Iowa Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 18 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,243 Iowa properties during the third quarter, an 18 percent increase from the previous quarter and up 15 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Iowa reported 1,130 properties with foreclosure filings, a 79 percent increase from the previous month and 46 percent above the level reported for the same month last year. One in every 1,176 Iowa housing units received a foreclosure filing in September, the 39th highest foreclosure rate among the 50 states.

 

“Iowa reported a substantial increase in foreclosure filings over the third quarter of 2010, with activity up from the previous month and as compared to third quarter 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, some of these foreclosures are likely to be at least stalled due to the newly-opened 50-state investigation into improper documentation of foreclosures by banks, which is being lead by Iowa Attorney General, Tom Miller.”

 

One in every 593 Iowa housing units received a foreclosure filing during the quarter, the 41st highest state foreclosure rate in the nation.

 

Tama County led state with top foreclosure rate in third quarter

Tama County posted the highest foreclosure rate in Iowa during the third quarter of 2010, where one in every 187 housing units received a foreclosure filing — 3.2 times the state average. Polk County posted the second highest foreclosure rate, where one in every 263 housing units received a foreclosure filing during the period — 2.3 times the state average. Pottawattamie County documented the third highest foreclosure rate, where one in every 296 housing units received a foreclosure filing — twice the state average.

 

Polk County posts state’s top foreclosure total in third quarter

Polk County led the state, reporting 696 properties with foreclosure filings for the quarter. Linn County was second, reporting 240 properties with foreclosure filings. Scott County was third, tallying 165 properties with foreclosure filings. Pottawattamie County was fourth highest, reporting 132 properties with foreclosure filings. Woodbury County had the fifth highest total, reporting 79 properties with foreclosure filings for the quarter.

 

State a minor contributor 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 Iowa. 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.

 

 

Iowa 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

Iowa

19

0

902

0

1,322

2,243

593

0.23

n/a

 

 

 

 

 

 

 

 

 

 

Tama

0

0

5

0

37

42

187

0.74

3.18

Polk

0

0

330

0

366

696

263

0.53

2.26

Pottawattamie

0

0

64

0

68

132

296

0.47

2.00

Marion

0

0

18

0

26

44

317

0.44

1.87

Jasper

0

0

0

0

48

48

339

0.41

1.75

 

 

Iowa 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

Iowa

19

0

902

0

1,322

2,243

593

18.11

14.97

 

 

 

 

 

 

 

 

 

 

Polk

0

0

330

0

366

696

263

16.97

-20.27

Linn

0

0

128

0

112

240

385

-28.36

0.42

Scott

0

0

91

0

74

165

430

-11.76

-14.06

Pottawattamie

0

0

64

0

68

132

296

144.44

57.14

Woodbury

0

0

31

0

48

79

533

125.71

36.21

 

 

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