15, 2009 - RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market ReportTM for Q3 2009, which shows that foreclosure filings - default notices, scheduled auctions and bank repossessions - were reported on 937,840 properties in the third quarter, a 5 percent increase from the previous quarter and an increase of nearly 23 percent from Q3 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter - the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.

Foreclosure filings were reported on 343,638 properties in September, a 4 percent decrease from the previous month but a 29 percent increase from September 2008. Despite the monthly decrease, September's total was still the third highest monthly total since the RealtyTrac report began in January 2005, behind only July and August of this year.

"Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters," said James J. Saccacio, chief executive officer of RealtyTrac. "REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties."

Nevada, Arizona, California post top state foreclosure rates in third quarter
Nevada continued to document the nation's highest state foreclosure rate in the third quarter, with one in 23 housing units receiving a foreclosure filing - nearly six times the national average. Foreclosure filings were reported on 47,925 Nevada properties during the quarter, an increase of nearly 10 percent from the previous quarter and an increase of nearly 59 percent from the third quarter of 2008. Nevada REO activity in the third quarter increased 29 percent from the previous quarter and scheduled auctions increased 26 percent from the previous quarter, but defaults decreased 8 percent from the previous quarter.

Arizona posted the nation's second highest state foreclosure rate in the third quarter, with one in every 53 housing units receiving a foreclosure filing, and California posted the nation's third highest state foreclosure rate, also with one in every 53 housing units receiving a foreclosure filing during the quarter.

Other states with foreclosure rates ranking among the top 10 in the third quarter were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.

Six states account for more than 60 percent of nation's third quarter total
California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62 percent of the nation's total foreclosure activity in the third quarter, with 579,541 properties receiving foreclosure filings in the six states combined.

With 250,054 properties receiving foreclosure filings during the quarter, California accounted for nearly 27 percent of the nation's total. The state's foreclosure activity decreased nearly 2 percent from the previous quarter thanks to a 10 percent drop in default notices, but scheduled auctions increased 4 percent from the previous quarter and REOs increased 12 percent from the previous quarter.

Florida foreclosure activity decreased less than 1 percent from the previous quarter, but the state still posted the second highest foreclosure activity total for the third quarter. Foreclosure filings were reported on 156,924 Florida properties, a 23 percent increase from Q3 2008. Default notices in Florida decreased 6 percent from the previous quarter while scheduled auctions increased 5 percent from the previous quarter and REOs increased 16 percent from the previous quarter.

Arizona posted the nation's third highest foreclosure activity total in the third quarter, with 50,342 properties receiving a foreclosure filing during the quarter - a 5 percent increase from the previous quarter and a 25 percent increase from Q3 2008.

Nevada posted the nation's fourth highest foreclosure activity total, with 47,925 properties receiving a foreclosure filing in the third quarter, followed by Illinois, with 37,270 properties receiving a foreclosure filing, and Michigan, with 37,026 properties receiving a foreclosure filing. All three states reported increasing foreclosure activity from the previous quarter and from Q3 2008.

Other states with foreclosure activity totals among the nation's 10 highest were Georgia (33,385), Texas (29,838), Ohio (29,645), and New Jersey (18,108).

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month or quarter - broken out by type of filing at the state and national level. Data is also available at the individual county level for both Q1 2009 and March 2009. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed 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). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report.

 

U.S. Foreclosure Market Data by State - Q3 2009

  Properties with Foreclosure Filings    Rate RankState NameNOD LISNTSNFSREOTotal1/every X HH (rate) %Change from Q2 09 %Change from Q3 08

--

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

32

Alabama

8

0

3,808

0

2,135

5,951

359

-7.07

173.86*

33

Alaska

9

0

534

0

221

764

369

29.93

36.43

2

Arizona

20

0

36,176

0

14,146

50,342

53

5.07

24.55

21

Arkansas

339

0

3,002

0

1,837

5,178

249

11.59

39.61*

3

California

111,741

1

87,377

0

50,935

250,054

53

-1.52

18.60

9

Colorado

41

0

11,437

0

4,787

16,265

131

11.43

12.53

25

Connecticut

0

3,422

0

408

1,283

5,113

281

68.86

10.00

38

Delaware

0

4

0

483

291

778

500

-8.79

-11.69

 

District of Columbia

405

0

619

0

159

1,183

240

19.37

-11.05

4

Florida

1

95,790

1

39,403

21,729

156,924

56

-0.71

23.27

7

Georgia

53

1

22,088

0

11,243

33,385

119

6.69

25.06

14

Hawaii

449

0

1,499

0

795

2,743

185

29.02

141.46

5

Idaho

2,916

0

3,021

0

594

6,531

97

28.06

153.53*

10

Illinois

0

18,585

1

8,980

9,704

37,270

141

13.68

30.29

20

Indiana

0

2,362

0

4,504

5,235

12,101

230

-12.75

-15.77

43

Iowa

1

0

658

0

1,292

1,951

681

17.81

31.91*

31

Kansas

0

538

0

1,129

1,735

3,402

358

39.71

47.08

41

Kentucky

1

1,050

0

1,126

1,102

3,279

581

15.30

12.45

37

Louisiana

0

762

0

2,092

1,132

3,986

466

21.30*

98.70*

42

Maine

0

234

0

577

242

1,053

662

27.02

33.12

12

Maryland

3

6,795

0

5,795

2,210

14,803

157

58.83

85.64

17

Mass.

1

7,779

0

3,159

1,728

12,667

215

17.53

34.81

8

Michigan

11,454

0

10,575

0

14,997

37,026

122

9.50**

22.31**

18

Minnesota

31

0

5,450

0

5,139

10,620

217

16.27

100.26

40

Mississippi

4

1

841

0

1,374

2,220

565

50.51*

241.01*

30

Missouri

24

0

4,470

0

3,398

7,892

335

8.26

-11.17†

47

Montana

1

0

19

0

273

293

1,486

94.04

-6.69

45

Nebraska

241

247

12

6

229

735

1,062

75.84*

-29.67

1

Nevada

19,949

0

16,329

0

11,647

47,925

23

9.68

58.88

27

New Hampshire

14

0

1,372

0

558

1,944

306

-5.08

-2.21

15

New Jersey

0

11,816

0

3,878

2,414

18,108

193

44.59

1.20

35

New Mexico

0

890

0

837

456

2,183

395

9.20

84.69*

39

New York

0

11,048

1

2,316

1,877

15,242

521

11.55

5.28

36

North Carolina

1,028

4

4,158

0

4,628

9,818

420

28.86

-5.99

49

North Dakota

0

3

0

59

52

114

2,724

29.55

-20.28

13

Ohio

0

12,137

0

8,707

8,801

29,645

171

-4.73

-11.71

29

Oklahoma

744

843

396

1,980

1,069

5,032

323

64.66*

22.02*

11

Oregon

108

2

7,033

0

3,175

10,318

156

7.09

76.59

34

Pennsylvania

1

4,961

0

5,232

3,973

14,167

387

7.16

15.48

26

Rhode Island

1

0

871

0

682

1,554

290

-6.33

-2.75

24

South Carolina

1

3,695

1

1,153

2,696

7,546

268

10.99

59.74

44

South Dakota

0

110

0

105

149

364

981

127.50

205.88

22

Tennessee

4

1

4,730

0

6,153

10,888

250

3.92

-9.09††

28

Texas

86

4

17,256

0

12,492

29,838

316

11.27

8.72

6

Utah

3,515

0

3,564

0

2,474

9,553

97

13.24

96.28

50

Vermont

2

1

7

0

52

62

5,023

342.86

169.57

16

Virginia

51

1

10,136

0

6,499

16,687

196

8.24

4.14†

23

Washington

0

0

6,142

0

4,233

10,375

264

-7.32

33.00

48

West Virginia

6

0

287

0

277

570

1,549

67.16*

356.00*

19

Wisconsin

1

5,899

0

2,661

2,620

11,181

229

11.17

105.16

46

Wyoming

1

0

86

0

130

217

1,117

-4.82

-14.90

 

 

 

 

  Properties with Foreclosure Filings -- September 2009    Rate RankState NameNOD LISNTSNFSREOTotal%Change from Aug 09 %Change from Sep 08

--

United States

56,979

65,186

97,925

35,727

87,821

343,638

-4.14

29.20

31

Alabama

2

0

1,056

0

1,354

2,412

21.63

233.15*

38

Alaska

4

0

165

0

56

225

-8.91

9.22

4

Arizona

7

0

10,830

0

4,090

14,927

-16.17

14.98

27

Arkansas

120

0

1,044

0

522

1,686

-11.26

4.07

2

California

38,573

0

31,453

0

16,311

86,337

-6.49

24.14

9

Colorado

15

0

4,242

0

1,955

6,212

-4.02

42.97

24

Connecticut

0

1,415

0

94

625

2,134

-2.91

61.91

43

Delaware

0

2

0

106

105

213

-32.17

-50.35

 

District of Columbia

99

0

219

0

102

420

-7.08

100.96

3

Florida

0

32,219

0

13,707

9,110

55,036

-11.80

14.76

7

Georgia

39

0

10,245

0

4,688

14,972

25.32

61.01

15

Hawaii

162

0

598

0

209

969

11.51

63.13

5

Idaho

1,122

0

1,051

0

356

2,529

-3.47

135.91*

11

Illinois

0

7,174

0

2,286

3,311

12,771

-2.35

25.16

20

Indiana

0

864

0

1,379

2,210

4,453

-30.66

-22.49

42

Iowa

0

0

234

0

540

774

6.76

100.52*

33

Kansas

0

243

0

443

586

1,272

20.45

22.43

40

Kentucky

0

346

0

427

518

1,291

17.26

62.59

37

Louisiana

0

354

0

641

654

1,649

1.17

247.89*

41

Maine

0

58

0

201

149

408

29.94

25.54

10

Maryland

0

2,527

0

3,359

865

6,751

22.95

200.45

18

Mass.

0

2,481

0

1,537

599

4,617

-21.88

15.95

8

Michigan

6,144

0

5,122

0

5,501

16,767

-13.39

58.88

23

Minnesota

15

0

1,632

0

1,850

3,497

-5.18

63.11

30

Mississippi

2

0

217

0

1,198

1,417

187.42*

400.71*

29

Missouri

4

0

1,763

0

1,387

3,154

26.26

8.76†

48

Montana

0

0

0

0

109

109

9.00

159.52

44

Nebraska

175

0

2

0

178

355

59.91*

834.21*

1

Nevada

8,568

0

6,327

0

3,871

18,766

4.83

44.11

26

New Hampshire

0

0

463

0

318

781

-32.90

51.65

22

New Jersey

0

3,048

0

1,353

966

5,367

-35.46

-29.92

35

New Mexico

0

270

0

298

230

798

8.42

229.75*

39

New York

0

3,902

0

824

967

5,693

6.41

71.37

36

North Carolina

455

0

1,396

0

1,884

3,735

-13.48

50.79

49

North Dakota

0

0

0

20

14

34

3.03

-5.56

14

Ohio

0

3,971

0

3,613

3,349

10,933

-3.83

-4.68

16

Oklahoma

0

734

0

1,739

540

3,013

131.41*

135.94*

13

Oregon

50

0

2,276

0

1,156

3,482

-2.00

48.55

34

Pennsylvania

0

1,748

0

2,131

1,615

5,494

-4.72

31.15

12

Rhode Island

1

0

614

0

366

981

10.35

59.25

21

South Carolina

0

1,593

0

581

1,057

3,231

30.55

46.73

47

South Dakota

0

12

0

42

73

127

7.63

149.02

28

Tennessee

3

0

1,597

0

1,931

3,531

-15.93

-13.84

25

Texas

25

0

8,506

0

4,685

13,216

17.36

43.76

6

Utah

1,357

0

1,352

0

973

3,682

12.36

110.88

50

Vermont

0

0

4

0

28

32

-3.03

433.33

17

Virginia

30

0

3,697

0

2,028

5,755

-3.67

-10.04†

32

Washington

0

0

1,684

0

1,372

3,056

15.02

56.56

46

West Virginia

6

0

96

0

220

322

125.17*

395.38*

19

Wisconsin

0

2,225

0

946

983

4,154

4.77

169.04

45

Wyoming

1

0

40

0

57

98

100.00

11.36

*Actual increase may not be as high due to data collection changes or improvements
**Collection of records classified as NOD began in August 2009 because of change in state law
Collection of some records previously classified as NOD in this state was discontinued starting in January 2009
†† Collection of some records previously classified as NOD in this state was discontinued starting in September 2008

 

 

About RealtyTrac Inc.
RealtyTrac (http://www.realtytrac.com/) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Texas Bexar County San Antonio
Tags:
forclosures reo short sale asset mgr loss mitigation

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
440,529
David Zablatsky
Avant Realty Group - Needham, MA
Real Estate - Needham, MA

Very nice information, thank you for providing it!

-David

Oct 20, 2009 03:07 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
54,743

Dionelle(Don) Davis

Don Davis Luxe Realty Group-DDLRG with EXP
Ask me a question
*
*
*
*
Spam prevention