Q2 Foreclosure Filings Reach Highest Quarterly Level In RealtyTrac Report History

Posted by Orb Staff on July 16, 2009 No Comments
Categories : Mortgage Servicing

han 1.9 million foreclosure filings (e.g., default notices, auction sale notices, bank repossessions) were reported on about 1.5 million U.S. properties in the first half of 2009, according to a midyear market report released by RealtyTrac. Compared to the last six months of 2008, the first six months of 2009 had a 9% increase in total properties receiving filings. Compared to the first six months of 2008, this year's property total is a 15% increase. The report also shows that 1.19% of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year. For the month of June, specifically, foreclosure filings were reported on 336,173 U.S. properties – the fourth straight monthly total exceeding 300,000 – and the second quarter of 2009 posted the highest quarterly total of filings since RealtyTrac began issuing reports in the first quarter of 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter – an increase of nearly 11% from the previous quarter and a 20% increase from the second quarter of 2008. Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes' are now worth represent a potentially significant future risk," says James J. Saccacio, RealtyTrac CEO. Nevada, Arizona and Florida posted the top state foreclosure rates in the first six months of the year. More than 6% of Nevada housing units received at least one foreclosure filing in the first half of 2009, for a total of 68,708 properties. Arizona registered the nation's second-highest state foreclosure rate in the first half of this year, with 3.37% of its housing units receiving at least one foreclosure filing, and California came in third, with 2.94% of its units receiving at least one filing. Utah (1.46%), Georgia (1.42%), Michigan (1.34%), Illinois (1.31%), Idaho (1.26%) and Colorado (1.25%) rounded out the top 10 states in terms of foreclosure rates. California, Florida and Arizona, meanwhile, posted the highest foreclosure totals at the midyear point. A total of 391,611 California properties received a foreclosure filing in the first half of this year – the nation's highest total. California foreclosure activity in the first half of 2009 increased nearly 14% from the previous six months. With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second-highest state total. Foreclosure activity in the state increased 7% from the previous six months. Arizona's 89,799 properties receiving a foreclosure filing in the first six months of 2009 was the third-highest state total, as foreclosure activity in the first half of 2009 increased 13% from the previous six months. Other states with totals among the 10 highest in the country were Illinois (68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia (56,391), Texas (49,144) and Virginia (28,368). SOURCE: Rea

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