Iowa Foreclosure Activity Down in February

Statewide filings decrease 16 percent from January; Down 9 percent from February 2009

 

Foreclosure activity in Iowa decreased in February to 524 properties with foreclosure filings, down 16 percent from the previous month and 10 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report

 

“Iowa foreclosures were down in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 31 percent for the month. The state’s unemployment rate is still holding well below the national average. This is definitely contributing to the decline.”

 

Iowa ranked 39th in the country in total foreclosures for the month. With one in every 2,537 housing units receiving a foreclosure filing, its foreclosure rate ranked 42nd among the 50 states.

 

Pottawattamie County posts top foreclosure rate in the state for February

Pottawattamie County posted the state’s highest county foreclosure rate in February, with one in every 710 housing units receiving a foreclosure filing — 3.6 times the state average. Scott County was second, with one in every 834 housing units receiving a foreclosure filing — three times the state average. Polk County came in third highest, with one in every 1,027 housing units receiving a foreclosure filing — 2.5 times the state average.

 

Polk County led the state in total foreclosures in February

Polk County led the way, totaling 178 properties with foreclosure filings for the month. Scott County was second, documenting 85 properties with foreclosure filings. Reporting 64 properties with foreclosure filings for the month, Linn County ranked third highest. Pottawattamie came in fourth place, reporting 55 properties with foreclosure filings, while Woodbury County came in fifth place, reporting 26 properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s month foreclosure total

Iowa accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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: 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). 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.

 

 

Iowa Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Iowa

0

0

252

0

272

524

2,537

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Pottawattamie

0

0

22

0

33

55

710

0.59

3.57

Scott

0

0

46

0

39

85

834

0.50

3.04

Polk

0

0

107

0

71

178

1,027

0.41

2.47

Warren

0

0

3

0

13

16

1,095

0.38

2.32

Madison

0

0

0

0

5

5

1,301

0.32

1.95

 

 

 

Iowa Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Iowa

0

0

252

0

272

524

2,537

-15.62

-9.50

 

 

 

 

 

 

 

 

 

 

Polk

0

0

107

0

71

178

1,027

0.41

2.47

Scott

0

0

46

0

39

85

834

-2.30

41.67

Linn

0

0

39

0

25

64

1,444

-9.86

33.33

Pottawattamie

0

0

22

0

33

55

710

37.50

77.42

Woodbury

0

0

19

0

7

26

1,618

0.00

100.00

 

 

 

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