Iowa Foreclosures Up in 2010

Foreclosure filings rise 52 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 8,663 Iowa properties for 2010, up 52 percent from a year ago and 61 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,579 Iowa properties in December 2010, a 17 percent increase from November, and 177 percent higher than the level reported in December 2009. One in every 842 Iowa housing units received a foreclosure filing during the month.

 

“Iowa foreclosures were up in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which rose 54 percent for the year. While the state’s unemployment rate remains low, its home sales declined further than the national average during most of the year. This has likely contributed to the overall rise.”

Iowa ranked 37th in the nation in total foreclosures for 2010. Its foreclosure rate of one in every 153 housing units receiving a foreclosure filing during the year, ranked it 41st among the 50 states.

Polk County achieves top foreclosure rate honors in 2010

Polk County posted the highest foreclosure rate in Iowa for 2010, with one in every 74 housing units receiving a foreclosure filing in 2010 — 2.1 times the state average. Jasper County reported the second highest foreclosure rate, with one in every 85 housing units receiving a foreclosure filing for the year — 1.8 times the state average. Pottawattamie County came in third, with one in every 87 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Polk County also dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Polk County, which reported 2,470 properties with foreclosure filings for the year. Linn County tallied the second highest foreclosure level, reporting 856 properties with foreclosure filings. Third highest total was in Scott County where 644 properties with foreclosure filings were reported. Fourth highest was Pottawattamie County, where 448 properties with foreclosure filings were reported. Woodbury County filled out the state’s top five with 264 properties with foreclosure filings for the year.

 

State contributes less than 1 percent to total foreclosure activity in 2010

Iowa accounted for less than 1 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.

 

Iowa 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

Iowa

18

1,257

962

954

5,472

8,663

153

0.29

n/a

 

 

 

 

 

 

 

 

 

 

Polk

0

314

288

315

1,553

2,470

74

0.61

2.07

Jasper

0

37

0

11

144

192

85

0.53

1.81

Pottawattamie

0

51

92

48

257

448

87

0.52

1.76

Warren

0

34

32

8

118

192

91

0.49

1.68

Madison

0

4

4

7

54

69

94

0.48

1.63

 

Iowa 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

492

1.67

23.23

Iowa

18

1,257

962

954

5,472

8,663

153

52.49

60.87

 

 

 

 

 

 

 

 

 

 

Polk

0

314

288

315

1,553

2,470

74

6.79

42.36

Linn

0

87

107

110

552

856

108

39.19

36.52

Scott

0

54

118

78

394

644

110

21.28

24.08

Pottawattamie

0

51

92

48

257

448

87

55.56

5.41

Woodbury

0

33

45

28

158

264

159

48.31

-11.11

 

 

 

 

 

Iowa 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

Iowa

0

757

0

315

507

1,579

842

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

3

0

0

23

26

221

2.26

3.80

Dallas

0

24

0

24

28

76

293

1.71

2.87

Polk

0

310

0

97

130

537

340

1.47

2.47

Marion

0

10

0

8

16

34

410

1.22

2.05

Clarke

0

6

0

0

4

10

412

1.21

2.04

 

 

Iowa 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

Iowa

0

757

0

315

507

1,579

842

17.14

176.53

 

 

 

 

 

 

 

 

 

 

Polk

0

310

0

97

130

537

340

46.32

152.11

Linn

0

23

0

30

38

91

1,015

7.06

54.24

Scott

0

15

0

23

42

80

886

-38.46

14.29

Dallas

0

24

0

24

28

76

293

1,166.67

322.22

Pottawattamie

0

13

0

46

8

67

583

-11.84

458.33

 

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