Indiana Foreclosure Activity Decreased in Third Quarter

Total foreclosure filings decline 2 percent statewide from the second quarter

Auction notices up, defaults and REOs down for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 14,235 Indiana properties during the third quarter, a 2 percent decrease from the previous quarter but up nearly 18 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Indiana reported 5,164 properties with foreclosure filings, a 10 percent decrease from the previous month but 16 percent above the level reported for the same month last year. It ranked 15th in the nation in total foreclosures reported for the month. One in every 541 Indiana housing units received a foreclosure filing in September, ranking the 17th highest foreclosure rate among the 50 states.

 

Indiana foreclosures were down during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions and bank-owned properties, which each fell 3 percent for the quarter. The state’s home sales were higher than the national average earlier this year, and unemployment here did decline slightly during September. These factors are likely driving the recent decrease.”

 

Indian also ranked 15th in total foreclosures reported for the third quarter when compared to the 50 states. One in every 196 Indiana housing units received a foreclosure filing during the quarter, giving the state the 17th highest foreclosure rate in the nation.

 

Marion City County led state with top foreclosure rate in third quarter

Marion City County posted the highest foreclosure rate in Indiana during the third quarter of 2010, where one in every 88 housing units received a foreclosure filing — 2.2 times the state average. Howard County posted the second highest foreclosure rate, where one in every 105 housing units received a foreclosure filing during the period — 1.9 times the state average. Johnson County documented the third highest foreclosure rate, where one in every 111 housing units received a foreclosure filing — 1.8 times the state average.

 

Marion County posts state’s top foreclosure total for third quarter

Marion County dominated, reporting 4,746 properties with foreclosure filings for the quarter. Lake County was second, reporting 1,399 properties with foreclosure filings. Allen County was third, tallying 673 properties with foreclosure filings. Elkhart County was fourth highest, reporting 593 properties with foreclosure filings. Hamilton County came in last for the state’s top five, reporting 532 properties with foreclosure filings for the quarter.

 

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

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Indiana. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 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: 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.

 

 

Indiana Top Foreclosure Rates By County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Indiana

0

4,015

0

5,005

5,215

14,235

196

n/a

n/a

 

 

 

 

 

 

 

 

 

 

Marion

0

1,957

0

1,197

1,592

4,746

88

1.57

2.22

Howard

0

109

0

119

148

376

105

1.32

1.87

Johnson

0

177

0

176

153

506

111

1.25

1.77

Miami

0

31

0

66

40

137

115

1.20

1.70

Hancock

0

45

0

107

85

237

117

1.18

1.67

 

 

Indiana Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Indiana

0

4,015

0

5,005

5,215

14,235

196

-2.33

17.63

 

 

 

 

 

 

 

 

 

 

Marion

0

1,957

0

1,197

1,592

4,746

88

-1.58

30.82

Lake

0

459

0

494

446

1,399

151

10.94

18.76

Allen

0

173

0

212

288

673

227

-4.81

-11.10

Elkhart

0

78

0

282

233

593

131

7.82

9.21

Hamilton

0

62

0

184

286

532

192

-7.16

-7.96

 

 

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