Foreclosure Activity in Missouri Down in July

Statewide foreclosure filings down 7 percent from June

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,370 Missouri properties in July, down 7 percent from June and 38 percent below the level reported for July 2010, according to the latest 2011 RealtyTrac® Foreclosure Market Report. One in every 1,132 Missouri housing units received a foreclosure filing in July, the nation’s 26th highest foreclosure rate.

 

Jackson County posts top foreclosure rate for July

Jackson County posted the top foreclosure rate in Missouri for July, with one in every 533 housing units receiving a foreclosure filing — 2.1 times the state average. Clay County had the second highest foreclosure rate for July, with one in every 556 housing units receiving a foreclosure filing — twice the state average. Lincoln County was third highest for July, with one in every 637 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Jackson County also has top foreclosure total for July

Jackson County also had the highest total, reporting 586 properties with foreclosure filings for the month. Saint Louis County had the second highest total, reporting 495 properties with foreclosure filings for July. Saint Louis City had the third highest total, reporting 237 properties with foreclosure filings. Saint Charles County came in fourth, tallying 212 properties with foreclosure filings. Clay County was fifth, reporting 171 properties with foreclosure filings for July.

 

State a moderate contributor to nation’s foreclosure total in July

Missouri accounted for 1 percent of the 212,764 properties with foreclosure filings reported nationwide in July. Total U.S. activity decreased 4 percent from June, and was down 35 percent from the level reported for July 2010. One in every 611 U.S. housing units received a foreclosure filing during July.

 

“July foreclosure activity dropped 35 percent from a year ago, marking the 10th straight month of year-over-year decreases in foreclosure activity and the lowest monthly total since November 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “This string of decreases was initially triggered by the robo-signing controversy back in October 2010, which forced lenders to substantially slow the pace of foreclosing, but the downward trend in foreclosure activity has now taken on a life of its own. It appears that the foreclosure processing delays, combined with the smorgasbord of national and state-level foreclosure prevention efforts — including loan modifications, lender-borrower mediations and mortgage payment assistance for the unemployed — may be allowing more distressed homeowners to stave off foreclosure. 

 

“Unfortunately, the falloff in foreclosures is not based on a robust recovery in the housing market but on short-term interventions and delays that will extend the current housing market woes into 2012 and beyond,” Saccacio continued. “A stabilizing economy and improving job market are the long-term keys to a housing market recovery.” 

 

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.

 

 

Missouri Top Foreclosure Rates By County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

n/a

n/a

Missouri

4

0

996

0

1,370

2,370

1,132

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Jackson

0

0

232

0

354

586

533

1.15

2.12

Clay

2

0

64

0

105

171

556

1.10

2.03

Lincoln

0

0

0

0

28

28

637

0.96

1.78

Saint Charles

0

0

108

0

104

212

652

0.94

1.74

Saint Louis City

0

0

114

0

123

237

766

0.80

1.48

 

 

 

Missouri Top Foreclosure Totals by County – July 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg. June 11

% Chg. July 10

 

 

 

 

 

 

 

 

 

 

United States

28,070

31,446

65,404

20,015

67,829

212,764

611

-4.48

-34.58

Missouri

4

0

996

0

1,370

2,370

1,132

-7.17

-37.84

 

 

 

 

 

 

 

 

 

 

Jackson

0

0

232

0

354

586

533

-11.61

-48.19

Saint Louis

0

0

355

0

140

495

881

-12.70

-52.95

Saint Louis City

0

0

114

0

123

237

766

-9.89

-38.92

Saint Charles

0

0

108

0

104

212

652

-4.93

-24.01

Clay

2

0

64

0

105

171

556

-0.58

43.70

 

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