Iowa Foreclosure Activity Higher in Second Quarter

Activity level rises 12 percent from Q1

Foreclosure filings increase 8 percent mid-year; up 11 percent in June

 

Iowa reported 1,899 properties with foreclosure filings for the second quarter of 2010, a 12 percent increase from the first quarter of the year and is nearly 15 percent above the level reported for the second quarter of 2009.

 

“Iowa foreclosures were up during the second quarter, first half of the year and during the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s home sales were below the national average both during the first quarter and during the past year. This has definitely contributed to the overall rise.”

 

One in every 700 Iowa housing units received a foreclosure filing during the quarter, giving the state the 42nd highest foreclosure rate in the nation.

 

Linn County posts state’s top foreclosure rate for the quarter

Linn County posted the highest county foreclosure rate in Iowa during the second quarter, with one in every 276 housing units receiving a foreclosure filing in the county — 2.5 times the state average. Polk County posted the second highest foreclosure rate, with one in every 307 housing units receiving a foreclosure filing — 2.3 times the state average. Jasper County reported the third highest foreclosure rate, with one in every 346 housing units receiving a foreclosure filing during the second quarter — twice the state average.

 

Polk County leads state in total foreclosures for the second quarter

Polk County led Iowa in foreclosure activity, reporting 595 properties with foreclosure filings for the quarter, while Linn County documented the second highest foreclosure total, reporting 335 properties with foreclosure filings. Reporting 187 properties with foreclosure filings for the quarter, Scott County came in third. Pottawattamie County was fourth, reporting 54 properties with foreclosure filings. Fifth highest total was Jasper County, where 47 properties with foreclosure filings were reported for the quarter.

 

State contributes less than percent to nation’s quarterly total

Foreclosure activity in Iowa represented less than percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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.

 

Iowa Top Foreclosure Rates By County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Iowa

0

0

497

0

1,402

1,899

700

0.21

n/a

 

 

 

 

 

 

 

 

 

 

Linn

0

0

92

0

243

335

276

0.52

2.54

Polk

0

0

273

0

322

595

307

0.47

2.28

Jasper

0

0

0

0

47

47

346

0.42

2.02

Scott

0

0

90

0

97

187

379

0.38

1.85

Madison

0

0

0

0

15

15

434

0.33

1.61

 

 

Iowa Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Iowa

0

0

497

0

1,402

1,899

700

11.77

14.67

 

 

 

 

 

 

 

 

 

 

Polk

0

0

273

0

322

595

307

15.98

4.39

Linn

0

0

92

0

243

335

276

53.67

52.97

Scott

0

0

90

0

97

187

379

-19.05

15.43

Pottawattamie

0

0

1

0

53

54

723

-63.01

-40.66

Jasper

0

0

0

0

47

47

346

104.35

-20.34

 

 

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