Foreclosure Activity Hits Another Record High in April

Foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 342,038 U.S. properties during April, an increase of less than 1 percent from the previous month and an increase of 32 percent from April 2008, according to the RealtyTrac U.S. Foreclosure Market Report. The report also shows that one in every 374 U.S. housing units received a foreclosure filing in April, the highest monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005.

“Total foreclosure activity in April ended up slightly above the previous month, once again hitting a record-high level,” said James J. Saccacio, chief executive officer of RealtyTrac. “Much of this activity is at the initial stages of foreclosure – the default and auction stages – while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008. This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria. It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months.”

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Nevada, Florida, California post top state foreclosure rates
Despite an 18 percent decrease in foreclosure activity from the previous month, Nevada continued to post the nation’s highest state foreclosure rate in April, with one in every 68 housing units receiving a foreclosure filing — more than five times the national average. The decrease in Nevada was driven largely by a 44 percent drop in bank repossessions from the previous month, although default notices also decreased from the previous month. Total foreclosure activity in Nevada was up 111 percent from April 2008.

A 37 percent month-over-month increase in foreclosure activity boosted Florida’s foreclosure rate to second highest among the states in April. One in every 135 Florida housing units received a foreclosure filing during the month, more than 2.7 times the national average. The monthly increase in Florida was driven by a spike in default notices and auction notices, but bank repossessions were down 7 percent from the previous month. Total foreclosure activity in Florida was up 75 percent from April 2008.

Foreclosure activity in California decreased 10 percent from the previous month, but the state still posted the nation’s third highest state foreclosure rate in April, with one in every 138 housing units receiving a foreclosure filing during the month. Total foreclosure activity in California was up 42 percent from April 2008.

Arizona posted the fourth highest state foreclosure rate, with one in every 164 housing units receiving a foreclosure filing in April, and Idaho posted the fifth highest state foreclosure rate, with one in every 255 housing units receiving a foreclosure filing in April.

Other states with foreclosure rates ranking among the nation’s 10 highest were Utah, Georgia, Illinois, Colorado and Ohio — although the foreclosure rates in Illinois, Colorado and Ohio were below the national average.

Top 10 states account for more than 75 percent of total U.S. foreclosure activity
The 10 states with the most properties with foreclosure filings in April accounted for more than 75 percent of the national total. California documented the highest total (96,560), followed by Florida (64,588), Nevada (16,266) and Arizona (16,245).

Foreclosure filings were reported on 13,647 Illinois properties in April, the nation’s fifth highest state total. Illinois foreclosure activity decreased 11 percent from the previous month but was still up 54 percent from April 2008. With one in every 384 housing units receiving a foreclosure filing, the state’s foreclosure rate ranked eighth highest in the country but was still below the national average.

Other states with totals among the 10 highest in the country were Ohio (12,324), Georgia (11,521), Texas (11,314), Michigan (10,830) and Virginia (6,254).

Las Vegas continues to post top metro foreclosure rate
Foreclosure filings were reported on 14,073 Las Vegas properties in April, a 20 percent decrease from the previous month, but the city continued to post the highest foreclosure rate among metro areas with a population of at least 200,000. One in every 56 Las Vegas housing units received a foreclosure filing during the month — nearly seven times the national average.

The Cape Coral-Fort Myers, Fla., metro area documented the second highest foreclosure rate in April, with one in every 57 housing units receiving a foreclosure filing during the month. Foreclosure activity increased 31 percent from the previous month in Cape-Coral-Fort Myers. Two other Florida metro areas also documented foreclosure rates in the top 10: Miami at No. 9 and Orlando at No. 10

With one in every 65 housing units receiving a foreclosure filing, Merced, Calif., posted the nation’s third highest metro foreclosure rate. Five other California metro areas also documented foreclosure rates in the top 10: Modesto at No. 4, Riverside-San Bernardino at No. 5, Bakersfield at No. 6, Vallejo-Fairfield at No. 7, and Stockton at No. 8.

 

U.S. Foreclosure Market Data by State – April 2009

 

  Properties with Foreclosure Filings   
Rate RankState NameNOD LISNTSNFSREOTotal1/every X HH (rate) %Change from Mar 09 %Change from Apr 08

U.S.

 

65,456

 

76,608

 

100,559

 

35,512

 

63,903

 

 342,038

 

374

 

0.25

 

32.25

29

Alabama

0

0

1,763

0

545

2,308

926

2.12

269.28*

32

Alaska

1

0

190

0

45

236

1,196

5.36

61.64

4

Arizona

4

0

12,595

0

3,646

16,245

164

-13.94

39.77

21

Arkansas

168

0

1,295

0

401

1,864

691

-3.07

45.06

3

California

52,909

0

30,441

0

13,210

96,560

138

-10.41

42.13

9

Colorado

31

0

4,213

0

1,251

5,495

387

-1.52

-9.29

19

Connecticut

0

1,695

0

119

360

2,174

662

-24.64

25.01

39

Delaware

0

0

0

95

91

186

2,089

-56.84

33.81

 

District of Columbia

129

0

191

0

78

398

714

21.34

42.14

2

Florida

0

41,674

0

16,800

6,114

64,588

135

37.04

75.41

7

Georgia

0

0

7,809

0

3,712

11,521

344

-13.80

21.68

23

Hawaii

117

0

497

0

70

684

741

-5.52

216.67

5

Idaho

1,040

0

1,399

0

39

2,478

255

29.00

220.98*

8

Illinois

0

6,407

0

3,942

3,298

13,647

384

-11.37

54.40

15

Indiana

0

1,682

1

2,215

1,121

5,019

554

-2.09

-0.57

40

Iowa

0

0

287

0

344

631

2,107

29.84

9.36

37

Kansas

0

214

0

392

181

787

1,549

-6.75

5.64

41

Kentucky

0

296

0

392

203

891

2,139

41.20*

80.73*

38

Louisiana

0

1

0

896

228

1,125

1,653

18.80

78.57

43

Maine

0

99

0

125

24

248

2,809

-0.40

-20.77

17

Maryland

0

2,351

0

601

661

3,613

642

8.37

-39.89

13

Massachusetts

0

3,790

0

759

706

5,255

518

96.67

-23.59

11

Michigan

0

0

7,270

0

3,560

10,830

418

-12.78

-11.77

18

Minnesota

62

0

2,280

0

1,205

3,547

650

15.27

82.84

44

Mississippi

0

0

323

0

12

335

3,746

51.58

98.22

30

Missouri

1

0

1,672

0

1,025

2,698

981

-0.63

-21.06†

47

Montana

0

0

12

0

49

61

7,140

-1.61

-43.52

46

Nebraska

0

106

0

3

9

118

6,617

-35.52

-79.86

1

Nevada

8,657

0

5,131

0

2,478

16,266

68

-18.05

111.25

16

New Hampshire

0

0

678

0

357

1,035

574

25.61

62.23

22

New Jersey

0

3,349

0

1,041

644

5,034

695

10.15

-3.51

33

New Mexico

0

380

0

238

95

713

1,209

106.07*

100.28*

36

New York

0

4,256

0

872

463

5,591

1,420

24.00

-1.01

34

North Carolina

648

0

1,371

0

1,063

3,082

1,339

55.89

-14.91

48

North Dakota

0

0

0

22

15

37

8,393

-30.19

85.00*

10

Ohio

0

5,107

0

3,890

3,327

12,324

411

-2.28

-4.69

35

Oklahoma

431

0

553

0

193

1,177

1,379

5.18

-30.76

12

Oregon

124

0

3,109

0

604

3,837

419

13.25

127.04

31

Pennsylvania

0

1,928

0

1,806

1,315

5,049

1,085

2.14

54.55*

25

Rhode Island

13

0

310

0

233

556

811

-12.16

-4.63

28

South Carolina

0

1,111

0

501

697

2,309

876

-2.41

180.56*

49

South Dakota

0

0

0

15

2

17

21,014

-32.00

-50.00

24

Tennessee

0

0

2,090

0

1,380

3,470

785

-21.51

-25.68††

27

Texas

12

0

7,153

0

4,149

11,314

834

6.57

-9.02

6

Utah

1,104

0

1,162

0

703

2,969

312

-3.76

120.25

50

Vermont

0

0

0

0

2

2

155,717

-50.00

100.00*

14

Virginia

5

0

4,214

0

2,035

6,254

524

8.67

5.16†

26

Washington

0

0

2,352

0

1,007

3,359

817

-20.70

33.88

45

West Virginia

0

0

137

0

8

145

6,087

-10.49

95.95

20

Wisconsin

0

2,162

0

788

911

3,861

663

1.29

71.98*

42

Wyoming

0

0

61

0

34

95

2,551

18.75

196.88

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

 

Report methodology
The RealtyTrac 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 state and national level. Data is also available at the individual county level. 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 filed against a property during the month or quarter, 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 or quarter. 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.

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