Missouri Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Missouri rose 10 percent during the first quarter of 2010, and was up 24 percent from the same period last year. In all, the state reported 9,080 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 3,429 properties with foreclosure filings, a 14 percent increase from the previous month, and 26 percent above the level reported in March 2009. One in every 777 Missouri housing units received a foreclosure filing during the month, ranking it 30th in foreclosure rates nationally.

 

“Missouri foreclosures were up during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed a whopping 267 percent during the quarter. While still below the national average, the state’s unemployment rate is still increasing slowly, and home sales are still lower than most states. These trends are likely contributing to the increase.”

 

Missouri ranked 26th in the country in total foreclosures reported for the first quarter. With one in every 293 housing units receiving a foreclosure filing, its foreclosure rate ranked 30th among the 50 states.

 

Jackson County tops in foreclosure rate for the first quarter

Jackson County posted the highest county foreclosure rate in the state during the first quarter, as one in every 116 housing units received a foreclosure filing — 2.5 times the state average. Saint Louis County came in second, with one in every 187 housing units receiving a foreclosure filing. Jefferson County came in third highest, with one in every 361 housing units receiving a foreclosure filing.

 

Jackson County led state in total foreclosures for the first quarter

Jackson County also led Missouri in total foreclosures, documenting 2,732 properties with foreclosure filings for the first quarter. Saint Louis County was second, reporting 2,328 properties with foreclosure filings. Saint Louis City came in third, reporting 858 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Missouri 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: DefaultNotice 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.

 

Missouri 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

Missouri

22

0

5,206

0

3,852

9,080

293

0.00

n/a

 

 

 

 

 

 

 

 

 

 

Jackson

0

0

1,457

0

1,275

2,732

116

1.19

2.52

Saint Louis

0

0

1,840

0

488

2,328

187

0.74

1.57

Jefferson

0

0

379

0

46

425

361

0.67

1.42

Saint Charles

0

0

523

0

128

651

211

0.66

1.39

Saint Louis City

0

0

626

0

232

858

211

0.66

1.39

 

 

 

Missouri 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

Missouri

22

0

5,206

0

3,852

9,080

293

10.00

24.54

 

 

 

 

 

 

 

 

 

 

Jackson

0

0

1,457

0

1,275

2,732

116

1.19

2.52

Saint Louis

0

0

1,840

0

488

2,328

187

0.74

1.57

Saint Louis City

0

0

626

0

232

858

211

0.66

1.39

Saint Charles

0

0

523

0

128

651

211

0.66

1.39

Greene

0

0

224

0

110

532

232

0.60

1.27

 

 

 

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