Iowa Foreclosure Activity Increases in October

Foreclosure filings up 31 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,484 Iowa properties during October, a 31 percent increase from the previous month and up 251 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Iowa foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed a whopping 758 percent for the month. Even so, Iowa’s total foreclosures are lower than most other states. Its unemployment remains low, and home values and sales were higher than the national average earlier this year. If these trends continue, we may see foreclosures start to come down here in the near future.”

 

Iowa ranked 33rd in the nation in total foreclosures for October. Its foreclosure rate of one in every 896 housing units receiving a foreclosure filing during the month ranked it 33rd among the 50 states.

 

Harrison County posts state’s top foreclosure rate for October

Harrison County posted the highest county foreclosure rate in Iowa for the month, with one in every 258 housing units receiving a foreclosure filing during October — 3.5 times the state average. Polk County registered the second highest foreclosure rate, with one in every 427 housing units receiving a foreclosure filing during the month — 2.1 times the state average. Dallas County was third highest, with one in every 437 housing units receiving a foreclosure filing — twice the state average.

 

Polk County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Polk County, which reported 428 properties with foreclosure filings for the month. Linn County tallied the second highest foreclosure level, reporting 137 properties with foreclosure filings. Third highest total was in Scott County, where 80 properties with foreclosure filings were reported. Fourth highest was Johnson County, where 59 properties with foreclosure filings were reported. Dallas County filled out the top five for the month, reporting 51 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total

Iowa accounted for 1 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.

 

Iowa 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

Iowa

0

163

322

225

774

1,484

896

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Harrison

0

8

13

5

1

27

258

1.50

3.47

Polk

0

4

45

0

379

428

427

0.91

2.10

Dallas

0

14

11

0

26

51

437

0.89

2.05

Hamilton

0

2

0

0

14

16

458

0.85

1.96

Grundy

0

3

6

3

0

12

473

0.82

1.89

 

 

Iowa 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

Iowa

0

163

322

225

774

1,484

896

31.33

250.83

 

 

 

 

 

 

 

 

 

 

Polk

0

4

45

0

379

428

427

63.36

169.18

Linn

0

0

1

101

35

137

674

23.42

149.09

Scott

0

0

46

0

34

80

886

9.59

175.86

Johnson

0

0

4

40

15

59

929

118.52

321.43

Dallas

0

14

11

0

26

51

437

-8.93

410.00

 

           

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