Indiana Foreclosures Up in 2010

Foreclosure filings up 7 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 44,172 Indiana properties for 2010, up 7 percent from a year ago, but still 4 percent below the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 3,587 Indiana properties in December 2010, a 5 percent decrease from November and 24 percent below the level reported in December 2009. One in every 779 Indiana housing units received a foreclosure filing during the month.

 

“Indiana reported an increase in foreclosure filings between 2009 and 2010, though activity remained below the level reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to the state’s foreclosure woes is its overall economy. Even with relatively low unemployment of 5.6 percent, the state is running out of funds to pay unemployment benefits to its out-of-work residents.”

 

One in every 63 Indiana housing units received a foreclosure filing in 2010, the 17th highest state foreclosure rate in the nation for the year.

 

Marion County posts state’s top foreclosure rate in 2010

Marion County posted the highest foreclosure rate in Indiana in 2010, with one in every 28 housing units receiving a foreclosure filing — 2.3 times the state average. Madison County had the second highest foreclosure rate, with one in every 39 housing units receiving a foreclosure filing in 2010 — 1.6 times the state average. The next highest was Johnson County, where one in every 40 housing units received a foreclosure filings during the year — 1.6 times the state average.

 

Marion County also led the state in foreclosure activity in 2010

Marion County also led Indiana in foreclosure activity, reporting 14,979 properties with foreclosure filings. Lake County had the second highest total, where 4,229 properties with foreclosure filings were reported. Allen County was third highest, reporting 1,891 properties with foreclosure filings for the year. Madison County came in fourth, tallying 1,527 properties with foreclosure filings. Fifth highest total for the year was in Elkhart County, where 1,503 properties with foreclosure filings were reported.

 

State a moderate contributor to total foreclosure activity in 2010

Indiana accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Indiana

0

11,539

1

13,181

19,451

44,172

63

0.71

n/a

 

 

 

 

 

 

 

 

 

 

Marion

0

5,758

1

3,518

5,702

14,979

28

1.61

2.26

Madison

0

429

0

427

671

1,527

39

1.15

1.62

Johnson

0

448

0

461

506

1,415

40

1.13

1.60

Howard

0

328

0

247

410

985

40

1.12

1.58

Miami

0

89

0

102

162

353

45

1.00

1.41

 

 

Indiana Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Indiana

0

11,539

1

13,181

19,451

44,172

63

6.68

-3.84

 

 

 

 

 

 

 

 

 

 

Marion

0

5,758

1

3,518

5,702

14,979

28

7.20

-8.07

Lake

0

1,276

0

1,255

1,698

4,229

50

1.20

-22.87

Allen

0

349

0

545

997

1,891

81

-15.96

-37.16

Madison

0

429

0

427

671

1,527

39

-1.04

-17.99

Elkhart

0

111

0

525

867

1,503

52

5.10

12.92

 

 

 

Indiana Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Indiana

0

792

0

1,581

1,214

3,587

779

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Henry

0

0

0

22

64

86

249

2.01

3.12

Marion

0

346

0

440

413

1,199

350

1.43

2.23

Shelby

0

0

0

34

18

52

364

1.38

2.14

Johnson

0

23

0

48

35

106

529

0.95

1.47

Elkhart

0

13

0

83

49

145

537

0.93

1.45

 

 

Indiana Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Indiana

0

792

0

1,581

1,214

3,587

779

-5.03

-24.34

 

 

 

 

 

 

 

 

 

 

Marion

0

346

0

440

413

1,199

350

8.61

-33.68

Lake

0

80

0

209

34

323

652

-18.23

-21.41

Allen

0

57

0

101

34

192

796

6.67

-24.71

Hamilton

0

32

0

95

22

149

686

69.32

35.45

Elkhart

0

13

0

83

49

145

537

104.23

27.19

 

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