Record 2.9 Million U.S. Properties Receive Foreclosure Filings in 2010 Despite 30-Month Low in December

Florida Foreclosure Activity Drops 22  Percent in December, but
    Bank Repossessions Spike more than  45 Percent in Nevada, Arizona, California

IRVINE, Calif. – Jan. 13, 2011 – RealtyTrac®  (,  the leading online marketplace for foreclosure properties, today released its Year-End  2010 U.S. Foreclosure Market Report™, which shows a total of 3,825,637  foreclosure filings — default notices, scheduled auctions and bank  repossessions — were reported on a record 2,871,891 U.S. properties in  2010, an increase of nearly 2 percent from 2009 and an increase of 23 percent  from 2008. The report also shows that 2.23 percent of all U.S. housing units  (one in 45) received at least one foreclosure filing during the year, up from  2.21 percent in 2009, 1.84 percent in 2008, 1.03 percent in 2007 and 0.58  percent in 2006.

Foreclosure filings were reported on 257,747 U.S. properties in December, a  decrease of nearly 2 percent from the previous month and down 26 percent from  December 2009 — the biggest annual drop in foreclosure activity since  RealtyTrac began publishing its foreclosure report in January 2005 and giving  December the lowest monthly total since June 2008.

December Default  notices (NOD, LIS) decreased 4 percent from the previous month and were  down 35 percent from December 2009; Scheduled  foreclosure auctions (NTS, NFS) decreased 3 percent from the previous month  and were down 20 percent from December 2009; and bank repossessions (REO)  increased nearly 4 percent from the previous month — thanks in part to  substantial month-over-month increases in some states such as Nevada (71  percent increase), Arizona (52 percent increase) and California (47 percent  increase) —  but were still down 24  percent from December 2009.

Foreclosure filings were reported on 799,064 U.S. properties in the fourth  quarter, a 14 percent decrease from the previous quarter and an 8 percent  decrease from the fourth quarter of 2009. The fourth quarter total was the  lowest quarterly total since Q4 2008.

“Total properties receiving foreclosure filings would have easily  exceeded 3 million in 2010 had it not been for the fourth quarter drop in  foreclosure activity — triggered primarily by the continuing controversy  surrounding foreclosure documentation and procedures that prompted many major  lenders to temporarily halt some foreclosure proceedings,” said James J.  Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure  activity still hit a record high for our report, and many of the foreclosure  proceedings that were stopped in late 2010 — which we estimate may be as high  as a quarter million — will likely be re-started and add to the numbers in  early 2011.”

Nevada, Arizona, Florida post top state foreclosure rates
  More than 9 percent of Nevada housing  units (one in 11) received at least one foreclosure filing in 2010, giving it  the nation’s highest state foreclosure rate for the fourth consecutive year  despite a 5 percent decrease in foreclosure activity from 2009. Nevada foreclosure  activity in December increased 18 percent from the previous month and was up 14  percent from December 2009. Fourth quarter foreclosure activity in Nevada decreased nearly  7 percent from the previous quarter but increased 19 percent from the fourth  quarter of 2009.

Arizona registered the nation’s second highest state foreclosure rate for the second  year in a row, with 5.73 percent of its housing units (one in 17) receiving at  least one foreclosure filing in 2010, and Florida registered  the nation’s third highest foreclosure rate, with 5.51 percent of its housing  units (one in 18) receiving at least one foreclosure filing during the year.

Other states with 2010 foreclosure rates  ranking among the nation’s 10 highest were California (4.08 percent), Utah  (3.44 percent), Georgia (3.25 percent), Michigan (3.00 percent), Idaho (2.98  percent), Illinois (2.87 percent), and Colorado (2.51 percent).

California, Florida, Arizona, Illinois  and Michigan  account for half of national total
Five states accounted for 51 percent of the  nation’s total foreclosure activity in 2010: California,  Florida, Arizona,  Illinois and Michigan. Together these five states  documented nearly 1.5 million properties receiving a foreclosure filing during  the year despite annual decreases in the three states with the most foreclosure  activity.

A total of 546,669 California properties  received a foreclosure filing in 2010, a decrease of nearly 14 percent from 2009  but still the largest state total. After hitting a two-year low in November, California foreclosure  activity rebounded nearly 15 percent higher in December but was still down 18  percent from December 2009.

Florida posted the nation’s second biggest total in 2010,  with 485,286 properties receiving a foreclosure filing — a 6 percent decrease  from 2009. Florida  foreclosure activity in December hit the lowest monthly level since July 2007,  down 22 percent from the previous month and down nearly 54 percent from  December 2009.

A total of 155,878 Arizona properties received a foreclosure  filing in 2010, a  4 percent decrease from 2009 but the third biggest state total for the third  straight year. Arizona  foreclosure activity in December jumped nearly 31 percent higher from a  32-month low in November, but was still down nearly 33 percent from December  2009.

Illinois posted  the fourth biggest state total, with 151,304 properties receiving a foreclosure  filing in 2010, and Michigan posted  the fifth biggest state total, with 135,874 properties receiving a foreclosure  filing during the year. Foreclosure activity in both states increased about 15  percent from 2009.

Other states with 2010 totals among the 10  biggest in the country were Georgia  (130,966), Texas (118,923), Ohio  (108,160), Nevada (106,160), and New Jersey (64,808).

Report  methodology
The RealtyTrac Year-End 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 year. Some foreclosure filings entered  into the database during the year may have been recorded in the previous year.  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). For  the annual and quarterly reports, if more than one foreclosure document is  received for a property during the year or quarter, only the most recent filing  is counted in the report. The annual, quarterly and monthly reports all check  if the same type of document was filed against a property previously. If so, and  if that previous filing occurred within the estimated foreclosure timeframe for  the state where the property is located, the report does not count the property  in the current year, quarter or month.

Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a  proprietary evaluation of information compiled by RealtyTrac; the report and  any of the information in whole or in part can only be quoted, copied,  published, re-published, distributed and/or re-distributed or used in any  manner if the user specifically references RealtyTrac as the source for said  report and/or any of the information set forth within the report.

About RealtyTrac Inc.
RealtyTrac (  is the leading online marketplace of foreclosure properties, with more than 2  million default, auction and bank-owned listings from over 2,200 U.S.  counties, along with detailed property, loan and home sales data. Hosting more  than 3 million unique monthly visitors, RealtyTrac provides innovative  technology solutions and practical education resources to facilitate buying,  selling and investing in real estate. RealtyTrac’s foreclosure data has also been  used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and  Banking Committee, U.S. Treasury Department, and numerous state housing and  banking departments to help evaluate foreclosure trends and address policy  issues related to foreclosures.


Order Customized Reports
Detailed and historical foreclosure data used to create the above report may bepurchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext.158. Aggregate data is available at the state, metro, county and zip codelevels dating back to 2005, and address-level foreclosure records are alsoavailable historically.

Media Contacts:
Michelle Schneider
949.502.8300 Ext. 139

Christine Stricker
949.502.8300 Ext. 268

Order CustomData:
Data SalesDepartment

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 © 2017 Renwood RealtyTrac LLC - All rights reserved