Iowa Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 18 percent from Q2; Up 32 percent from Q3 2008.

 

Iowa reported 1,951 properties with foreclosure filings in the third quarter of 2009, an increase of 18 percent from the previous quarter and 32 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in Iowa was up more than 7 percent in September from the previous month to 774 properties with foreclosure filings and up 101 percent from September 2008.

 

“Foreclosure activity rose significantly in Iowa in the third quarter of 2009, though the state managed to fair well compared to most of the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remained relatively steady at just below 7 percent, which has helped keep many homeowners out of financial peril.”

 

One in every 681 Iowa housing units received a foreclosure filing during the third quarter, ranking 43rd among the 50 states.

 

Polk County posts state’s top foreclosure rate in the third quarter

Polk County posted the highest county foreclosure rate in the state for the third quarter, with one in every 210 housing units receiving a foreclosure filing — 3.3 times the state average. Scott County had the second highest foreclosure rate, with one in every 366 housing units receiving a foreclosure filing during the quarter — 1.9 times the state average. Linn County posted the third highest foreclosure rate, where one in every 384 housing units received a foreclosure filing — 1.8 times the state average.

 

Polk County leads state in foreclosure activity in the third quarter

Polk County also led the state in foreclosure activity, reporting 873 properties with foreclosure filings for the quarter. Linn County had the second highest foreclosure total, reporting 239 properties with foreclosure filings. Scott County came in third, tallying 192 properties with foreclosure filings. Pottawattamie County posted the fourth highest foreclosure activity for the quarter, reporting 84 properties with foreclosure filings. Woodbury County documented 58 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a minor contributor to nation’s foreclosure activity for quarter and month

Iowa accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Iowa

1

0

658

0

1,292

1,951

681

0.20

n/a

 

 

 

 

 

 

 

 

 

 

Polk

1

0

291

0

581

873

210

0.65

3.25

Scott

0

0

123

0

69

192

366

0.37

1.86

Linn

0

0

98

0

141

239

384

0.36

1.78

Warren

0

0

11

0

29

40

433

0.32

1.58

Pottawattamie

0

0

42

0

42

84

471

0.29

1.45

 

 

Iowa Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Iowa

1

0

658

0

1,292

1,951

681

17.81

31.91

 

 

 

 

 

 

 

 

 

 

Polk

1

0

291

0

581

873

210

53.16

97.51

Linn

0

0

98

0

141

239

384

9.13

34.27

Scott

0

0

123

0

69

192

366

18.52

7.26

Pottawattamie

0

0

42

0

42

84

471

-7.69

-42.07

Woodbury

0

0

40

0

18

58

725

9.43

-18.31

 

 

Iowa Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Iowa

0

0

234

0

540

774

1,718

0.22

n/a

 

 

 

 

 

 

 

 

 

 

Polk

0

0

133

0

233

366

500

0.74

3.44

Fremont

0

0

0

0

4

4

894

0.42

1.92

Marion

0

0

0

0

14

14

992

0.38

1.73

Clarke

0

0

0

0

4

4

1,036

0.36

1.66

Calhoun

0

0

0

0

5

5

1,040

0.36

1.65

 

 

Iowa Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Iowa

0

0

234

0

540

774

1,718

6.76

100.52

 

 

 

 

 

 

 

 

 

 

Polk

0

0

133

0

233

366

500

25.34

140.79

Linn

0

0

21

0

43

64

1,433

-44.35

56.10

Scott

0

0

33

0

19

52

1,352

-49.02

-17.46

Pottawattamie

0

0

20

0

10

30

1,319

3.45

0.00

Woodbury

0

0

12

0

15

27

1,557

80.00

92.86

 

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