SOURCE: RealtyTrac, Inc.

RealtyTrac, Inc.

July 15, 2010 00:00 ET

1.65 Million U.S. Properties Receive Foreclosure Filings in First Half of 2010 According to RealtyTrac

Bank Repos Hit Another Record High in Q2 While Defaults and Auctions Decrease; June Marks Third Straight Monthly Decrease in Overall Foreclosure Filings

IRVINE, CA--(Marketwire - July 15, 2010) - RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2010 U.S. Foreclosure Market Report, which shows a total of 1,961,894 foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 1,654,634 U.S. properties in the first six months of 2010, a 5 percent decrease in total properties from the previous six months but an 8 percent increase in total properties from the first six months of 2009. The report also shows that 1.28 percent of all U.S. housing units (one in 78) received at least one foreclosure filing in the first half of the year.

Foreclosure filings were reported on 313,841 U.S. properties in June, a decrease of nearly 3 percent from the previous month and a decrease of nearly 7 percent from June 2009. June was the sixteenth straight month where the total number of properties with foreclosure filings exceeded 300,000.

Foreclosure filings were reported on 895,521 U.S. properties during the second quarter, a decrease of nearly 4 percent from the previous quarter and an increase of less than 1 percent from the second quarter of 2009. Default and auction notices were down on a quarter-over-quarter and year-over-year basis in the second quarter, but bank repossessions (REOs) increased 5 percent from the previous quarter and 38 percent from Q2 2009 to 269,962 -- a new quarterly high for the report.

"The second quarter was a tale of two trends," said James J. Saccacio, chief executive officer of RealtyTrac. "The pace of properties entering foreclosure slowed as lenders pre-empted or delayed foreclosure proceedings on delinquent properties with more aggressive short sale and loan modification initiatives. Meanwhile the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009.

"The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions," Saccacio continued. "The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market."

Nevada, Arizona, Florida post top state foreclosure rates
Nearly 6 percent of all Nevada housing units (one in 17) received at least one foreclosure filing in the first half of 2010, giving Nevada the nation's highest foreclosure rate during the six-month period despite decreasing foreclosure activity. A total of 64,429 Nevada properties received a foreclosure filing from January to June, a decrease of 13 percent from the previous six months and a decrease of 6 percent from the first six months of 2009.

Arizona registered the nation's second highest state foreclosure rate in the first half of 2010, with 3.36 percent of its housing units (one in 30) receiving a foreclosure filing, and Florida registered the nation's third highest state foreclosure rate, with 3.15 percent of its housing units (one in 32) receiving a foreclosure filing during the six months.

Other states with foreclosure rates ranking among the nation's 10 highest were California (2.54 percent), Utah (1.91 percent), Georgia (1.79 percent), Michigan (1.73 percent), Idaho (1.68 percent), Illinois (1.61 percent), and Colorado (1.40 percent).

California, Florida, Arizona post highest foreclosure totals
A total of 340,740 California properties received a foreclosure filing in the first half of 2010, the nation's highest total but down 15 percent from the previous six months and down nearly 13 percent from the first six months of 2009.

With 277,073 properties receiving a foreclosure filing in the first six months of 2010, Florida documented the second highest state total. First-half foreclosure activity in Florida decreased nearly 9 percent from the previous six months but increased 3 percent from the first half of 2009.

Arizona's 91,484 properties receiving a foreclosure filing in the first six months of 2010 was the third highest state total even though the state's foreclosure activity decreased nearly 2 percent from the previous six months. Arizona foreclosure activity in the first half of 2010 was still up nearly 2 percent from the first half of 2009.

Other states with first-half totals among the 10 highest in the country were Illinois (85,223), Michigan (78,509), Georgia (71,949), Texas (64,883), Nevada (64,429), Ohio (59,927), and New Jersey (36,542).

Report methodology
The RealtyTrac Midyear 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 first six months of the year. Some foreclosure filings entered into the database during the six-month period 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). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

U.S. Foreclosure Market Data by State -- Jan to Jun 2010
Rate Rank State Name Total Properties with Filings %Housing Units 1/every X HU % Change from Jul-Dec 09 % Change from Jan-Jun 09
-- U.S. 1,654,634 1.28 78 -5.14 8.26
35 Alabama 11,419 0.53 189 -7.99 18.25
33 Alaska 1,529 0.54 185 -8.06 42.63
2 Arizona 91,484 3.36 30 -1.60 1.88
21 Arkansas 11,093 0.85 117 10.49 28.30
4 California 340,740 2.54 39 -15.25 -12.99
10 Colorado 30,177 1.40 71 -9.11 13.60
16 Connecticut 13,315 0.92 108 12.90 51.29
32 Delaware 2,386 0.61 165 32.33* 53.05*
  District of Columbia 1,221 0.43 234 -28.55 -31.25
3 Florida 277,073 3.15 32 -8.61 3.36
6 Georgia 71,949 1.79 56 11.08 27.59
12 Hawaii 6,482 1.26 79 9.57 79.91
8 Idaho 10,799 1.68 59 -9.46 35.80
9 Illinois 85,223 1.61 62 -0.87 23.63
17 Indiana 25,524 0.91 110 0.00 3.48
43 Iowa 3,248 0.24 409 0.81 8.41
34 Kansas 6,602 0.54 186 17.96 41.67
39 Kentucky 6,653 0.35 289 7.83 52.73*
38 Louisiana 8,137 0.43 231 4.03 57.69*
42 Maine 1,965 0.28 356 -0.25 27.60
13 Maryland 28,293 1.21 82 -6.20 56.21
22 Mass. 22,933 0.84 119 -4.35 24.24
7 Michigan 78,509 1.73 58 7.99 29.16**
26 Minnesota 17,109 0.73 136 -9.03 10.12
45 Mississippi 2,243 0.18 565 -38.60 3.13
30 Missouri 17,242 0.65 155 5.05 24.22
40 Montana 1,507 0.34 291 31.62* 419.66*
44 Nebraska 1,708 0.22 460 33.33* 167.71*
1 Nevada 64,429 5.72 17 -13.20 -6.23
24 New Hampshire 4,528 0.76 132 17.21 11.97
15 New Jersey 36,542 1.04 96 -17.40 52.97
27 New Mexico 6,338 0.73 138 19.79 140.90*
41 New York 24,506 0.31 326 -19.84 1.22
37 North Carolina 20,097 0.48 209 10.33 58.97*
48 North Dakota 278 0.09 1,127 22.47 39.00*
14 Ohio 59,927 1.18 85 3.16 1.68
31 Oklahoma 10,343 0.63 158 12.41 84.40*
11 Oregon 21,538 1.32 76 9.14 13.04
36 Pennsylvania 27,684 0.50 199 -2.19 16.01
29 Rhode Island 2,979 0.66 152 -16.27 -6.08
20 South Carolina 17,616 0.86 117 20.82 34.01
46 South Dakota 576 0.16 628 -8.86 125.00*
23 Tennessee 23,100 0.84 119 -0.07 13.43
28 Texas 64,883 0.68 148 4.48 32.03
5 Utah 18,058 1.91 52 2.03 33.80
50 Vermont 78 0.02 4,008 -29.73 122.86*
18 Virginia 30,063 0.91 110 3.66 5.98
25 Washington 20,960 0.75 133 4.87 5.57
49 West Virginia 549 0.06 1,615 -36.53 -17.19
19 Wisconsin 22,640 0.88 113 0.88 25.89
47 Wyoming 359 0.15 686 -6.51 -13.08
*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

 

U.S. Foreclosure Market Data by State -- Q2 2010
    Properties with Foreclosure Filings
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HU (rate) % Change from Q1 10 % Change from Q2 09
-- U.S. 102,797 169,209 251,435 102,118 269,962 895,521 144 -3.94 0.64
36 Alabama 0 0 2,711 0 2,936 5,647 382 -13.73 -11.82
35 Alaska 2 0 490 0 270 762 372 -16.90 29.59
2 Arizona 36 6 28,278 0 17,293 45,613 60 -18.09 -4.80
22 Arkansas 385 68 3,432 0 2,086 5,971 217 -4.40 28.69
4 California 70,650 9 75,998 0 45,765 192,422 70 -11.02 -24.21
10 Colorado 44 9 10,002 0 5,232 15,287 141 -4.59 4.73
21 Connecticut 0 4,882 0 403 1,356 6,641 217 -5.01 119.32
29 Delaware 0 0 0 844 539 1,383 284 14.20 62.13*
  District of Columbia 0 0 650 0 104 754 378 48.43 -23.92
3 Florida 1 64,375 0 42,450 32,867 139,693 63 -9.02 -11.61
8 Georgia 1 0 25,353 0 12,718 38,072 106 -4.61 21.67
12 Hawaii 193 37 2,278 0 929 3,437 149 4.60 61.67
7 Idaho 2,230 6 2,904 0 1,060 6,200 103 -2.22 21.57
9 Illinois 0 24,620 0 8,852 12,095 45,567 116 -0.47 38.98
17 Indiana 0 4,024 0 5,175 5,375 14,574 192 10.26 5.08
42 Iowa 0 0 497 0 1,402 1,899 700 11.77 14.67
38 Kansas 0 387 0 1,098 1,487 2,972 413 -27.42 22.05
39 Kentucky 0 1,222 0 1,218 1,398 3,838 500 25.92* 34.95*
37 Louisiana 0 638 0 2,992 1,255 4,885 385 24.46 48.66*
43 Maine 0 265 0 426 226 917 764 -18.20 10.62
11 Maryland 0 5,621 0 7,276 2,740 15,637 149 5.26 67.78
20 Massachusetts 0 6,116 0 3,995 3,362 13,473 203 2.69 25.00
6 Michigan 8,627 0 16,663 0 20,161 45,451 100 -0.61 34.42**
27 Minnesota 79 0 4,255 0 4,665 8,999 259 -2.33 -1.48
47 Mississippi 0 0 485 0 537 1,022 1,240 -24.46 -30.71
28 Missouri 12 0 4,301 0 5,205 9,518 280 4.82 30.56
41 Montana 0 0 285 0 386 671 653 -25.20 344.37*
45 Nebraska 302 0 162 0 321 785 1,002 -24.37 87.80*
1 Nevada 15,796 2 11,532 0 10,747 38,077 30 10.19 -12.86
26 New Hampshire 0 0 1,447 0 934 2,381 251 -8.00 16.26
14 New Jersey 0 15,648 0 3,483 2,846 21,977 160 40.94 75.48
25 New Mexico 0 1,703 0 967 852 3,522 248 5.51 76.19*
40 New York 0 8,140 0 2,486 2,063 12,689 629 4.44 -7.14
33 North Carolina 1,285 0 4,302 0 6,469 12,056 348 30.17 58.24*
48 North Dakota 0 10 0 41 101 152 2,061 4.83 72.73*
15 Ohio 0 13,175 0 7,485 9,984 30,644 166 -7.76 -1.52
30 Oklahoma 0 2,236 0 1,943 1,498 5,677 288 -0.16 85.77*
13 Oregon 95 15 6,456 0 4,060 10,626 153 -12.01 10.29
34 Pennsylvania 0 5,345 0 5,555 4,335 15,235 361 3.58 15.24
32 Rhode Island 0 0 755 0 620 1,375 329 -26.43 -17.12
23 South Carolina 0 4,527 0 1,398 3,439 9,364 220 -0.22 37.73
44 South Dakota 0 75 0 181 159 415 871 82.02* 159.38*
24 Tennessee 0 0 5,563 0 6,381 11,944 231 -0.22 14.00
31 Texas 30 0 17,599 0 15,171 32,800 293 -12.19 22.32
5 Utah 2,983 22 3,569 0 2,990 9,564 99 -11.08 13.37
50 Vermont 0 0 2 0 41 43 7,270 22.86 207.14*
16 Virginia 46 8 12,067 0 5,548 17,669 187 21.57 14.61
19 Washington 0 0 9,270 0 4,516 13,786 202 51.10 23.16
49 West Virginia 0 0 56 0 272 328 2,703 48.42 -3.81
18 Wisconsin 0 6,018 0 3,850 3,024 12,892 199 10.72 28.18
46 Wyoming 0 0 73 0 142 215 1,146 47.26 -5.70
*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

 

U.S. Foreclosure Market Data by State -- June 2010
    Properties with Foreclosure Filings
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HU (rate) % Change from May 10 % Change from Jun 09
  U.S. 38,033 58,194 93,328 38,761 85,525 313,841 411 -2.81 -6.98
37 Alabama 0 0 819 0 1,012 1,831 1,179 -5.03 -32.58
38 Alaska 2 0 147 0 75 224 1,265 -13.85 6.67
3 Arizona 8 0 8,522 0 5,894 14,424 189 -10.39 -14.32
20 Arkansas 167 0 1,295 0 740 2,202 590 1.66 32.09
4 California 25,068 0 31,045 0 13,001 69,114 194 -4.05 -31.60
13 Colorado 14 0 2,940 0 1,637 4,591 469 -5.20 -19.79
27 Connecticut 0 1,388 0 124 383 1,895 762 -9.24 30.24
19 Delaware 0 0 0 438 252 690 570 90.61* 102.35*
  District of Columbia 0 0 239 0 20 259 1,102 -4.43 -37.89
2 Florida 0 22,158 0 16,456 12,936 51,550 171 1.71 -2.55
8 Georgia 0 0 9,328 0 2,709 12,037 334 -12.64 -14.17
15 Hawaii 64 0 574 0 362 1,000 513 -5.21 41.64
7 Idaho 832 0 1,028 0 393 2,253 285 8.58 19.78
9 Illinois 0 8,143 0 3,316 3,273 14,732 358 -2.18 36.46
16 Indiana 0 1,426 0 2,221 1,785 5,432 515 11.29 -2.44
40 Iowa 0 0 180 0 564 744 1,787 10.71 32.86
36 Kansas 0 170 0 423 452 1,045 1,174 -15.59 9.08
34 Kentucky 0 521 0 618 556 1,695 1,133 19.70* 50.13*
35 Louisiana 0 280 0 999 350 1,629 1,156 -6.00 12.19
43 Maine 0 84 0 130 58 272 2,575 2.26 -6.85
10 Maryland 0 2,561 0 2,898 845 6,304 370 7.72 103.35
23 Massachusetts 0 1,789 0 1,236 967 3,992 685 -6.00 23.94
6 Michigan 4,754 0 6,320 0 6,046 17,120 265 -15.76 25.82**
26 Minnesota 17 0 1,468 0 1,655 3,140 743 -0.85 -5.76
46 Mississippi 0 0 194 0 161 355 3,570 -0.84 -52.98
31 Missouri 3 0 1,647 0 1,642 3,292 809 -14.29 5.78
42 Montana 0 0 94 0 132 226 1,939 26.26 264.52*
44 Nebraska 99 0 54 0 99 252 3,120 -18.97 69.13*
1 Nevada 5,140 0 4,736 0 2,963 12,839 88 -10.50 -31.58
28 New Hampshire 0 0 510 0 250 760 786 1.20 73.52
12 New Jersey 0 5,945 0 937 896 7,778 452 -2.69 79.51
22 New Mexico 0 519 0 461 324 1,304 668 -10.38 83.66*
41 New York 0 2,748 0 1,002 695 4,445 1,795 10.46 -8.35
32 North Carolina 662 0 1,754 0 2,015 4,431 948 1.70 39.56*
48 North Dakota 0 9 0 15 24 48 6,528 -27.27 50.00*
14 Ohio 0 4,655 0 3,106 2,878 10,639 477 2.51 -5.45
30 Oklahoma 0 783 0 678 605 2,066 792 14.08 59.54*
11 Oregon 29 0 2,255 0 1,559 3,843 424 22.16 23.45
33 Pennsylvania 0 1,550 0 2,131 1,374 5,055 1,087 -4.41 2.31
39 Rhode Island 0 0 147 0 180 327 1,382 13.94 -64.14
25 South Carolina 0 1,407 0 183 1,189 2,779 740 -31.62 64.83
47 South Dakota 0 26 0 58 14 98 3,689 -41.67 -13.27
24 Tennessee 0 0 1,766 0 2,215 3,981 693 2.29 -14.84
29 Texas 8 0 7,365 0 4,802 12,175 788 9.32 1.26
5 Utah 1,152 0 1,340 0 1,097 3,589 263 36.83 3.40
50 Vermont 0 0 1 0 11 12 26,051 -36.84 9.09
18 Virginia 14 0 3,937 0 1,904 5,855 565 -6.20 12.86
17 Washington 0 0 3,576 0 1,444 5,020 556 3.29 7.31
49 West Virginia 0 0 29 0 81 110 8,058 -3.51 -3.51
21 Wisconsin 0 2,032 0 1,331 952 4,315 595 -6.48 22.20
45 Wyoming 0 0 18 0 54 72 3,422 -29.41 -14.29
*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

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.

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