2009-11-12 06:14:01 -
IRVINE, CA -- (Marketwire) -- 11/12/09 -- RealtyTrac® ( www.realtytrac.com :
), the leading online marketplace for foreclosure properties, today released its October 2009 U.S. Foreclosure Market Report(TM), which shows foreclosure filings -- default notices, scheduled foreclosure auctions and bank repossessions -- were reported on 332,292 U.S. properties during the month, a decrease of 3 percent from the previous month but still up nearly 19 percent from October 2008. The report also shows one in every 385 U.S. housing units received a foreclosure filing in October.
"Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning," said James J. Saccacio, chief executive officer of RealtyTrac. "However, the fundamental forces driving foreclosure activity in this housing downturn -- high-risk mortgages, negative equity, and unemployment -- continue to loom over any nascent recovery. And despite all the efforts and resources directed at helping homeowners avoid foreclosure, we continue to see foreclosure activity levels that are substantially higher than a year ago in most states."
Nevada, California, Florida post top state foreclosure rates
Despite a 26 percent decrease in foreclosure activity from the previous month, Nevada continued to document the nation's highest state foreclosure rate -- one in every 80 housing units received a foreclosure filing in October. A total of 13,842 Nevada properties received a foreclosure filing during the month, a 4 percent decrease from October 2008 and the first ever year-over-year decrease in Nevada since RealtyTrac began tabulating the year-over-year change in January 2006. Nevada default notices were down 10 percent from October 2008, and scheduled foreclosure auctions were down 6 percent from October 2008, while bank repossessions were up 8 percent from October 2008. A new foreclosure mediation program implemented by state law (AB 149) in July may be slowing the inflow of distressed properties into the foreclosure pipeline.
With one in every 156 housing units receiving a foreclosure filing in October, California posted the nation's second highest state foreclosure rate for the second month in a row. A total of 85,420 California properties received a foreclosure filing during the month, a decrease of 1 percent from the previous month but still nearly 50 percent above the total reported in October 2008. The state's default notices and scheduled foreclosure auctions were up 120 percent and 73 percent respectively from October 2008, when California foreclosure activity was in the midst of a three-month trough after a law (SB 1137) requiring lenders to give distressed homeowners extra notification before initiating foreclosure took effect in September 2008.
Florida posted the third highest state foreclosure rate, with one in every 168 housing units receiving a foreclosure filing in October. A total of 51,911 Florida properties received a foreclosure filing during the month, a nearly 6 percent decrease from the previous month and a decrease of 4 percent from October 2008. It was the first year-over-year decrease in overall Florida foreclosure activity since July 2006.
Other states with foreclosure rates ranking among the nation's 10 highest were Arizona, Idaho, Illinois, Michigan, Georgia, Maryland and Utah.
Four states account for more than 50 percent of national total
Four states accounted for 52 percent of the nation's total foreclosure activity in October: California, Florida, Illinois and Michigan.
Illinois posted the third highest state total after California and Florida, with 19,946 properties receiving a foreclosure filing in October -- a 56 percent spike from the previous month and the highest monthly total for Illinois since RealtyTrac began issuing its report in January 2005. The state's foreclosure rate jumped from No. 11 in September to No. 6 in October, and it was the only state with a foreclosure rate in the top 10 to post a monthly increase in foreclosure activity. A recent state law (SB 2513) that gives distressed homeowners an extra grace period to seek counseling to help avoid foreclosure may have created some pent-up foreclosure activity in the state. After the law went into effect in April, Illinois foreclosure activity decreased for three straight months before beginning to climb again.
Michigan registered the fourth highest state foreclosure activity total despite a nearly 2 percent decrease from the previous month. A total of 16,468 Michigan properties received a foreclosure filing in October, an increase of nearly 45 percent from October 2008.
Other states with totals among the 10 highest in the country were Nevada (13,842), Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435).
Three states account for all top 10 metro foreclosure rates
Despite a 27 percent decrease in foreclosure activity from the previous month, Las Vegas continued to document the nation's highest foreclosure rate among metropolitan areas with a population of at least 200,000. One in every 68 Las Vegas housing units received a foreclosure filing in October -- more than five times the national average.
Seven of the top 10 metro foreclosure rates were in California, led by Vallejo-Fairfield at No. 2 and Modesto at No. 3, both with one in every 81 housing units receiving a foreclosure filing. Other California cities in the top 10 were Riverside-San Bernardino-Ontario at No. 4 (one in 83), Bakersfield at No. 6 (one in 97), Merced at No. 7 (one in 100), Stockton at No 8 (one in 116), and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 130).
Metro areas in Florida accounted for the remaining two spots in the top 10:
Cape Coral-Fort Myers at No. 5 (one in 92) and Orlando-Kissimmee at No. 9 (one in 117).
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month -- broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. 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 received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
U.S. Foreclosure Market Data by State - October 2009
Properties with Foreclosure Filings
Rate -------------------------------------------------
Rank State Name NOD LIS NTS NFS REO
---- -------------- --------- --------- --------- --------- ---------
-- U.S. 51,373 72,916 94,850 36,076 77,077
---- ------------- --------- --------- --------- --------- ---------
31 Alabama 0 0 1,740 0 707
---- ------------- --------- --------- --------- --------- ---------
33 Alaska 2 0 231 0 71
---- ------------- --------- --------- --------- --------- ---------
4 Arizona 7 0 10,314 0 3,024
---- ------------- --------- --------- --------- --------- ---------
24 Arkansas 125 0 1,168 0 599
---- ------------- --------- --------- --------- --------- ---------
2 California 35,672 0 34,728 0 15,020
---- ------------- --------- --------- --------- --------- ---------
11 Colorado 10 0 3,776 0 1,261
---- ------------- --------- --------- --------- --------- ---------
20 Connecticut 0 1,672 0 130 504
---- ------------- --------- --------- --------- --------- ---------
32 Delaware 0 0 0 329 110
---- ------------- --------- --------- --------- --------- ---------
District of
Columbia 113 0 99 0 46
---- ------------- --------- --------- --------- --------- ---------
3 Florida 0 31,380 0 13,639 6,892
---- ------------- --------- --------- --------- --------- ---------
8 Georgia 0 0 8,034 0 4,434
---- ------------- --------- --------- --------- --------- ---------
17 Hawaii 149 0 557 0 219
---- ------------- --------- --------- --------- --------- ---------
5 Idaho 1,179 0 1,122 0 170
---- ------------- --------- --------- --------- --------- ---------
6 Illinois 0 12,659 0 3,081 4,206
---- ------------- --------- --------- --------- --------- ---------
21 Indiana 0 1,195 0 1,222 1,969
---- ------------- --------- --------- --------- --------- ---------
43 Iowa 0 0 156 0 267
---- ------------- --------- --------- --------- --------- ---------
37 Kansas 0 201 0 376 352
---- ------------- --------- --------- --------- --------- ---------
39 Kentucky 0 434 0 382 348
---- ------------- --------- --------- --------- --------- ---------
38 Louisiana 0 112 0 814 348
---- ------------- --------- --------- --------- --------- ---------
41 Maine 0 76 0 216 71
---- ------------- --------- --------- --------- --------- ---------
9 Maryland 0 2,831 0 3,044 786
---- ------------- --------- --------- --------- --------- ---------
15 Massachusetts 0 2,508 0 2,017 886
---- ------------- --------- --------- --------- --------- ---------
7 Michigan 6,263 0 5,674 0 4,531
---- ------------- --------- --------- --------- --------- ---------
27 Minnesota 8 0 1,499 0 1,476
---- ------------- --------- --------- --------- --------- ---------
42 Mississippi 0 0 347 0 192
---- ------------- --------- --------- --------- --------- ---------
30 Missouri 1 0 2,085 0 1,132
---- ------------- --------- --------- --------- --------- ---------
46 Montana 0 0 0 0 106
---- ------------- --------- --------- --------- --------- ---------
48 Nebraska 58 0 6 0 59
---- ------------- --------- --------- --------- --------- ---------
1 Nevada 6,058 0 3,959 0 3,825
---- ------------- --------- --------- --------- --------- ---------
22 New Hampshire 0 0 539 0 358
---- ------------- --------- --------- --------- --------- ---------
13 New Jersey 0 4,948 0 1,413 1,074
---- ------------- --------- --------- --------- --------- ---------
25 New Mexico 0 846 0 283 115
---- ------------- --------- --------- --------- --------- ---------
40 New York 0 3,601 0 703 493
---- ------------- --------- --------- --------- --------- ---------
36 North Carolina 624 0 1,133 0 1,690
---- ------------- --------- --------- --------- --------- ---------
47 North Dakota 0 0 0 16 43
---- ------------- --------- --------- --------- --------- ---------
12 Ohio 0 4,628 0 3,503 3,515
---- ------------- --------- --------- --------- --------- ---------
35 Oklahoma 0 520 0 571 461
---- ------------- --------- --------- --------- --------- ---------
16 Oregon 46 0 2,046 0 1,068
---- ------------- --------- --------- --------- --------- ---------
34 Pennsylvania 0 1,798 0 2,532 1,215
---- ------------- --------- --------- --------- --------- ---------
14 Rhode Island 0 0 704 0 199
---- ------------- --------- --------- --------- --------- ---------
26 South Carolina 0 1,484 0 601 804
---- ------------- --------- --------- --------- --------- ---------
44 South Dakota 0 40 0 46 19
---- ------------- --------- --------- --------- --------- ---------
23 Tennessee 0 0 1,906 0 2,124
---- ------------- --------- --------- --------- --------- ---------
28 Texas 10 0 7,236 0 4,552
---- ------------- --------- --------- --------- --------- ---------
10 Utah 1,027 0 615 0 761
---- ------------- --------- --------- --------- --------- ---------
50 Vermont 0 0 0 0 15
---- ------------- --------- --------- --------- --------- ---------
19 Virginia 21 0 3,618 0 1,845
---- ------------- --------- --------- --------- --------- ---------
29 Washington 0 0 1,491 0 1,846
---- ------------- --------- --------- --------- --------- ---------
49 West Virginia 0 0 47 0 53
---- ------------- --------- --------- --------- --------- ---------
18 Wisconsin 0 1,983 0 1,158 1,170
---- ------------- --------- --------- --------- --------- ---------
45 Wyoming 0 0 20 0 46
---- ------------- --------- --------- --------- --------- ---------
Properties with Foreclosure Filings
---------------------------------------
% change % change
Rate 1/every X from from
Rank State Name Total HU (rate) Sep 09 Oct 08
---- -------------- --------- --------- --------- ---------
-- U.S. 332,292 385 -3.30 18.86
---- -------------- --------- --------- --------- ---------
31 Alabama 2,447 873 1.45 192.70*
---- -------------- --------- --------- --------- ---------
33 Alaska 304 928 35.11 17.83
---- -------------- --------- --------- --------- ---------
4 Arizona 13,345 200 -10.60 -23.77
---- -------------- --------- --------- --------- ---------
24 Arkansas 1,892 680 12.22 -0.16
---- -------------- --------- --------- --------- ---------
2 California 85,420 156 -1.06 49.98
---- -------------- --------- --------- --------- ---------
11 Colorado 5,047 421 -18.75 -6.08
---- -------------- --------- --------- --------- ---------
20 Connecticut 2,306 624 8.06 -25.90
---- -------------- --------- --------- --------- ---------
32 Delaware 439 885 106.10 112.08
---- -------------- --------- --------- --------- ---------
District of
Columbia 258 1,102 -38.57 13.66
---- -------------- --------- --------- --------- ---------
3 Florida 51,911 168 -5.68 -4.44
---- -------------- --------- --------- --------- ---------
8 Georgia 12,468 318 -16.72 25.94
---- -------------- --------- --------- --------- ---------
17 Hawaii 925 548 -4.54 134.18
---- -------------- --------- --------- --------- ---------
5 Idaho 2,471 255 -2.29 110.66*
---- -------------- --------- --------- --------- ---------
6 Illinois 19,946 263 56.18 57.29
---- -------------- --------- --------- --------- ---------
21 Indiana 4,386 633 -1.50 -18.84
---- -------------- --------- --------- --------- ---------
43 Iowa 423 3,143 -45.35 -15.40
---- -------------- --------- --------- --------- ---------
37 Kansas 929 1,313 -26.97 41.62
---- -------------- --------- --------- --------- ---------
39 Kentucky 1,164 1,638 -9.84 120.45
---- -------------- --------- --------- --------- ---------
38 Louisiana 1,274 1,459 -22.74 98.44*
---- -------------- --------- --------- --------- ---------
41 Maine 363 1,919 -11.03 3.71
---- -------------- --------- --------- --------- ---------
9 Maryland 6,661 348 -1.33 124.05
---- -------------- --------- --------- --------- ---------
15 Massachusetts 5,411 503 17.20 49.06
---- -------------- --------- --------- --------- ---------
7 Michigan 16,468 275 -1.78 44.54**
---- -------------- --------- --------- --------- ---------
27 Minnesota 2,983 773 -14.70 12.14
---- -------------- --------- --------- --------- ---------
42 Mississippi 539 2,328 -61.96 173.60*
---- -------------- --------- --------- --------- ---------
30 Missouri 3,218 823 2.03 -12.36†
---- -------------- --------- --------- --------- ---------
46 Montana 106 4,109 -2.75 165.00
---- -------------- --------- --------- --------- ---------
48 Nebraska 123 6,348 -65.35 146.00
---- -------------- --------- --------- --------- ---------
1 Nevada 13,842 80 -26.24 -4.43
---- -------------- --------- --------- --------- ---------
22 New Hampshire 897 662 14.85 29.81
---- -------------- --------- --------- --------- ---------
13 New Jersey 7,435 471 38.53 -12.25
---- -------------- --------- --------- --------- ---------
25 New Mexico 1,244 693 55.89 371.21*
---- -------------- --------- --------- --------- ---------
40 New York 4,797 1,655 -15.74 27.55
---- -------------- --------- --------- --------- ---------
36 North Carolina 3,447 1,197 -7.71 7.25
---- -------------- --------- --------- --------- ---------
47 North Dakota 59 5,264 73.53 40.48
---- -------------- --------- --------- --------- ---------
12 Ohio 11,646 435 6.52 -3.82
---- -------------- --------- --------- --------- ---------
35 Oklahoma 1,552 1,046 -48.49 89.96*
---- -------------- --------- --------- --------- ---------
16 Oregon 3,160 509 -9.25 11.23
---- -------------- --------- --------- --------- ---------
34 Pennsylvania 5,545 988 0.93 38.45
---- -------------- --------- --------- --------- ---------
14 Rhode Island 903 499 -7.95 55.15
---- -------------- --------- --------- --------- ---------
26 South Carolina 2,889 700 -10.58 42.25
---- -------------- --------- --------- --------- ---------
44 South Dakota 105 3,402 -17.32 208.82
---- -------------- --------- --------- --------- ---------
23 Tennessee 4,030 676 14.13 -0.20
---- -------------- --------- --------- --------- ---------
28 Texas 11,798 800 -10.73 19.17
---- -------------- --------- --------- --------- ---------
10 Utah 2,403 385 -34.74 32.62
---- -------------- --------- --------- --------- ---------
50 Vermont 15 20,762 -53.13 15.38
---- -------------- --------- --------- --------- ---------
19 Virginia 5,484 597 -4.71 -16.34†
---- -------------- --------- --------- --------- ---------
29 Washington 3,337 822 9.20 -22.00
---- -------------- --------- --------- --------- ---------
49 West Virginia 100 8,827 -68.94 12.36
---- -------------- --------- --------- --------- ---------
18 Wisconsin 4,311 594 3.78 128.22
---- -------------- --------- --------- --------- ---------
45 Wyoming 66 3,672 -32.65 -35.29
---- -------------- --------- --------- --------- ---------
* 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
About RealtyTrac Inc.
RealtyTrac ( 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. RealtyTrac publishes a blog with daily updates on the foreclosure market ( www.foreclosurepulse.com :
) and a monthly print newsletter covering the foreclosure market in depth ( www.foreclosurenewsreport.com :
).
Media Contact:
Michelle Sabolich
Atomic Public Relations
415-402-0230
Email Contact :
