Iowa Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings increase from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Iowa rose 14 percent during the first quarter of 2010 and was up 8 percent from the same period last year. In all, the state reported 1,699 properties with foreclosure filings during the quarter.

 

In March the state reported 672 properties with foreclosure filings, a 28 percent increase from the previous month and 38 percent above the level reported in March 2009. One in every 1,978 Iowa housing units received a foreclosure filing during the month, the 44th highest state foreclosure rate.

 

“Iowa continued to report monthly increases in foreclosure activity through the first quarter of 2010, ending the quarter ahead of the previous quarter and ahead of the first quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with a recent increase in the number of non-farming jobs within the state, unemployment continued to climb in March to 6.8 percent, possibly contributing to the latest rise in foreclosure activity.”

 

One in every 782 Iowa housing units received a foreclosure filing during the quarter, the 44th highest state foreclosure rate in the nation.

 

Pottawattamie County posts top foreclosure rate for the first quarter

Pottawattamie County had the highest county foreclosure rate in the state during the first quarter, with one in every 267 housing units receiving a foreclosure filing — 2.9 times the state average. With one in every 307 housing units receiving a foreclosure filing – 2.6 times the state average — Scott County had the second highest rate. Madison County came in third, with one in every 310 housing units receiving a foreclosure filing — 2.5 times the state average. 

 

Polk County led the state in total foreclosures for the first quarter

Polk County led all counties in the state in total foreclosure activity for the quarter, reporting 513 properties with foreclosure filings. Scott County had the second highest total, reporting 231 properties with foreclosure filings. Documenting 218 properties with foreclosure filings for the quarter, Linn County came in third. Pottawattamie County was fourth, reporting 146 properties with foreclosure filings. Woodbury County was fifth, reporting 76 properties with foreclosure filings for the quarter.

 

State a minor contributor to quarterly foreclosure total

Iowa represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Iowa

0

0

675

0

1,024

1,699

782

0.18

n/a

 

 

 

 

 

 

 

 

 

 

Pottawattamie

0

0

73

0

73

146

267

0.52

2.93

Scott

0

0

102

0

129

231

307

0.45

2.55

Madison

0

0

1

0

20

21

310

0.45

2.53

Warren

0

0

32

0

22

54

324

0.43

2.41

Polk

0

0

238

0

275

513

356

0.39

2.20

 

 

Iowa Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Iowa

0

0

675

0

1,024

1,699

782

14.33

8.08

 

 

 

 

 

 

 

 

 

 

Polk

0

0

238

0

275

513

356

-5.87

-34.06

Scott

0

0

102

0

129

231

307

60.42

30.51

Linn

0

0

110

0

108

218

424

30.54

37.11

Pottawattamie

0

0

73

0

73

146

267

73.81

53.68

Woodbury

0

0

60

0

16

76

554

43.40

105.41

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved