Foreclosure Activity Hits Record High in Third Quarter U.S.
Foreclosure Activity Sets New Quarterly Record, Up 23 Percent From
Q3 2008 IRVINE, Calif. – Oct. 15, 2009 — RealtyTrac®
(
www.realtytrac.com), the leading online marketplace for
foreclosure properties, today released its U.S. Foreclosure Market
Report™ 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.”
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 (NOTE: Click on a column heading to sort)
Rate Rank State Name NOD LIS NTS NFS REO Total 1/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 *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 When reading the numbers, this is the order for each
amount: Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HH
(rate) %Change from Q2 09 %Change from Q3 08 Posted October 15,
2009 from Realty Trak
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