Iowa Foreclosure Activity Declines in October

Statewide filings down 45 percent from September

 

Iowa foreclosure filings declined 45 percent from the previous month to 423 properties with foreclosure filings in October, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is also down 15 percent from the state foreclosure level reported one year ago.

 

“The number of Iowa foreclosure filings dropped significantly in October and are lower than the level reported this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in bank-owned properties, which dropped 51 percent for the month. This is not surprising as the state currently holds one of the five lowest unemployment rates in the country. If this trend persists, we may see foreclosures continue to decline here.”

 

Iowa ranked 41st in the country in total foreclosures for the month. With one in every 3,143 housing units receiving a foreclosure filing, its foreclosure rate ranked 43rd among the 50 states.

 

Polk County posts state’s top foreclosure rate in October

With one in every 1,151 housing units receiving a foreclosure filing — 2.7 times the state average — Polk County posted the highest county foreclosure rate in the state for October. Warren County ranked second highest, reporting one in every 1,236 housing units receiving a foreclosure filing — 2.5 the state average. Lucas County had the third highest rate, with one in every 1,425 housing units receiving a foreclosure filing — 2.2 times the state average. Fourth highest foreclosure rate was in Jasper County, where one in every 1,477 housing units received a foreclosure filing during the month — 2.1 times the state average. Fifth highest rate was reported in Pottawattamie County, where one in every 1,583 housing units received a foreclosure filing during the month — twice the state average.

 

Top four counties account for bulk of state foreclosure total for October

Four counties accounted for 63 percent of all foreclosure activity in the state for October. Polk County led all counties, totaling 159 properties with foreclosure filings for the month. Linn County was second highest, documenting 55 properties with foreclosure filings. Reporting 29 properties with foreclosure filings for the month, Scott County was third highest total in the state. Pottawattamie County came in fourth, reporting 25 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s foreclosure total in October

Iowa accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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.

 

 

Iowa Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Iowa

0

0

156

0

267

423

3,143

0.12

n/a

 

 

 

 

 

 

 

 

 

 

Polk

0

0

71

0

88

159

1,151

0.33

2.73

Warren

0

0

3

0

11

14

1,236

0.31

2.54

Lucas

0

0

0

0

3

3

1,425

0.27

2.21

Jasper

0

0

1

0

10

11

1,477

0.26

2.13

Pottawattamie

0

0

8

0

17

25

1,583

0.24

1.99

 

 

Iowa Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Iowa

0

0

156

0

267

423

3,143

-45.35

-15.40

 

 

 

 

 

 

 

 

 

 

Polk

0

0

71

0

88

159

1,151

-56.56

1.27

Linn

0

0

21

0

34

55

1,668

-14.06

-21.43

Scott

0

0

20

0

9

29

2,425

-44.23

-45.28

Pottawattamie

0

0

8

0

17

25

1,583

-16.67

-44.44

 

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