District of Columbia Foreclosure Activity Decreases for May

Total foreclosure filings statewide down from a year ago.

 

District of Columbia foreclosure activity fell in May to 299 properties with foreclosure filings, a 25 percent decline from the previous month and 24 percent below the level reported in May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity in the District declined significantly in May despite a jobless rate that soared nearly a full percentage point to 10.7 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “Now above the national average, the District’s unemployment rate is at its highest level since late 1983. This is a cause for concern in the months to come, especially for lower income families which are at a greater risk of foreclosure.”

 

One in every 951 housing units in the District received a foreclosure filing during May.

 

The District a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in the District of Columbia represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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.

 

                District of Columbia Foreclosure Market Data – May 2009

 

 

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

District of Columbia

77

0

187

0

35

299

951

-24.87

-23.53

 

 

 

 

 

 

 

 

 

 

 

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