Illinois, Indiana Activity Increases Annually for First Time Since
Foreclosure Starts Low in
California, Nevada, Arizona, Oregon and Washington
Calif. – Feb. 16, 2012 — RealtyTrac® (www.realtytrac.com), the
leading online marketplace for foreclosure properties, today released its U.S.
Foreclosure Market Report™ for January 2012, which shows foreclosure filings —
default notices, scheduled auctions and bank
repossessions — were reported on 210,941 U.S. properties in January.
That was a 3 percent increase from the previous month but still down 19 percent
from January 2011. The report also shows one in every 624 U.S. housing units
with a foreclosure filing during the month.
foreclosure activity was down from a year ago for the 16th straight month in
January, we continue to see signs on a local and regional level that the
frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of
RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the
first time in more than 12 months in Florida, Illinois, Indiana and
Pennsylvania, following a pattern we saw in late 2011 in states such as
California, Arizona and Massachusetts.
“We expect the pattern
of increasing foreclosures to continue in the coming months, especially given
the finalized mortgage
and foreclosure settlement reached in early February between 49 state
attorneys general and five of the nation’s largest lenders,” Moore continued.
“The settlement sets forth clear guidelines for lenders and servicers to follow
when foreclosing, which should allow them to push through some of the delayed
foreclosures from last year. Other roadblocks to foreclosure are still in place
at the state level, however, including legislation altering the foreclosure
process and lawsuits against lenders. We expect to see somewhat uneven trends
in local and regional foreclosure numbers going forward as lenders work through
these additional legislative and legal roadblocks.”
Activity by Type
notices (NOD, LIS) were filed for the first time on a total of 58,362
U.S. properties in January, unchanged from the previous month but down 22
percent from January 2011.
Default notices increased more
than 20 percent on a year-over-year basis in several states, including Connecticut
(23 percent), Massachusetts (27 percent), Florida (36 percent), Maryland (100
percent) and Pennsylvania (112 percent). Florida default notices increased on
an annual basis for the third straight month, and default notices in
Pennsylvania reached a 15-month high.
auctions (NTS, NFS) were scheduled on 86,037 U.S. properties in
January, up 1 percent from December, but still down 20 percent from January
Scheduled auctions increased more than 20 percent on a
year-over-year basis in several states, including Minnesota (24 percent),
Massachusetts (57 percent), South Carolina (79 percent), Indiana (141 percent)
and Illinois (141 percent). Minnesota scheduled auctions increased on an annual
basis for the third straight month, and scheduled auctions reached a 17-month
high in Indiana and a 15-month high in Illinois.
repossessed (REO) a total of 66,542 U.S. properties in January, an 8 percent increase
from December but still a 15 percent decrease from January 2011.
REO activity increased at least 30 percent on a
year-over-year basis in several states, including Wisconsin (30 percent),
Connecticut (39 percent), Illinois (52 percent), Indiana (60 percent), New
Hampshire (62 percent) and Massachusetts (75 percent). REO activity increased
on an annual basis for the fourth straight month in Massachusetts and for the
third straight month in Wisconsin and Illinois. REO activity in January reached
a 16-month high in Illinois and a 15-month high in Indiana.
Arizona post top state foreclosure rates
With one in
every 198 housing units with a foreclosure filing in January, Nevada
posted the nation’s highest foreclosure rate for the 61st straight month —
despite an 8 percent decrease in foreclosure activity from December. A total of
5,931 Nevada properties had a foreclosure filing in January, down 52 percent
from January 2011 and a 52-month low.
foreclosure activity dropped to a 50-month low in January, but the
state still posted the nation’s second highest foreclosure rate: one in every
265 housing units with a foreclosure filing during the month. A total of 51,584
California properties had a foreclosure filing in January, down 23 percent from
foreclosure activity increased 14 percent from the previous month,
helping the state post the nation’s third highest foreclosure rate: one in
every 325 housing units with a foreclosure filing during the month. A total of
8,749 Arizona properties had a foreclosure filing in January, down 44 percent
from January 2011.
The year-over-year drops in foreclosure
activity in Nevada, California and Arizona were driven by low foreclosure
starts in all three states. In Nevada, default notices averaged fewer than
1,200 per month from October through January after averaging more than 4,000
per month in the first nine months of 2011. In California, default notices
averaged fewer than 18,000 per month in December and January after averaging
more than 28,000 per month from August through November. In Arizona, scheduled
auctions (the first foreclosure notice in the state) averaged fewer than 4,300
per month in December and January after averaging more than 7,500 per month in
the previous 12 months.
Foreclosure starts were
also at low levels in Oregon, where scheduled auctions dropped to a 40-month
low, and in Washington, where scheduled auctions averaged fewer than 1,000 per
month from October through January after averaging more than 2,100 per month in
the first nine months of 2011.
One in every 328 Georgia housing
units had a foreclosure filing in January, the nation’s fourth highest state
foreclosure rate, and one in every 354 Michigan housing units had a foreclosure
filing, the nation’s fifth highest state foreclosure
Other states with foreclosure rates ranking among the
top 10 were Florida, Illinois, Delaware, Colorado and Indiana.
account for nine of top 10 metro foreclosure rates
out of the nation’s 10 highest foreclosure rates among metropolitan areas with
a population of 200,000 or more were in California. The only exception was Las Vegas,
which ranked No. 5 with one in every 172 housing units with a foreclosure
filing in January.
Reporting one in every 140 housing units
with a foreclosure filing during the month, Stockton, Calif., posted the
nation’s highest metro foreclosure rate for the fourth month in a row, followed
by Modesto at No. 2 (one in every 143 housing units), Riverside-San Bernardino
at No. 3 (one in 164 housing units), and Vallejo-Fairfield at No. 4 (one in
every 168 housing units).
Only four cities in the top 20
metro foreclosure rates posted annual increases in foreclosure activity:
Lansing-East Lansing, Mich. (20 percent increase); Orlando (55 percent
increase); Chicago (13 percent increase); and Miami (21 percent
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. 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’s 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
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.
Detailed and historical foreclosure
data used to create the above report may be purchased through the
RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data
is available at the state, metro, county and zip code levels dating back to
2005, and address-level foreclosure records are also available
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 millions of
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,
private companies and academic institutions to help evaluate foreclosure trends
and address policy issues related to foreclosures.
Jennifer von Pohlmann