SOURCE: RealtyTrac

RealtyTrac

January 13, 2011 00:00 ET

Record 2.9 Million U.S. Properties Receive Foreclosure Filings in 2010 Despite 30-Month Low in December According to RealtyTrac® U.S. Foreclosure Market Report

Florida Foreclosure Activity Drops 22 Percent in December, but Bank Repossessions Spike More Than 45 Percent in Nevada, Arizona, California

IRVINE, CA--(Marketwire - January 13, 2011) - RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Year-End 2010 U.S. Foreclosure Market Report™, which shows a total of 3,825,637 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on a record 2,871,891 U.S. properties in 2010, an increase of nearly 2 percent from 2009 and an increase of 23 percent from 2008. The report also shows that 2.23 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 2.21 percent in 2009, 1.84 percent in 2008, 1.03 percent in 2007 and 0.58 percent in 2006.

Foreclosure filings were reported on 257,747 U.S. properties in December, a decrease of nearly 2 percent from the previous month and down 26 percent from December 2009 -- the biggest annual drop in foreclosure activity since RealtyTrac began publishing its foreclosure report in January 2005 and giving December the lowest monthly total since June 2008.

December Default notices (NOD, LIS) decreased 4 percent from the previous month and were down 35 percent from December 2009; Scheduled foreclosure auctions (NTS, NFS) decreased 3 percent from the previous month and were down 20 percent from December 2009; and bank repossessions (REO) increased nearly 4 percent from the previous month -- thanks in part to substantial month-over-month increases in some states such as Nevada (71 percent increase), Arizona (52 percent increase) and California (47 percent increase) -- but were still down 24 percent from December 2009.

Foreclosure filings were reported on 799,064 U.S. properties in the fourth quarter, a 14 percent decrease from the previous quarter and an 8 percent decrease from the fourth quarter of 2009. The fourth quarter total was the lowest quarterly total since Q4 2008.

"Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity -- triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings," said James J. Saccacio, chief executive officer of RealtyTrac. "Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 -- which we estimate may be as high as a quarter million -- will likely be re-started and add to the numbers in early 2011."

Nevada, Arizona, Florida post top state foreclosure rates
More than 9 percent of Nevada housing units (one in 11) received at least one foreclosure filing in 2010, giving it the nation's highest state foreclosure rate for the fourth consecutive year despite a 5 percent decrease in foreclosure activity from 2009. Nevada foreclosure activity in December increased 18 percent from the previous month and was up 14 percent from December 2009. Fourth quarter foreclosure activity in Nevada decreased nearly 7 percent from the previous quarter but increased 19 percent from the fourth quarter of 2009.

Arizona registered the nation's second highest state foreclosure rate for the second year in a row, with 5.73 percent of its housing units (one in 17) receiving at least one foreclosure filing in 2010, and Florida registered the nation's third highest foreclosure rate, with 5.51 percent of its housing units (one in 18) receiving at least one foreclosure filing during the year.

Other states with 2010 foreclosure rates ranking among the nation's 10 highest were California (4.08 percent), Utah (3.44 percent), Georgia (3.25 percent), Michigan (3.00 percent), Idaho (2.98 percent), Illinois (2.87 percent), and Colorado (2.51 percent).

California, Florida, Arizona, Illinois and Michigan account for half of national total
Five states accounted for 51 percent of the nation's total foreclosure activity in 2010: California, Florida, Arizona, Illinois and Michigan. Together these five states documented nearly 1.5 million properties receiving a foreclosure filing during the year despite annual decreases in the three states with the most foreclosure activity.

A total of 546,669 California properties received a foreclosure filing in 2010, a decrease of nearly 14 percent from 2009 but still the largest state total. After hitting a two-year low in November, California foreclosure activity rebounded nearly 15 percent higher in December but was still down 18 percent from December 2009.

Florida posted the nation's second biggest total in 2010, with 485,286 properties receiving a foreclosure filing -- a 6 percent decrease from 2009. Florida foreclosure activity in December hit the lowest monthly level since July 2007, down 22 percent from the previous month and down nearly 54 percent from December 2009.

A total of 155,878 Arizona properties received a foreclosure filing in 2010, a 4 percent decrease from 2009 but the third biggest state total for the third straight year. Arizona foreclosure activity in December jumped nearly 31 percent higher from a 32-month low in November, but was still down nearly 33 percent from December 2009.

Illinois posted the fourth biggest state total, with 151,304 properties receiving a foreclosure filing in 2010, and Michigan posted the fifth biggest state total, with 135,874 properties receiving a foreclosure filing during the year. Foreclosure activity in both states increased about 15 percent from 2009.

Other states with 2010 totals among the 10 biggest in the country were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160), and New Jersey (64,808).

Report methodology
The RealtyTrac Year-End 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 year. Some foreclosure filings entered into the database during the year may have been recorded in the previous year. 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). For the annual and quarterly reports, if more than one foreclosure document is received for a property during the year or quarter, only the most recent filing is counted in the report. The annual, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

U.S. Foreclosure Market Data by State -- 2010 Totals

Rate Rank   State Name   Total Properties with Filings  
%Housing Units
 
1/every X HU
  %Change from 2009   %Change from 2008
--   U.S.   2,871,891   2.23   45   1.67   23.23
33   Alabama   20,869   0.97   103   4.89   168.79
35   Alaska   2,654   0.94   107   8.68   36.38
2   Arizona   155,878   5.73   17   -4.49   33.33
21   Arkansas   19,757   1.52   66   19.40   38.38
4   California   546,669   4.08   25   -13.58   4.40
10   Colorado   54,041   2.51   40   6.98   7.23
22   Connecticut   21,705   1.50   66   10.30   -1.00
30   Delaware   4,727   1.20   83   55.80*   87.88*
    District of Columbia   2,153   0.75   133   -33.45   -48.52
3   Florida   485,286   5.51   18   -6.08   25.95
6   Georgia   130,966   3.25   31   23.42   53.62
11   Hawaii   12,425   2.42   41   38.02   290.11
8   Idaho   19,088   2.98   34   11.23   124.25
9   Illinois   151,304   2.87   35   15.38   52.08
17   Indiana   44,172   1.58   63   6.68   -3.84
41   Iowa   8,663   0.65   153   52.49*   60.87*
37   Kansas   11,415   0.93   107   26.05*   83.58*
40   Kentucky   12,656   0.66   152   30.72*   74.71*
38   Louisiana   15,753   0.84   120   34.07*   120.97*
43   Maine   3,502   0.50   200   10.20   22.83
15   Maryland   42,446   1.82   55   -1.85   31.26
25   Mass.   36,092   1.32   76   -0.07   -18.61
7   Michigan   135,874   3.00   33   14.85**   28.11**
24   Minnesota   31,315   1.34   74   -1.21   54.40
45   Mississippi   5,280   0.42   240   -2.26   130.27
28   Missouri   33,944   1.27   78   19.02   8.61†
39   Montana   3,307   0.75   133   140.86*   165.41*
44   Nebraska   3,377   0.43   233   83.04*   5.86
1   Nevada   106,160   9.42   11   -5.30   36.64
26   New Hampshire   7,703   1.29   78   6.84   16.08
14   New Jersey   64,808   1.84   54   2.53   3.67
27   New Mexico   11,133   1.28   78   54.37*   198.71*
42   New York   43,913   0.55   182   -12.82   -12.23
34   North Carolina   40,151   0.96   105   41.46   18.72
48   North Dakota   488   0.16   642   25.13*   31.54*
13   Ohio   108,160   2.13   47   6.44   -4.76
32   Oklahoma   17,718   1.08   92   36.96*   42.14*
12   Oregon   36,958   2.27   44   8.31   105.31
36   Pennsylvania   51,278   0.93   107   14.63   37.81
31   Rhode Island   5,246   1.16   86   3.57   -20.31
16   South Carolina   33,063   1.61   62   31.40   120.49
46   South Dakota   1,244   0.34   291   62.61*   209.45*
23   Tennessee   39,206   1.42   70   -3.75   -11.20††
29   Texas   118,923   1.24   81   18.87   23.68
5   Utah   32,520   3.44   29   19.82   119.20
50   Vermont   393   0.13   795   174.83*   186.86*
19   Virginia   51,588   1.56   64   -1.03   5.26†
18   Washington   43,856   1.57   64   24.35   68.30
49   West Virginia   1,329   0.15   667   -10.14   94.01
20   Wisconsin   39,920   1.55   64   13.24   102.69*
47   Wyoming   815   0.33   302   13.67   20.38

*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

U.S. Foreclosure Market Data by State -- Q4 2010

        Properties with Foreclosure Filings
Rate Rank   State Name   NOD   LIS   NTS   NFS   REO   Total   1/every X HU (rate)   %Change from Q3 10   %Change from Q4 09
--   U.S.   104,172   132,175   244,324   88,552   229,841   799,064   162   -14.12   -8.08
32   Alabama   0   0   3,894   0   2,400   6,294   343   26.59   -3.64
39   Alaska   1   0   428   0   257   686   413   -15.83   -25.60
2   Arizona   55   0   27,132   0   12,792   39,979   68   -18.58   -12.14
19   Arkansas   356   0   3,531   0   1,536   5,423   239   -5.74   14.94
3   California   73,072   0   67,789   0   33,924   174,785   77   -8.50   -15.35
10   Colorado   53   0   10,352   0   5,315   15,720   137   -3.65   6.92
34   Connecticut   0   2,238   0   286   1,564   4,088   353   -31.11   -31.33
25   Delaware   0   0   0   903   442   1,345   292   -17.28   28.22*
    District of Columbia   0   0   245   0   159   404   706   -42.04   -33.66
4   Florida   0   43,643   0   35,244   31,478   110,365   80   -29.72   -23.09
6   Georgia   0   0   27,666   0   11,239   38,905   103   -5.64   27.25
12   Hawaii   280   0   1,765   0   999   3,044   168   -25.02   -6.05
8   Idaho   1,616   0   2,901   0   1,127   5,644   114   -23.98   -23.06
9   Illinois   0   24,273   0   8,457   8,853   41,583   127   -13.01   -13.36
18   Indiana   0   3,177   0   4,433   4,428   12,038   232   -15.43   1.72
29   Iowa   0   1,257   178   954   1,731   4,120   323   83.68*   177.25*
33   Kansas   0   697   0   1,230   1,621   3,548   346   26.53*   38.05*
41   Kentucky   0   1,354   0   1,091   1,070   3,515   546   -14.87   13.42*
38   Louisiana   0   644   0   2,798   1,319   4,761   396   -9.64   16.41
43   Maine   0   307   0   441   155   903   776   1.46   -9.97
37   Maryland   0   1,518   0   1,859   2,607   5,984   390   -57.52   -64.36
26   Massachusetts   0   4,184   0   3,485   1,641   9,310   294   -22.53   -20.40
7   Michigan   9,122   0   17,139   0   15,278   41,539   109   -9.89   0.55
23   Minnesota   54   0   3,494   0   5,019   8,567   272   -9.81   -6.93
42   Mississippi   0   0   795   0   1,113   1,908   664   33.24*   36.97*
22   Missouri   28   0   5,448   0   4,323   9,799   272   -5.11   18.19
40   Montana   0   0   362   0   484   846   518   -27.57   4.83
44   Nebraska   391   0   286   0   268   945   832   5.82   68.75*
1   Nevada   13,910   0   13,901   0   7,969   35,780   31   -6.89   19.05
28   New Hampshire   0   0   1,204   0   692   1,896   315   -19.42   -7.42
17   New Jersey   0   10,592   0   2,046   2,788   15,426   228   -6.31   -35.76
20   New Mexico   0   1,727   0   614   1,111   3,452   253   6.71   4.57
45   New York   0   6,690   3   1,353   1,200   9,246   863   -22.32   -25.37
36   North Carolina   1,407   0   5,323   0   4,500   11,230   374   -14.80   21.51
49   North Dakota   0   0   0   62   58   120   2,611   -11.76   -16.08
11   Ohio   0   12,523   0   10,307   9,105   31,935   159   -12.93   7.58
30   Oklahoma   0   2,094   0   1,286   1,490   4,870   336   -16.12   -1.52
13   Oregon   112   0   5,859   0   2,935   8,906   183   -28.33   -10.72
31   Pennsylvania   0   5,223   0   6,289   4,610   16,122   341   -4.05   16.83
27   Rhode Island   0   0   1,029   0   461   1,490   303   23.24   -25.35
16   South Carolina   0   4,519   0   1,468   3,583   9,570   215   -9.29   31.98
46   South Dakota   0   86   0   178   147   411   880   -6.38   30.48*
35   Tennessee   0   0   3,725   0   3,939   7,664   360   -25.92   -31.17
24   Texas   32   0   19,525   0   14,595   34,152   281   -0.10   11.52
5   Utah   3,634   0   3,567   0   3,217   10,418   91   -2.66   17.36
50   Vermont   0   0   17   0   30   47   6,651   -80.82   -2.08
21   Virginia   49   1   7,934   0   5,016   13,000   254   -14.83   -2.56
14   Washington   0   0   8,667   0   5,553   14,220   196   -19.52   36.49
48   West Virginia   0   0   142   0   294   436   2,033   17.20   43.42
15   Wisconsin   0   5,428   0   3,768   3,194   12,390   207   -4.11   3.11
47   Wyoming   0   0   23   0   212   235   1,048   -6.75   36.63

*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 -- December 2010

        Properties with Foreclosure Filings
Rate Rank   State Name   NOD   LIS   NTS   NFS   REO   Total   1/every X HU (rate)   %Change from Nov 10   %Change from Dec 09
    U.S.   36,935   38,783   88,483   23,699   69,847   257,747   501   -1.75   -26.26
31   Alabama   0   0   1,305   0   648   1,953   1,105   -29.08   -22.71
39   Alaska   1   0   102   0   88   191   1,484   -27.10   -54.63
2   Arizona   10   0   9,174   0   4,377   13,561   201   30.60   -32.70
14   Arkansas   93   0   1,409   0   472   1,974   658   21.78   2.17
3   California   24,389   0   29,481   0   12,045   65,915   203   14.88   -18.11
10   Colorado   28   0   3,512   0   1,583   5,123   420   3.08   -14.74
35   Connecticut   0   496   0   73   551   1,120   1,288   6.67   -53.81
26   Delaware   0   0   0   291   150   441   891   -5.57   71.60
    District of Columbia   0   0   17   0   35   52   5,488   -14.75   -69.59
7   Florida   0   10,848   0   7,334   7,459   25,641   343   -22.15   -53.64
8   Georgia   0   0   8,295   0   2,747   11,042   365   -23.44   -14.90
12   Hawaii   163   0   451   0   386   1,000   513   14.03   -34.81
6   Idaho   624   0   993   0   459   2,076   309   -2.67   -47.73
9   Illinois   0   9,134   0   2,131   2,777   14,042   376   8.51   -21.20
20   Indiana   0   792   0   1,581   1,214   3,587   779   -5.03   -24.34
23   Iowa   0   757   0   315   507   1,579   842   17.14*   176.53*
32   Kansas   0   288   0   322   459   1,069   1,148   -30.49   1.04
42   Kentucky   0   291   0   375   327   993   1,934   -28.41   -22.84
28   Louisiana   0   208   0   1,097   473   1,778   1,059   25.39*   12.96*
44   Maine   0   108   0   136   54   298   2,351   -19.46   -1.97
38   Maryland   0   271   0   385   979   1,635   1,427   18.05   -75.84
40   Massachusetts   0   532   0   635   472   1,639   1,669   -26.76   -56.23
4   Michigan   5,039   0   6,890   0   4,132   16,061   282   4.90   -20.25
21   Minnesota   23   0   1,025   0   1,805   2,853   817   -10.79   -14.50
34   Mississippi   0   0   258   0   766   1,024   1,238   137.59*   68.14*
22   Missouri   6   0   1,874   0   1,293   3,173   840   -6.01   0.22
41   Montana   0   0   117   0   142   259   1,692   -3.00   -54.00
45   Nebraska   111   0   66   0   100   277   2,839   -23.27   23.11*
1   Nevada   4,767   0   5,683   0   3,022   13,472   84   18.48   14.42
36   New Hampshire   0   0   266   0   185   451   1,324   -19.61   -19.18
18   New Jersey   0   3,541   0   736   620   4,897   718   -6.97   -51.64
19   New Mexico   0   484   0   231   425   1,140   765   -6.17   -35.56
46   New York   0   1,912   0   343   367   2,622   3,042   -5.65   -47.54
37   North Carolina   311   0   1,488   0   1,206   3,005   1,398   -26.40   -15.80
49   North Dakota   0   0   0   9   20   29   10,805   -40.82   -34.09
11   Ohio   0   3,974   0   3,890   2,659   10,523   483   0.62   -10.40
30   Oklahoma   0   659   0   352   497   1,508   1,086   -19.87   -10.29
13   Oregon   37   0   1,908   0   849   2,794   583   12.84   -34.07
33   Pennsylvania   0   1,527   0   1,599   1,639   4,765   1,153   -15.99   -0.81
25   Rhode Island   0   0   387   0   132   519   870   31.06   -24.34
15   South Carolina   0   1,324   0   597   1,093   3,014   682   -22.24   12.34
43   South Dakota   0   63   0   39   84   186   1,943   30.99   45.31*
29   Tennessee   0   0   1,268   0   1,334   2,602   1,060   0.31   -45.34
24   Texas   9   0   7,100   0   4,053   11,162   860   -16.51   -19.16
5   Utah   1,294   0   1,090   0   947   3,331   284   -22.15   -27.87
50   Vermont   0   0   1   0   14   15   20,841   50.00   -11.76
27   Virginia   30   0   1,974   0   1,412   3,416   968   -26.52   -25.64
17   Washington   0   0   2,303   0   1,726   4,029   693   -0.93   -9.81
48   West Virginia   0   0   42   0   74   116   7,642   -29.27   12.62
16   Wisconsin   0   1,574   0   1,228   913   3,715   692   -12.20   -11.53
47   Wyoming   0   0   4   0   76   80   3,080   -9.09   14.29

*Actual increase may not be as high due to data collection changes or improvements

Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 2 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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