Iowa Foreclosure Activity Rose in May

Statewide foreclosure filings up 15 percent from April

 

Foreclosure activity in Iowa rose 15 percent in May to 672 properties with foreclosure filings. This latest state total represents a 6 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Iowa experienced a slight uptick in foreclosure activity in May, with filings above the level reported for last month and as compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While lower than the national average, Iowa’s unemployment rate remains high compared to previous years, with losses in both agricultural and non-farming work sectors.”

 

The state’s foreclosure rate ranked 40th in the nation, as one in every 1,978 Iowa housing units received a foreclosure filing during the month.

 

Polk County led the state in foreclosure rate for May

Polk County posted the highest foreclosure rate in Iowa for May, with one in every 711 housing units receiving a foreclosure filing — 2.8 times the state average. Lucas County had the second highest foreclosure rate, with one in every 855 housing units receiving a foreclosure filing — 2.3 times the state average. Linn County had the third highest foreclosure rate, with one in every 915 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Polk County also tops in foreclosure total for May

Polk County also led the state in foreclosure activity, reporting 257 properties with foreclosure filings for the month. Linn County had the second highest foreclosure total, documenting 101 properties with foreclosure filings. Reporting 69 properties with foreclosure filings for the month, Scott County had the third highest total. Dubuque County was fourth highest, reporting 23 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

Iowa accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

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.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Iowa Top Foreclosure Rates By County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Iowa

0

0

208

0

464

672

1,978

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Polk

0

0

121

0

136

257

711

0.56

2.78

Lucas

0

0

0

0

5

5

855

0.47

2.31

Linn

0

0

48

0

53

101

915

0.44

2.16

Scott

0

0

33

0

36

69

1,028

0.39

1.92

Hancock

0

0

0

0

5

5

1,061

0.38

1.86

 

 

Iowa Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Iowa

0

0

208

0

464

672

1,978

14.68

5.83

 

 

 

 

 

 

 

 

 

 

Polk

0

0

121

0

136

257

711

47.70

67.97

Linn

0

0

48

0

53

101

915

68.33

60.32

Scott

0

0

33

0

36

69

1,028

32.69

-14.81

Dubuque

0

0

0

0

23

23

1,690

666.67

 n/a

Pottawattamie

0

0

1

0

21

22

1,774

15.79

-43.59

 

 

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