2010 Foreclosure Activity Down in Hardest Hit Markets But Increases in 72 Percent of Major Metros

Metros with  Top 10 Foreclosure Rates All Post Decreasing Foreclosure Activity
    Houston,  Seattle, Atlanta See Biggest Increases Among 20 Largest Metros

IRVINE, Calif. – Jan. 27, 2011 – RealtyTrac® (http://www.realtytrac.com/gateway_co.asp?accnt=137300),  the leading online marketplace for foreclosure properties, today released its 2010  Year-End Metropolitan Foreclosure Market Report, which shows that while  foreclosure activity increased from 2009 in 149 of the nation’s 206 metropolitan  areas with a population of 200,000 or more, the metro areas with the 10 highest  foreclosure rates all posted decreasing foreclosure activity from 2009 and six  of the top 10 also posted decreasing foreclosure activity from 2008.

California, Florida, Nevada and Arizona cities accounted for 19 of the top 20  metro foreclosure rates, with Boise City-Nampa, Idaho the lone exception at No.  20. Boise also was one of only three metros in the top 20 where foreclosure  activity increased from 2009, along with the Florida metro areas of Deltona-Daytona Beach-Ormond Beach at No. 13 and Tampa-St.  Petersburg-Clearwater at No. 17.

“Foreclosure floodwaters receded somewhat in 2010  in the nation’s hardest-hit housing markets,” said James J. Saccacio, chief  executive officer of RealtyTrac. “Even so, foreclosure levels remained five to 10  times higher than historic norms in most of those hard-hit markets, where deep  faultlines of risk remain and could potentially trigger more waves of  foreclosure activity in 2011 and beyond. Meanwhile foreclosures became more  widespread in 2010 as high unemployment drove activity up in 72 percent of the  nation’s metro areas — many of which were relatively insulated from the initial  foreclosure tsunami.”

Top 10 metro foreclosure rates
Las Vegas-Paradise continued to post the nation’s highest metro foreclosure rate, with one in  every 9 housing units (10.88 percent) receiving a foreclosure filing in 2010 —  nearly five times the national average. A total of 88,198 Las Vegas-area  properties received a foreclosure filing in 2010, a decrease of 7 percent from  2009 but still up 31 percent from 2008.

Despite decreasing foreclosure activity from both  2009 and 2008, Cape  Coral-Fort Myers, Fla., documented the nation’s second highest metro  foreclosure rate, with one in every 12 housing units (8.40 percent) receiving a  foreclosure filing in 2010. A total of 30,660 properties in the metro area  received a foreclosure filing in 2010, down 28 percent from 2009 and down 25  percent from 2008.

Modesto, Calif., also reported a decrease in  foreclosure activity from 2009 and 2008, but the metro area still posted the  nation’s third highest metro foreclosure rate with one in every 14 housing  units (7.34 percent) receiving a foreclosure filing in 2010.

Along with Cape Coral-Fort Myers and Modesto, four  other metro areas with foreclosure rates in the top 10 also reported two-year  decreases in foreclosure activity: No. 6 Riverside-San Bernardino-Ontario,  Calif., where foreclosure activity was down nearly 20 percent from 2009 and  nearly 10 percent from 2008; No. 7 Stockton, Calif., where foreclosure activity  was down nearly 19 percent from 2009 and nearly 25 percent from 2008; No. 8  Merced, Calif., where foreclosure activity was down nearly 31 percent from 2009  and 30 percent from 2008; and No. 10 Vallejo-Fairfield, Calif., where foreclosure  activity was down 12 percent from 2009 and 3 percent from 2008.

Other metro areas with foreclosure rates in the top  10 were Phoenix-Mesa-Scottsdale at No. 4 (7.27 percent); Miami-Fort Lauderdale-Pompano Beach at No. 5 (7.08  percent); and Orlando-Kissimmee at No. 9 (6.86 percent).

Trends in 20 largest metro areas
Foreclosure activity trends were evenly split in  the nation’s 20 largest metro areas, with 10 of those metro areas showing  decreasing foreclosure activity from 2009, and 10 showing increasing  foreclosure activity from 2009. Foreclosure activity increased 26 percent from  2009 in Houston-Sugar  Land-Baytown, Texas, the biggest increase among the 20 largest metro areas,  followed by Seattle-Tacoma-Bellvue, Wash., with a nearly 23 percent increase,  and Atlanta-Sandy  Springs-Marietta, Ga., with a nearly 21 percent increase.

The Washington, D.C., metro area posted the biggest  decrease in foreclosure activity from 2009 among the nation’s 20 largest metro  areas, down 22 percent, followed by three Southern California metro areas: Riverside-San  Bernardino-Ontario, with a 20 percent decrease; San Diego-Carlsbad-San Marcos,  with a 17 percent decrease; and Los  Angeles-Long Beach-Santa Ana, with a 16 percent decrease.

Metros with most bank repossessions
The Phoenix-Mesa-Scottsdale metro area reported  55,372 bank repossessions (REO) in 2010, the most of any metro area and up 17  percent from 2009. The Chicago-Naperville-Joliet metro area reported 45,555  REOs in 2010, the second most of any metro area and an increase of nearly 20  percent from 2009, and the Detroit-Warren-Livonia metro area reported 43,541 REOs  in 2010, the third most of any metro area and up 19 percent from 2009,

Other metros in the top five for most REOs in 2010  were Miami-Fort Lauderdale-Pompano Beach, with 42,630 bank repossessions, and  Atlanta-Sandy Springs-Marietta, with 38,535. All five metro areas in the top  five posted increasing REO activity from 2009.

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 year for  metropolitan statistical areas with a population of 200,000 or more based on  Census bureau estimates. Some foreclosure filings entered into the database  during a year may have been recorded in previous time periods. 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: DefaultNotice  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 year,  only the most recent filing is counted in the report. If the same type of foreclosure  document was filed against a property previous to the year but within the  estimated foreclosure timeframe for the state where the property is located,  the report does not count the property in the year.

About RealtyTrac Inc.
RealtyTrac (http://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.


Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139

Christine Stricker
949.502.8300 Ext. 268

Order CustomData:
Data SalesDepartment

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2017 Renwood RealtyTrac LLC - All rights reserved