Iowa Foreclosures Continue Upward Climb in August

Iowa foreclosure activity rose in August, up to 725 properties with foreclosure filings for the month, a 21 percent increase from the previous month and 9 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Iowa foreclosures were up in August for the second month in a row,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, the state still holds one of the lower foreclosure rates in the country. With unemployment remaining well below the national average, the increase we are seeing here is likely recession-driven.”

 

Iowa ranked 39th in the country in total foreclosures for the month. With one in every 1,834 housing units receiving a foreclosure filing, its foreclosure rate ranked 41st among the 50 states.

 

Polk County posts state’s top foreclosure rate in August

Polk County posted the highest county foreclosure rate in the state for August, with one in every 627 housing units receiving a foreclosure filing — 2.9 times the state average. Scott County had the second highest foreclosure rate, with one in every 689 housing units receiving a foreclosure filing during the month — 2.7 times the state average. Guthrie County posted the third highest rate, where one in every 727 housing units received a foreclosure filing — 2.5 times the state average.

 

Five counties accounted for 79 percent of state’s foreclosure activity for August

Polk County led the way, tallying 292 properties with foreclosure filings for the month. Linn County reported the second highest foreclosure total, documenting 115 properties with foreclosure filings. Reporting 102 properties with foreclosure filings for the month, Scott County posted the third highest total in the state. Dubuque County was fourth highest, reporting 36 properties with foreclosure filings, while the fifth highest total was in Pottawattamie County, where 29 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

Iowa accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Iowa

3

0

321

0

401

725

1,834

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Polk

1

0

134

0

157

292

627

0.57

2.93

Scott

0

0

63

0

39

102

689

0.52

2.66

Guthrie

0

0

0

0

8

8

727

0.49

2.52

Linn

0

0

55

0

60

115

798

0.45

2.30

Madison

0

0

0

0

8

8

813

0.44

2.26

 

 

Iowa Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Iowa

3

0

321

0

401

725

1,834

20.63

8.86

 

 

 

 

 

 

 

 

 

 

Polk

0

21

0

210

75

292

627

2.82

33.94

Linn

0

61

0

31

12

115

798

40.24

53.33

Scott

0

71

0

12

9

102

689

72.88

75.86

Dubuque

0

65

0

6

17

36

1,078

n/a

200.00

Pottawattamie

0

46

0

20

0

29

1,364

-6.45

-61.84

 

 

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