Iowa Foreclosure Activity Increases in 2009

Statewide filings up 6 percent from 2008 but down 8 percent from November

 

Iowa foreclosures rose to 5,681 properties with foreclosure filings, a 6 percent increase from the total reported for 2008, and 39 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Reporting 571 properties with foreclosure filings for December, Iowa activity declined 8 percent from the previous month, and was 36 percent below December 2008. The state’s foreclosure rate — one in every 2,329 housing units received a foreclosure filing – ranked 44th in the nation for the month.

 

Iowa foreclosures increased only slightly in 2009 and decreased during the month of December,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains well below the national average, and home values did not fall as far as most other states. If these trends persist and home sales continue to rise, we may see foreclosures decline here in 2010.”

 

Iowa ranked 38th in the nation for total foreclosures in 2009. With one in every 234 housing units receiving a foreclosure filing, Iowa’s foreclosure rate ranked 43rd in the nation for the year.

 

Polk County posted state’s highest foreclosure rate in 2009

With one in every 79 housing units receiving a foreclosure filing in 2009, Polk County posted the highest county foreclosure rate in the state for the year. Madison County had the second highest rate, with one in every 112 housing units receiving a foreclosure filing. Warren County came in third highest, with one in every 129 housing units receiving a foreclosure filing. Scott County was fourth highest with one in every 132 housing units receiving a foreclosure filing, followed by Jasper County, with one in every 134 housing units receiving a foreclosure filing.

 

Polk County also led state in total foreclosure filings for 2009

Reporting a total of 2,313 properties with foreclosure filings for the year, Polk County led the state in total foreclosures in 2009. Linn County came in a distant second, documenting 615 properties with foreclosure filings. Reporting 531 properties with foreclosure filings for the year, Scott County had the third highest total in the state. Pottawattamie County was fourth highest, reporting 288 properties with foreclosure filings, followed by Woodbury County in fifth place, tallying 178 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Iowa accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Iowa

5,681

0.43

234

5.50

38.46

 

 

 

 

 

 

Polk

2,313

1.26

79

33.31

71.46

Madison

58

0.89

112

107.14

346.15

Warren

134

0.77

129

15.52

76.32

Scott

531

0.76

132

2.31

11.32

Jasper

121

0.74

134

-5.47

59.21

 

 

Iowa Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Iowa

5,681

0.43

234

5.50

38.46

 

 

 

 

 

 

Polk

2,313

1.26

79

33.31

71.46

Linn

615

0.67

149

-1.91

28.93

Scott

531

0.76

132

2.31

11.32

Pottawattamie

288

0.73

137

-32.24

21.01

Woodbury

178

0.42

236

-40.07

-23.61

 

 

 

Iowa Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Iowa

0

0

205

0

366

571

2,329

0.16

n/a

 

 

 

 

 

 

 

 

 

 

Madison

0

0

0

0

21

21

310

1.18

7.52

Tama

0

0

0

0

13

13

602

0.61

3.87

Polk

0

0

109

0

104

213

859

0.43

2.71

Scott

0

0

41

0

29

70

1,005

0.36

2.32

Harrison

0

0

0

0

6

6

1,160

0.32

2.01

 

 

Iowa Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Iowa

0

0

205

0

366

571

2,329

-8.20

-35.63

 

 

 

 

 

 

 

 

 

 

Polk

0

0

109

0

104

213

859

-14.46

-57.06

Scott

0

0

41

0

29

70

1,005

40.00

34.62

Linn

0

0

23

0

36

59

1,555

-11.94

-37.89

Johnson

0

0

3

0

23

26

2,103

-7.14

271.43

Madison

0

0

0

0

21

21

310

2000.00

2000.00

 

 

 

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