Indiana Foreclosure Activity Decreases in May

Statewide foreclosure filings down 14 percent from April; Drops 2 percent from May 2009

 

Foreclosure activity in Indiana fell 14 percent in May to 4,881 properties with foreclosure filings and 2 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Indiana foreclosures fell in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which dropped 19 percent during the month. The state’s home values did not fall as far as the national average during the first quarter. This has likely contributed to the recent decrease.”

 

Indiana ranked 14th in the country in total foreclosures reported for the month. With one in every 573 housing units receiving a foreclosure filing, its foreclosure rate ranked 19th among the 50 states.

 

Union County dominates foreclosure rate in May

Union County posted the highest foreclosure rate in Indiana for May, with one in every 209 housing units receiving a foreclosure filing — 2.7 times the state average. Marion County came in second, with one in every 235 housing units receiving a foreclosure filing — 2.4 times the state average. Johnson County had the third highest foreclosure rate, with one in every 291 housing units receiving a foreclosure filing — twice the state average. Miami County documented the fourth highest rate, with one in every 329 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Marion County tops in foreclosure total for May

Marion County came out on top, reporting 1,787 properties with foreclosure filings for the month. Lake County followed in second, documenting 447 properties with foreclosure filings. Reporting 342 properties with foreclosure filings for the month, Allen County reported the third highest ranking. Johnson County was fourth highest, reporting 193 properties with foreclosure filings.

 

State contributes 2 percent to nation’s monthly foreclosure total in May

Indiana accounted for 2 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.

 

Indiana 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

Indiana

0

1,289

0

1,983

1,609

4,881

573

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

0

0

10

6

16

209

1.91

2.73

Marion

0

667

0

533

587

1,787

235

1.70

2.44

Johnson

0

42

0

77

74

193

291

1.38

1.97

Miami

0

11

0

19

18

48

329

1.21

1.74

Howard

0

59

0

35

7

101

390

1.03

1.47

 

Indiana 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

Indiana

0

1,289

0

1,983

1,609

4,881

573

-14.05

-1.55

 

 

 

 

 

 

 

 

 

 

Marion

0

667

0

533

587

1,787

235

0.11

-3.46

Lake

0

120

0

189

138

447

471

-14.69

-23.46

Allen

0

126

0

152

64

342

447

27.14

-2.01

Johnson

0

42

0

77

74

193

291

23.72

27.81

Elkhart

0

0

0

104

79

183

425

9.58

-21.46

 

 

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