Indiana Foreclosure Activity Rises in October

Foreclosure filings up 7 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,505 Indiana properties in October, a 7 percent increase from the previous month and up 26 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity heated up in Indiana in October, reaching a level well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With an unemployment rate above 9 percent for nearly two years, the state’s job market shows little sign of recovery, adding to its mounting foreclosure troubles which are expected to continue well into 2011.”

 

One in every 508 Indiana housing units received a foreclosure filing in October, the 16th highest foreclosure rate in the nation.

 

Howard County posts state’s top foreclosure rate for October

Howard County posted the highest county foreclosure rate in Indiana for the month, with one in every 221 housing units receiving a foreclosure filing during October — 2.3 times the state average. Marion County registered the second highest foreclosure rate, with one in every 224 housing units receiving a foreclosure filing during the month — 2.3 times the state average. Johnson County was third highest, with one in every 292 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Marion County led the state in foreclosure activity in October

Marion County had the top foreclosure total, reporting 1,873 properties with foreclosure filings for the month. Lake County tallied the second highest foreclosure level, reporting 461 properties with foreclosure filings. Third highest total was in Allen County, where 307 properties with foreclosure filings were reported. Fourth highest was Elkhart County, where 240 properties with foreclosure filings were reported. St. Joseph County was in fifth, tallying 227 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Indiana accounted for 2 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Indiana

0

1,537

0

2,133

1,835

5,505

508

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Howard

0

61

0

76

41

178

221

1.76

2.30

Marion

0

688

0

563

622

1,873

224

1.74

2.27

Johnson

0

49

0

81

62

192

292

1.33

1.74

Montgomery

0

14

0

0

38

52

319

1.22

1.59

Hancock

0

24

0

33

30

87

320

1.22

1.59

 

 

Indiana Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Indiana

0

1,537

0

2,133

1,835

5,505

508

6.60

25.51

 

 

 

 

 

 

 

 

 

 

Marion

0

688

0

563

622

1,873

224

17.80

16.70

Lake

0

129

0

190

142

461

457

-19.97

28.77

Allen

0

156

0

74

77

307

498

4.78

-17.69

Elkhart

0

42

0

117

81

240

324

12.68

66.67

St. Joseph

0

7

0

150

70

227

504

28.25

-16.85

 

 

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