SOURCE: RealtyTrac

RealtyTrac

December 10, 2009 00:00 ET

U.S. Foreclosure Activity Decreases 8 Percent in November According to RealtyTrac® U.S. Foreclosure Market Report

Activity up 18 Percent From November 2008, But Down 15 Percent From July Peak

More Than 300,000 Properties Receive Foreclosure Filings for Ninth Straight Month

IRVINE, CA--(Marketwire - December 10, 2009) - RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its November 2009 U.S. Foreclosure Market Report™, which shows foreclosure filings -- default notices, scheduled foreclosure auctions and bank repossessions -- were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.

"November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we've seen since February," said James J. Saccacio, chief executive officer of RealtyTrac. "Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation's ailing housing market -- foreclosures and home value depreciation. This is providing a welcome respite for the real estate industry, but a full recovery will only come when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years."

Default notices nationwide were down 8 percent from the previous month but still up 22 percent from November 2008, scheduled foreclosure auctions were down 12 percent from the previous month but still up 32 percent from November 2008, and bank repossessions were flat from the previous month and down 2 percent from November 2008.

Nevada, Florida, California post top state foreclosure rates

Nevada foreclosure activity decreased by a double-digit percentage for the second straight month, but the state continued to document the nation's top foreclosure rate with one in every 119 housing units receiving a foreclosure filing in November -- 3.5 times the national average. A total of 9,295 Nevada properties received a foreclosure filing during the month, a 33 percent decrease from the previous month and also a 33 percent decrease from November 2008. Nevada's November total was 52 percent below its July total of 19,535 properties with foreclosure filings.

Florida posted the nation's second highest state foreclosure rate in November with one in every 165 housing units receiving a foreclosure filing during the month. Florida took the No. 2 spot from California, which posted the nation's third highest foreclosure rate -- one in every 180 housing units received a foreclosure filing during the month.

After three straight months of decreases, Arizona foreclosure activity increased nearly 8 percent in November and the state documented the nation's fourth highest foreclosure rate with one in every 186 housing units receiving a foreclosure filing.

Despite a nearly 2 percent decrease in foreclosure activity from the previous month, Idaho posted the fifth highest state foreclosure rate in November with one in every 259 housing units receiving a foreclosure filing.

Other states with foreclosure rates ranking among the nation's 10 highest were Michigan, Illinois, Utah, Maryland, and New Jersey.

Four states account for more than 50 percent of national total

For the second month in a row, the same four states accounted for 52 percent of the nation's total foreclosure activity: California, Florida, Illinois and Michigan.

Despite a 13 percent decrease in foreclosure activity from the previous month, California continued to post the highest total of any state with 73,995 properties receiving a foreclosure filing in November -- still up 22 percent from November 2008 but down nearly 32 percent from its July peak of 108,104. November marked the fourth straight month that California foreclosure activity has declined on a month-over-month basis.

After two straight month-over-month decreases, Florida foreclosure activity increased slightly in November. A total of 52,935 Florida properties received foreclosure filings during the month, an increase of nearly 2 percent from the previous month and up nearly 8 percent from November 2008.

Illinois foreclosure activity decreased nearly 18 percent from a record high in October, but the state's 16,422 properties receiving foreclosure filings in November was still nearly 108 percent higher than November 2008 and third highest among all the states.

A total of 15,988 Michigan properties received foreclosure filings in November, a decrease of nearly 3 percent from the previous month but still nearly 10 percent above the state's total in November 2008.

Other states with totals among the 10 highest in the country were Arizona (14,349), Texas (12,095), Ohio (10,587), Georgia (9,664), Nevada (9,295) and New Jersey (9,227).

Las Vegas drops out of top spot among 10 highest metro foreclosure rates

After four straight months with the nation's top foreclosure rate among metropolitan areas with a population of at least 200,000, Las Vegas dropped to No. 5 thanks to a 33 percent decrease in foreclosure activity from the previous month. One in every 102 Las Vegas housing units received a foreclosure filing in November -- still more than four times the national average.

The top three metro foreclosure rates were in California. Merced took the top spot, with one in every 83 housing units receiving a foreclosure filing in November thanks in part to a 21 percent increase in foreclosure activity from the previous month. Stockton foreclosure activity increased 37 percent from the previous month, and the city documented the nation's second highest metro foreclosure rate with one in every 85 housing units receiving a foreclosure filing. Despite a 7 percent decrease in foreclosure activity from the previous month, Modesto posted the nation's third highest metro foreclosure rate, with one in every 87 housing units receiving a foreclosure filing in November.

Other California metro areas with foreclosure rates in the top 10 were Riverside-San Bernardino-Ontario at No. 6 (one in every 102 housing units); Bakersfield at No. 7 (one in 111); Vallejo-Fairfield at No. 9 (one in 126); and Sacramento-Arden-Arcade-Roseville at No. 10 (one in 132).

Florida accounted for two of the top 10 metro foreclosure rates: Cape Coral-Fort Myers at No. 4 with one in every 96 housing units receiving a foreclosure filing; and Orlando-Kissimmee at No. 8 with one in every 120 housing units receiving a foreclosure filing.

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 - November 2009


                   Properties with Foreclosure Filings
Rate
Rank  State Name              NOD     LIS     NTS     NFS     REO
----  --------------------  ------- ------- ------- ------- -------
 --   U.S.                   44,757  69,413  81,843  33,913  76,701
----  --------------------  ------- ------- ------- ------- -------
31    Alabama                     0       0   1,349       0     796
----  --------------------  ------- ------- ------- ------- -------
33    Alaska                      2       0     207       0      63
----  --------------------  ------- ------- ------- ------- -------
4     Arizona                     8       0   9,823       0   4,518
----  --------------------  ------- ------- ------- ------- -------
26    Arkansas                  125       0   1,021       0     426
----  --------------------  ------- ------- ------- ------- -------
3     California             30,071       0  29,125       0  14,799
----  --------------------  ------- ------- ------- ------- -------
11    Colorado                   22       0   3,299       0   1,883
----  --------------------  ------- ------- ------- ------- -------
20    Connecticut                 0   1,585       0      95     434
----  --------------------  ------- ------- ------- ------- -------
29    Delaware                    0       0       0     220     223
----  --------------------  ------- ------- ------- ------- -------
      District of Columbia        0       0     316       0      46
----  --------------------  ------- ------- ------- ------- -------
2     Florida                     0  32,276       0  13,806   6,853
----  --------------------  ------- ------- ------- ------- -------
12    Georgia                     0       0   6,460       0   3,204
----  --------------------  ------- ------- ------- ------- -------
15    Hawaii                     96       0     580       0     196
----  --------------------  ------- ------- ------- ------- -------
5     Idaho                   1,202       0   1,095       0     135
----  --------------------  ------- ------- ------- ------- -------
7     Illinois                    0   8,524       0   2,840   5,058
----  --------------------  ------- ------- ------- ------- -------
17    Indiana                     0   1,344       0   1,477   1,392
----  --------------------  ------- ------- ------- ------- -------
42    Iowa                        0       0     284       0     338
----  --------------------  ------- ------- ------- ------- -------
37    Kansas                      0     198       0     369     311
----  --------------------  ------- ------- ------- ------- -------
40    Kentucky                    0     250       0     406     351
----  --------------------  ------- ------- ------- ------- -------
32    Louisiana                   0     526       0     818     449
----  --------------------  ------- ------- ------- ------- -------
41    Maine                       0      39       0     234      92
----  --------------------  ------- ------- ------- ------- -------
9     Maryland                    0   2,342       0   3,317     711
----  --------------------  ------- ------- ------- ------- -------
19    Massachusetts               0   1,715       0   1,632     658
----  --------------------  ------- ------- ------- ------- -------
6     Michigan                5,954       0   4,982       0   5,052
----  --------------------  ------- ------- ------- ------- -------
18    Minnesota                   5       0   1,646       0   1,782
----  --------------------  ------- ------- ------- ------- -------
46    Mississippi                 0       0     206       0     127
----  --------------------  ------- ------- ------- ------- -------
27    Missouri                    4       0   1,944       0   1,269
----  --------------------  ------- ------- ------- ------- -------
43    Montana                     0       0       3       0     151
----  --------------------  ------- ------- ------- ------- -------
45    Nebraska                  149       0      14       0      53
----  --------------------  ------- ------- ------- ------- -------
1     Nevada                  5,549       0   1,368       0   2,378
----  --------------------  ------- ------- ------- ------- -------
25    New Hampshire               0       0     557       0     198
----  --------------------  ------- ------- ------- ------- -------
10    New Jersey                  0   7,499       0   1,028     700
----  --------------------  ------- ------- ------- ------- -------
38    New Mexico                  0     211       0     105     236
----  --------------------  ------- ------- ------- ------- -------
39    New York                    0   3,285       0     509     607
----  --------------------  ------- ------- ------- ------- -------
36    North Carolina            405       0   1,321       0   1,547
----  --------------------  ------- ------- ------- ------- -------
48    North Dakota                0       0       0      16      30
----  --------------------  ------- ------- ------- ------- -------
13    Ohio                        0   3,963       0   3,142   3,482
----  --------------------  ------- ------- ------- ------- -------
34    Oklahoma                    0     592       0     560     325
----  --------------------  ------- ------- ------- ------- -------
14    Oregon                     35       0   1,877       0     943
----  --------------------  ------- ------- ------- ------- -------
35    Pennsylvania                0   1,905       0   1,694   1,366
----  --------------------  ------- ------- ------- ------- -------
21    Rhode Island                0       0     482       0     174
----  --------------------  ------- ------- ------- ------- -------
30    South Carolina              0   1,047       0     261     911
----  --------------------  ------- ------- ------- ------- -------
44    South Dakota                0      50       0      30      28
----  --------------------  ------- ------- ------- ------- -------
23    Tennessee                   0       0   1,721       0   2,004
----  --------------------  ------- ------- ------- ------- -------
24    Texas                      19       0   6,818       0   5,258
----  --------------------  ------- ------- ------- ------- -------
8     Utah                    1,079       0     614       0     977
----  --------------------  ------- ------- ------- ------- -------
50    Vermont                     0       0       2       0      14
----  --------------------  ------- ------- ------- ------- -------
22    Virginia                   31       0   2,998       0   1,561
----  --------------------  ------- ------- ------- ------- -------
28    Washington                  1       0   1,719       0   1,568
----  --------------------  ------- ------- ------- ------- -------
49    West Virginia               0       0       9       0     105
----  --------------------  ------- ------- ------- ------- -------
16    Wisconsin                   0   2,062       0   1,354     878
----  --------------------  ------- ------- ------- ------- -------
47    Wyoming                     0       0       3       0      41
----  --------------------  ------- ------- ------- ------- -------


                                               %       %
                                    1/every  Change  Change
Rate                                  X HU    from    from
Rank  State Name             Total   (rate)  Oct 09  Nov 08
----  --------------------  ------- ------- ------- -------
 --   U.S.                  306,627     417   -7.72   18.35
----  --------------------  ------- ------- ------- -------
31    Alabama                 2,145     996  -12.34 249.92*
----  --------------------  ------- ------- ------- -------
33    Alaska                    272   1,038  -10.53   51.96
----  --------------------  ------- ------- ------- -------
4     Arizona                14,349     186    7.52    9.23
----  --------------------  ------- ------- ------- -------
26    Arkansas                1,572     819  -16.91    1.95
----  --------------------  ------- ------- ------- -------
3     California             73,995     180  -13.38   22.32
----  --------------------  ------- ------- ------- -------
11    Colorado                5,204     409    3.11   -2.31
----  --------------------  ------- ------- ------- -------
20    Connecticut             2,114     680   -8.33   -3.69
----  --------------------  ------- ------- ------- -------
29    Delaware                  443     877    0.91   87.71
----  --------------------  ------- ------- ------- -------
      District of Columbia      362     785   40.31    5.23
----  --------------------  ------- ------- ------- -------
2     Florida                52,935     165    1.97    7.61
----  --------------------  ------- ------- ------- -------
12    Georgia                 9,664     410  -22.49   -3.39
----  --------------------  ------- ------- ------- -------
15    Hawaii                    872     581   -5.73  121.88
----  --------------------  ------- ------- ------- -------
5     Idaho                   2,432     259   -1.58  89.41*
----  --------------------  ------- ------- ------- -------
7     Illinois               16,422     319  -17.67  107.64
----  --------------------  ------- ------- ------- -------
17    Indiana                 4,213     659   -3.94   -6.02
----  --------------------  ------- ------- ------- -------
42    Iowa                      622   2,138   47.04   19.16
----  --------------------  ------- ------- ------- -------
37    Kansas                    878   1,389   -5.49   24.01
----  --------------------  ------- ------- ------- -------
40    Kentucky                1,007   1,893  -13.49  135.83
----  --------------------  ------- ------- ------- -------
32    Louisiana               1,793   1,037  40.74* 255.75*
----  --------------------  ------- ------- ------- -------
41    Maine                     365   1,909    0.55   21.67
----  --------------------  ------- ------- ------- -------
9     Maryland                6,370     364   -4.37   83.57
----  --------------------  ------- ------- ------- -------
19    Massachusetts           4,005     680  -25.98   76.35
----  --------------------  ------- ------- ------- -------
6     Michigan               15,988     283   -2.91  9.55**
----  --------------------  ------- ------- ------- -------
18    Minnesota               3,433     671   15.09   56.97
----  --------------------  ------- ------- ------- -------
46    Mississippi               333   3,768  -38.22 148.51*
----  --------------------  ------- ------- ------- -------
27    Missouri                3,217     823   -0.03  11.51†
----  --------------------  ------- ------- ------- -------
43    Montana                   154   2,828   45.28  165.52
----  --------------------  ------- ------- ------- -------
45    Nebraska                  216   3,615   75.61  500.00
----  --------------------  ------- ------- ------- -------
1     Nevada                  9,295     119  -32.85  -33.43
----  --------------------  ------- ------- ------- -------
25    New Hampshire             755     787  -15.83   12.52
----  --------------------  ------- ------- ------- -------
10    New Jersey              9,227     379   24.10   65.30
----  --------------------  ------- ------- ------- -------
38    New Mexico                552   1,562  -55.63 150.91*
----  --------------------  ------- ------- ------- -------
39    New York                4,401   1,804   -8.26   69.20
----  --------------------  ------- ------- ------- -------
36    North Carolina          3,273   1,260   -5.05   17.19
----  --------------------  ------- ------- ------- -------
48    North Dakota               46   6,751  -22.03  -16.36
----  --------------------  ------- ------- ------- -------
13    Ohio                   10,587     478   -9.09  -17.82
----  --------------------  ------- ------- ------- -------
34    Oklahoma                1,477   1,099   -4.83  44.95*
----  --------------------  ------- ------- ------- -------
14    Oregon                  2,855     564   -9.65   -3.71
----  --------------------  ------- ------- ------- -------
35    Pennsylvania            4,965   1,103  -10.46   24.94
----  --------------------  ------- ------- ------- -------
21    Rhode Island              656     687  -27.35  -26.70
----  --------------------  ------- ------- ------- -------
30    South Carolina          2,219     911  -23.19    9.80
----  --------------------  ------- ------- ------- -------
44    South Dakota              108   3,308    2.86  140.00
----  --------------------  ------- ------- ------- -------
23    Tennessee               3,725     731   -7.57    7.44
----  --------------------  ------- ------- ------- -------
24    Texas                  12,095     780    2.52   54.21
----  --------------------  ------- ------- ------- -------
8     Utah                    2,670     347   11.11   33.30
----  --------------------  ------- ------- ------- -------
50    Vermont                    16  19,465    6.67  -27.27
----  --------------------  ------- ------- ------- -------
22    Virginia                4,590     713  -16.30 -19.39†
----  --------------------  ------- ------- ------- -------
28    Washington              3,288     835   -1.47   15.45
----  --------------------  ------- ------- ------- -------
49    West Virginia             114   7,743   14.00  235.29
----  --------------------  ------- ------- ------- -------
16    Wisconsin               4,294     596   -0.39  118.30
----  --------------------  ------- ------- ------- -------
47    Wyoming                    44   5,508  -33.33  -56.00
----  --------------------  ------- ------- ------- -------

* 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).

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