Lenders Foreclosed on Properties

 

Foreclosure activity continues to be dominated by Nevada, Arizona, and Florida. One in every 29 housing units in Nevada received a foreclosure filing during the third quarter and activity increased by 1 percent quarter-to-quarter but declined 20 percent year-over-year. In Arizona, one in every 55 housing units received a filing and in Florida it was one in 56 units.
Courtesy of Calculated Risk Blog

RealtyTrac reported that foreclosure filings in the third quarter of 2010 rose 4 percent from the previous quarter but were down 1 percent from the same period in 2009. During the quarter 930,437 homes, one in every 139 U.S. housing units, received a foreclosure filing.

In September, the last month of the quarter, some form of foreclosure document was filed on 347,420 housing units, up 3 percent from August and 1 percent from September 2009.  RealtyTrac compiled a U.S. Foreclosure Market Report each month from tracking documents filed in all three stages of foreclosure.

Notices of Default - While foreclosure activity remains high, the early stage filings continue to decline.  During the third quarter a total of 269,647 properties received default notices, down one percent from Q2 and 21 percent from the same quarter in 2009 when default notices peaked at over 342,000.

Auctions - Foreclosure sales were scheduled for the first time on 372,445 properties which sets a record for RealtyTrac's reports.  This was an increase of 5 percent from the second quarter and 4 percent from a year earlier.

Real Estate Owned - For the first time in RealtyTrac's history bank repossessions (actual foreclosures) topped 100,000 in a single month, reaching 102,134 in September.  Third quarter figures also set a record with 288,345 repossessions, an increase of 7 percent from the previous quarter and 22 percent above repossessions in the third quarter of 2009. Foreclosure activity should slow down in the fourth quarter of 2010, as many banks have placed a moratorium on foreclosures for the rest of the year.

In actual numbers, California led the nation with 191,016 filings, 21 percent of the nation's total, but this was down slightly from Q2 and was 24 percent lower than a year earlier.  Florida however, saw a jump of 12 percent from Q2 and was virtually unchanged from the previous year. During the quarter 157,026 properties received a notice.

– Courtesy of Mortgage News Daily