Indiana Foreclosure Activity Increases in May

Filings up 2 percent from April, down 35 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,169 Indiana properties in May, a 2 percent increase from April but 35 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Indiana ranked 14th in the nation in total foreclosures for May. Its foreclosure rate of one in 887 housing units receiving a foreclosure filing during the month, ranked it 23rd among the 50 states.

Miami County posts state’s top foreclosure rate in May

One in every 34 housing units in Miami County received a foreclosure filing in May — 18 times the national average and 26.4 times the state average — the highest foreclosure rate of all Indiana counties. Hancock County came in second highest, with a rate of one in every 446 housing units receiving a foreclosure filing during the month — 1.4 times the national average and twice the state average. Third highest was Howard County, where one in every 533 housing units received a foreclosure filing during the month — 1.1 times the national average and 1.7 times the state average.

 

Marion County dominates state foreclosure totals in May

Marion County led the state in total foreclosure activity in May, reporting 683 properties with foreclosure filings for the month. Miami County was a distant second, reporting 473 properties with foreclosure filings. Lake County was third highest, reporting 268 properties with foreclosure filings. Allen County came in fourth place, tallying 200 properties with foreclosure filings. Fifth highest was St. Joseph County, where 164 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure total for May

Indiana accounted for 1 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by 7 percent from April, and was down 28 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”

 

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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Indiana

0

811

0

1,036

1,322

3,169

887

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Miami

0

11

0

4

458

473

34

18.02

26.42

Hancock

0

14

0

13

36

63

446

1.36

1.99

Howard

0

18

0

15

41

74

533

1.14

1.66

Tippecanoe

0

42

0

18

58

118

577

1.05

1.54

Marion

0

361

0

190

132

683

616

0.98

1.44

 

 

Indiana Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-1.98

-33.44

Indiana

0

811

0

1,036

1,322

3,169

887

2.42

-35.07

 

 

 

 

 

 

 

 

 

 

Marion

0

361

0

190

132

683

616

-22.39

-61.78

Miami

0

11

0

4

458

473

34

1,251.43

885.42

Lake

0

121

0

121

26

268

788

-22.09

-40.04

Allen

0

39

0

101

60

200

768

49.25

-41.52

St. Joseph

0

1

0

89

74

164

701

53.27

-4.65

 

 

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