Nebraska Foreclosure Activity Increases in October

Foreclosure filings up 16 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 386 Nebraska properties during October, a 16 percent increase from the previous month and up 214 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Nebraska foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in default notices, which climbed 58 percent for the month. Even so, the state continues to hold one of the lowest total foreclosures in the country. Its unemployment rate is less than half the national average and its home sales were nearly three times that of most states earlier this year. These factors are definitely helping to keep foreclosures relatively low here.”

Nebraska ranked 42nd in the nation in total foreclosures reported for October. Its foreclosure rate of one in every 2,037 housing units receiving a foreclosure filing during the month ranked it 42nd among the 50 states.

Douglas County posts state’s top foreclosure rate for October

Douglas County posted the highest county foreclosure rate in Nebraska for the month, with one in every 760 housing units receiving a foreclosure filing during October — 2.7 times the state average. Morrill County registered the second highest foreclosure rate, with one in every 1,237 housing units receiving a foreclosure filing during the month — 1.6 times the state average. Hitchcock County was third highest, with one in every 1,673 housing units receiving a foreclosure filing.

 

Douglas County also dominates state foreclosure activity in October

Foreclosure activity was heaviest in Douglas County, which reported 282 properties with foreclosure filings for the month. Lancaster County tallied the second highest foreclosure level, reporting 25 properties with foreclosure filings. Third highest total was in Sarpy County, where 20 properties with foreclosure filings were reported. Fourth highest was Hall County, where eight properties with foreclosure filings were reported. Lincoln County filled out the top five for the month, reporting five properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s monthly foreclosure total

Nebraska accounted for less than 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.

 

Nebraska 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

Nebraska

202

0

88

0

96

386

2,037

0.19

n/a

 

 

 

 

 

 

 

 

 

 

Douglas

202

0

42

0

38

282

760

0.51

2.68

Morrill

0

0

1

0

1

2

1,237

0.31

1.65

Hitchcock

0

0

0

0

1

1

1,673

0.23

1.22

Box Butte

0

0

0

0

3

3

1,828

0.21

1.11

Knox

0

0

0

0

1

1

1,962

0.20

1.04

 

 

Nebraska 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

Nebraska

202

0

88

0

96

386

2,037

16.27

213.82

 

 

 

 

 

 

 

 

 

 

Douglas

202

0

42

0

38

282

760

44.62

286.30

Lancaster

0

0

12

0

13

25

4,697

-35.90

92.31

Sarpy

0

0

7

0

13

20

2,969

-4.76

300.00

Hall

0

0

5

0

3

8

2,862

33.33

700.00

Lincoln

0

0

2

0

3

5

3,247

-16.67

400.00

 

           

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