Foreclosure Activity Increases 7 Percent In First Quarter

New Quarterly Records for Scheduled Auctions and Bank Repossessions
All Foreclosure Types Spike in March, Which Posts Highest Monthly Total for Report

IRVINE, Calif. – April 15, 2010 — RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.

“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: a shallow trough in January and February followed by a substantial spike in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “One difference, however, is that the increases were more tilted toward the final stage of foreclosure, with REOs increasing 9 percent on a quarterly basis in the first quarter of 2010 compared to a 13 percent quarterly decrease in REOs in the first quarter of 2009.

“This subtle shift in the numbers pushed REOs to the highest quarterly total we’ve ever seen in our report and may be further evidence that lenders are starting to make a dent in the backlog of distressed inventory that has built up over the last year as foreclosure prevention programs and processing delays slowed down the normal foreclosure timeline.”

Foreclosure Activity by Type
During the quarter a total of 304,799 properties received default notices (Notices of Default and Lis Pendens), an increase of 1 percent from the previous quarter but down 1 percent from the first quarter of 2009. Default notices were down nearly 11 percent from a peak of more than 342,000 in the third quarter of 2009.

Foreclosure auctions were scheduled for the first time on a total of 369,491 properties during the quarter, the highest quarterly total for scheduled auctions in the history of the report. Scheduled auctions increased 12 percent from the previous quarter and were up 21 percent from the first quarter of 2009.

Bank repossessions (REOs) also hit a record high for the report in the first quarter, with a total of 257,944 properties repossessed by the lender during the quarter — an increase of 9 percent from the previous quarter and an increase of 35 percent from the first quarter of 2009.

Nevada, Arizona, Florida post top state foreclosure rates in first quarter
As it has for the past 13 quarters, Nevada continued to document the nation’s highest state foreclosure rate in the first quarter of 2010. One in every 33 Nevada housing units received a foreclosure filing during the quarter, more than four times the national average and an increase of nearly 15 percent from the previous quarter. Still, Nevada’s total of 34,557 properties receiving a foreclosure filing in the first quarter was down 16 percent from the first quarter of 2009.

Arizona foreclosure activity in the first quarter increased on a quarterly and annual basis, helping the state to post the nation’s second highest state foreclosure rate for the third consecutive quarter. One in every 49 Arizona properties received a foreclosure filing during the quarter — nearly three times the national average.

With one in every 57 Florida properties receiving a foreclosure filing during the quarter, the state posted the nation’s third highest state foreclosure rate for the second straight quarter. Florida’s Q1 foreclosure activity increased on a quarterly and annual basis.

California foreclosure activity decreased 6 percent from the first quarter of 2009, but the state still documented the nation’s fourth highest foreclosure rate — one in every 62 housing units receiving a foreclosure filing.

Utah foreclosure activity increased 75 percent from the first quarter of 2009, the highest annual increase among states with top-10 foreclosure rates and giving it the nation’s fifth highest state foreclosure rate. Foreclosure filings were reported on 10,756 Utah properties, a rate of one in every 88 housing units and an increase of 21 percent from the previous quarter.

Other states with foreclosure rates ranking among the top 10 in the first quarter were Michigan, Georgia, Idaho, Illinois and Colorado.

Ten states account for more than 70 percent of nation’s first quarter total
California alone accounted for 23 percent of the nation’s total foreclosure activity in the first quarter, with 216,263 properties receiving a foreclosure notice — the nation’s highest foreclosure activity total.

Florida’s total was second highest, with 153,540 properties receiving a foreclosure filing during the quarter, and Arizona’s total was third highest, with 55,686 properties receiving a foreclosure filing during the quarter.

Despite a nearly 5 percent decrease in foreclosure activity from the previous quarter, Illinois documented the fourth highest foreclosure activity total, with 45,780 properties receiving a foreclosure filing — still a 17 percent increase from the first quarter of 2009.

A total of 45,732 Michigan properties received a foreclosure filing during the quarter, the fifth highest state total. Michigan foreclosure activity increased nearly 11 percent from the previous quarter and was up nearly 38 percent from the first quarter of 2009.

Other states with foreclosure activity totals among the nation’s 10 highest were Georgia (39,911), Texas (37,354), Nevada (34,557), Ohio (33,221) and Colorado (16,023).

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 and quarter — broken out by type of filing. Some foreclosure filings entered into the database during a month or quarter may have been recorded in previous months or quarters. 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). For the quarterly report, if more than one foreclosure document is received for a property during the quarter, only the most recent filing is counted in the report. Both the quarterly and monthly reports check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current month or quarter.

 

U.S. Foreclosure Market Data for Top 10 States – Q1 2010

    Properties with Foreclosure Filings    
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HH (rate) %Change from Q4 09 %Change from Q1 09

U.S.

121,367 183,432 267,159 102,332 257,944 932,234 138 7.23 16.02

1

Nevada

17,948 0 9,652 0 6,957 34,557 33 14.98 -16.32

2

Arizona

32 0 34,212 0 21,442 55,686 49 22.38 13.37

3

Florida

0 88,072 0 43,418 22,050 153,540 57 7.00 28.79

4

California

83,554 0 86,264 0 46,445 216,263 62 4.73 -6.35

5

Utah

3,881 0 3,748 0 3,127 10,756 88 21.17 75.09

6

Michigan

11,485 0 15,642 1 18,604 45,732 99 10.70 37.81

7

Georgia

0 0 26,304 0 13,607 39,911 101 30.54 39.51

8

Idaho

2,027 0 3,080 0 1,234 6,341 101 -13.56 47.71

9

Illinois

0 20,367 0 10,424 14,989 45,780 115 -4.62 17.49

10

Colorado

49 0 10,671 0 5,303 16,023 134 8.99 27.12

 

 

 

U.S. Foreclosure Market Data for Top 10 States – March 2010

    Properties with Foreclosure Filings    
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HH (rate) %Change from Feb 10 %Change from Mar 09

U.S.

50,450 66,933 117,549 40,556 91,568 367,056 352 18.97 7.58

1

Nevada

6,217 0 5,925 0 2,601 14,743 76 33.60 -25.72

2

California

34,696 0 41,585 0 16,892 93,173 144 35.90 -13.56

3

Arizona

21 0 11,966 0 6,869 18,856 144 12.79 -0.11

4

Florida

0 30,795 0 19,629 8,643 59,067 149 9.32 25.33

5

Utah

1,364 0 1,575 0 1,269 4,208 224 22.68 36.40

6

Georgia

0 0 12,428 0 5,351 17,779 226 46.00 33.02

7

Michigan

6,038 0 5,947 0 5,715 17,700 256 -11.62 42.55

8

Idaho

1,008 0 1,078 0 387 2,473 259 14.12 28.74

9

Colorado

11 0 4,100 0 2,141 6,252 344 21.30 12.04

10

Illinois

0 7,012 0 2,763 4,424 14,199 372 -17.98 -7.79

 

 

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.

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michelle.sabolich@atomicpr.com

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