SOURCE: RealtyTrac

RealtyTrac

February 11, 2010 00:00 ET

U.S. Foreclosure Activity Decreases 10 Percent in January According to RealtyTrac® U.S. Foreclosure Market Report

Overall Activity Up 15 Percent From January 2009, REOs Up 31 Percent From January 2009; More Than 300,000 Properties Receive Foreclosure Filings for 11th Straight Month

IRVINE, CA--(Marketwire - February 11, 2010) - RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its January 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 315,716 U.S. properties during the month, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.

REO activity nationwide was down 5 percent from the previous month but still up 31 percent from January 2009; default notices were down 12 percent from the previous month but still up 4 percent from January 2009; and scheduled foreclosure auctions were down 11 percent from the previous month but still up 15 percent from January 2009.

"January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January," said James J. Saccacio, chief executive officer of RealtyTrac. "If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works."

Nevada, Arizona, California, Florida post top state foreclosure rates

Despite a year-over-year decrease in foreclosure activity of nearly 18 percent, Nevada's foreclosure rate remained highest among the states for the 37th straight month. One in every 95 Nevada housing units received a foreclosure filing during the month -- more than four times the national average.

A 4 percent month-over-month increase in foreclosure activity boosted Arizona's foreclosure rate to second highest among the states in January. One in every 129 Arizona housing units received a foreclosure filing during the month.

Foreclosure activity decreased by double-digit percentages from the previous month in both California and Florida, and the two states registered nearly identical foreclosure rates -- one in every 187 housing units receiving a foreclosure filing. California's foreclosure rate was statistically higher by a slim margin and ranked third highest among the states while Florida's foreclosure rate ranked fourth highest.

With one in every 231 housing units receiving a foreclosure filing, Utah registered the nation's fifth highest state foreclosure rate despite a nearly 12 percent month-over-month decrease in foreclosure activity.

Other states with foreclosure rates among the nation's 10 highest were Idaho, Michigan, Illinois, Oregon and Georgia.

Six states account for nearly 60 percent of national total

California, Florida and Arizona posted the three highest state totals in terms of properties receiving foreclosure filings in January, and together those states accounted for more than 44 percent of the national total.

Illinois posted the nation's fourth highest total in January, with 18,120 properties receiving a foreclosure filing during the month -- a nearly 2 percent increase from the previous month and a 25 percent increase from January 2009.

Michigan posted the nation's fifth highest total, with 17,574 properties receiving a foreclosure filing, and Texas posted the sixth highest total, with 12,225 properties receiving a foreclosure filing.

Other states with totals among the 10 highest in the country were Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146).

Phoenix only top 10 metro area to post monthly foreclosure increase

Phoenix foreclosure activity increased nearly 4 percent from the previous month, and one in every 102 Phoenix housing units received a foreclosure filing during the month -- the second highest foreclosure rate among metropolitan areas with a population of at least 200,000. Phoenix was the only metro area among the top 10 to post a month-over-month increase in foreclosure activity.

Las Vegas documented the highest metro foreclosure rate, with one in every 82 housing units receiving a foreclosure filing, despite a nearly 2 percent decrease in foreclosure activity from the previous month and a nearly 21 percent decrease in foreclosure activity from January 2009.

Six California cities registered foreclosure rates among the top 10: Modesto at No. 3 (one in every 107 housing units); Stockton at No. 4 (one in 107); Riverside-San Bernardino-Ontario at No. 5 (one in 109); Merced at No. 6 (one in 109); Vallejo-Fairfield at No. 7 (one in 112); and Bakersfield at No. 8 (one in 118).

Two Florida cities rounded out the top 10: Cape Coral-Fort Myers at No. 9 (one in 121); and Orlando-Kissimmee at No. 10 (one in 143).

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 -- January 2010


                              Properties with Foreclosure Filings
                    -------------------------------------------------------
                                                                    1/every
Rate                                                                  X HU
Rank  State Name      NOD     LIS     NTS     NFS     REO    Total   (rate)
----  ------------- ------  ------  ------  ------  ------  -------  ------
--    U.S.          40,456  62,850  90,451  34,311  87,648  315,716     409
                    ------  ------  ------  ------  ------  -------  ------
36    Alabama            0       0     891       0     910    1,801   1,199
                    ------  ------  ------  ------  ------  -------  ------
31    Alaska             0       0     178       0     136      314     902
                    ------  ------  ------  ------  ------  -------  ------
2     Arizona            4       0  12,407       0   8,637   21,048     129
                    ------  ------  ------  ------  ------  -------  ------
20    Arkansas          93       0   1,191       0     727    2,011     646
                    ------  ------  ------  ------  ------  -------  ------
3     California    24,234       0  30,582       0  17,001   71,817     187
                    ------  ------  ------  ------  ------  -------  ------
12    Colorado          20       0   3,227       0   1,782    5,029     428
                    ------  ------  ------  ------  ------  -------  ------
21    Connecticut        0   1,519       0      99     600    2,218     651
                    ------  ------  ------  ------  ------  -------  ------
30    Delaware           0       0       0     347     113      460     854
                    ------  ------  ------  ------  ------  -------  ------
      District of
      Columbia           0       0     134       0      58      192   1,486
                    ------  ------  ------  ------  ------  -------  ------
4     Florida            0  28,887       0  12,013   6,169   47,069     187
                    ------  ------  ------  ------  ------  -------  ------
10    Georgia            0       0   6,725       0   4,549   11,274     357
                    ------  ------  ------  ------  ------  -------  ------
11    Hawaii            95       0     862       0     345    1,302     394
                    ------  ------  ------  ------  ------  -------  ------
6     Idaho            714       0   1,380       0     509    2,603     246
                    ------  ------  ------  ------  ------  -------  ------
8     Illinois           0   7,582       0   4,542   5,996   18,120     291
                    ------  ------  ------  ------  ------  -------  ------
18    Indiana            0   1,599       0   1,762   1,261    4,622     605
                    ------  ------  ------  ------  ------  -------  ------
44    Iowa               0       0     227       0     394      621   2,141
                    ------  ------  ------  ------  ------  -------  ------
40    Kansas             0     134       0     236     338      708   1,733
                    ------  ------  ------  ------  ------  -------  ------
39    Kentucky           0     349       0     407     395    1,151   1,669
                    ------  ------  ------  ------  ------  -------  ------
38    Louisiana          0     324       0     546     332    1,202   1,567
                    ------  ------  ------  ------  ------  -------  ------
42    Maine              0      36       0     227      94      357   1,962
                    ------  ------  ------  ------  ------  -------  ------
13    Maryland           0   1,687       0   2,744     798    5,229     446
                    ------  ------  ------  ------  ------  -------  ------
17    Massachusetts      0   1,775       0   1,944     817    4,536     603
                    ------  ------  ------  ------  ------  -------  ------
7     Michigan       6,352       0   5,919       1   5,302   17,574     258
                    ------  ------  ------  ------  ------  -------  ------
29    Minnesota          1       0   1,300       0   1,512    2,813     829
                    ------  ------  ------  ------  ------  -------  ------
45    Mississippi        0       0     213       0     203      416   3,046
                    ------  ------  ------  ------  ------  -------  ------
32    Missouri          10       0   1,548       0   1,387    2,945     905
                    ------  ------  ------  ------  ------  -------  ------
35    Montana            0       0     251       0     145      396   1,107
                    ------  ------  ------  ------  ------  -------  ------
43    Nebraska         212       0      90       0      77      379   2,075
                    ------  ------  ------  ------  ------  -------  ------
1     Nevada         6,525       0   2,997       0   2,332   11,854      95
                    ------  ------  ------  ------  ------  -------  ------
15    New Hampshire      0       0     769       0     365    1,134     527
                    ------  ------  ------  ------  ------  -------  ------
16    New Jersey         0   4,208       0   1,002     936    6,146     572
                    ------  ------  ------  ------  ------  -------  ------
23    New Mexico         0     836       0     263     182    1,281     680
                    ------  ------  ------  ------  ------  -------  ------
41    New York           0   3,440       0     611     518    4,569   1,746
                    ------  ------  ------  ------  ------  -------  ------
37    North Carolina   352       0     889       0   1,923    3,164   1,328
                    ------  ------  ------  ------  ------  -------  ------
47    North Dakota       0       0       0      16      22       38   8,246
                    ------  ------  ------  ------  ------  -------  ------
14    Ohio               0   4,602       0   3,202   3,301   11,105     457
                    ------  ------  ------  ------  ------  -------  ------
33    Oklahoma           0     835       0     603     335    1,773     923
                    ------  ------  ------  ------  ------  -------  ------
9     Oregon            54       0   3,336       0   1,422    4,812     338
                    ------  ------  ------  ------  ------  -------  ------
34    Pennsylvania       0   1,971       0   2,006   1,106    5,083   1,081
                    ------  ------  ------  ------  ------  -------  ------
25    Rhode Island       0       0     498       0     151      649     696
                    ------  ------  ------  ------  ------  -------  ------
22    South Carolina     0   1,216       0     857   1,028    3,101     663
                    ------  ------  ------  ------  ------  -------  ------
50    South Dakota       0       0       0       8       6       14  25,820
                    ------  ------  ------  ------  ------  -------  ------
26    Tennessee          0       0   1,865       0   2,046    3,911     705
                    ------  ------  ------  ------  ------  -------  ------
27    Texas             18       0   6,171       0   6,036   12,225     785
                    ------  ------  ------  ------  ------  -------  ------
5     Utah           1,757       0   1,135       0   1,195    4,087     231
                    ------  ------  ------  ------  ------  -------  ------
49    Vermont            0       0       0       0      15       15  20,841
                    ------  ------  ------  ------  ------  -------  ------
19    Virginia          15       0   3,499       0   1,722    5,236     631
                    ------  ------  ------  ------  ------  -------  ------
28    Washington         0       0   2,165       0   1,330    3,495     799
                    ------  ------  ------  ------  ------  -------  ------
48    West Virginia      0       0       2       0      72       74  11,979
                    ------  ------  ------  ------  ------  -------  ------
24    Wisconsin          0   1,850       0     875     985    3,710     693
                    ------  ------  ------  ------  ------  -------  ------
46    Wyoming            0       0       0       0      33       33   7,466
                    ------  ------  ------  ------  ------  -------  ------



                         Properties with
                       Foreclosure Filings
                     ------------------------
Rate                  % Change     % Change
Rank  State Name     From Dec 09  from Jan 09
----  -------------  -----------  -----------
--    U.S.                 -9.67        15.06
                     -----------  -----------
36    Alabama             -28.73        95.76*
                     -----------  -----------
31    Alaska              -25.42        88.02
                     -----------  -----------
2     Arizona               4.46        43.44
                     -----------  -----------
20    Arkansas              4.09        32.65
                     -----------  -----------
3     California          -10.77        -6.44
                     -----------  -----------
12    Colorado            -16.31        16.33
                     -----------  -----------
21    Connecticut          -8.54        34.34
                     -----------  -----------
30    Delaware             78.99*      164.37*
                     -----------  -----------
      District of
      Columbia             12.28        -7.25
                     -----------  -----------
4     Florida             -14.90        15.45
                     -----------  -----------
10    Georgia             -13.12        13.80
                     -----------  -----------
11    Hawaii              -15.12       286.35
                     -----------  -----------
6     Idaho               -34.47        72.16
                     -----------  -----------
8     Illinois              1.69        25.42
                     -----------  -----------
18    Indiana              -2.51         1.45
                     -----------  -----------
44    Iowa                  8.76        -8.27
                     -----------  -----------
40    Kansas              -33.08         6.47
                     -----------  -----------
39    Kentucky            -10.57        71.54
                     -----------  -----------
38    Louisiana           -23.63       147.84*
                     -----------  -----------
42    Maine                17.43        15.91
                     -----------  -----------
13    Maryland            -22.74        41.44
                     -----------  -----------
17    Massachusetts        21.12        34.92
                     -----------  -----------
7     Michigan            -12.74        53.91**
                     -----------  -----------
29    Minnesota           -15.70        49.15
                     -----------  -----------
45    Mississippi         -31.69        51.27*
                     -----------  -----------
32    Missouri             -6.98        19.28
                     -----------  -----------
35    Montana             -29.66       708.16*
                     -----------  -----------
43    Nebraska             68.44      1122.58*
                     -----------  -----------
1     Nevada                0.68       -17.93
                     -----------  -----------
15    New Hampshire       103.23        51.20
                     -----------  -----------
16    New Jersey          -39.31        22.80
                     -----------  -----------
23    New Mexico          -27.59       681.10*
                     -----------  -----------
41    New York             -8.58        30.69
                     -----------  -----------
37    North Carolina      -11.35        32.61
                     -----------  -----------
47    North Dakota        -13.64       -26.92
                     -----------  -----------
14    Ohio                 -5.45        -0.84
                     -----------  -----------
33    Oklahoma              5.47        82.22*
                     -----------  -----------
9     Oregon               13.54         6.67
                     -----------  -----------
34    Pennsylvania          5.81        38.05
                     -----------  -----------
25    Rhode Island         -5.39       -12.89
                     -----------  -----------
22    South Carolina       15.58        25.90
                     -----------  -----------
50    South Dakota        -89.06       -64.10
                     -----------  -----------
26    Tennessee           -17.84         6.80
                     -----------  -----------
27    Texas               -11.46        25.33
                     -----------  -----------
5     Utah                -11.50       128.20
                     -----------  -----------
49    Vermont             -11.76       150.00
                     -----------  -----------
19    Virginia             13.97        -2.42
                     -----------  -----------
28    Washington          -21.76        11.31
                     -----------  -----------
48    West Virginia       -28.16         0.00
                     -----------  -----------
24    Wisconsin           -11.65        37.46
                     -----------  -----------
46    Wyoming             -52.86       -60.24
                     -----------  -----------


*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. 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).

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