Foreclosures stats for July 2009
July 3, 2009, by RealtyTrack
Tip of the Month:
It's a big season for foreclosures. And we've collected some
stats and information that you'll find very helpful. Read more about RealtyTrack
National numbers
 | A total of 321,480 foreclosure filings were reported
nationwide in May 2009 |
| Foreclosure activity increased nearly 18 percent from May
2008 |
| The foreclosure rate was one foreclosure filing for every
398 households during May
|
RealtyTrack
reported on 321,480 U.S. properties during the month, a decrease of 6 percent
from the previous month but an increase of nearly 18 percent from May 2008. The
report also shows that one in every 398 U.S. housing units received a
foreclosure filing in May.
"May 2009 foreclosure activity was the third highest month on record, and
marked the third straight month where the total number of properties with
foreclosure filings exceeded 300,000 - a first in the history of our
report," said James J. Saccacio, chief executive officer of RealtyTrack.
"While defaults and scheduled foreclosure auctions were both down
from the previous month, bank repossessions, or REOs, were up 2 percent thanks
largely to substantial increases in several states, including Michigan, Arizona,
Washington, Nevada, Oregon and New York. We expect REO
activity to spike in the coming months as foreclosure delays and moratoria
implemented by various state laws come to an end."
State highlights
Nevada, California, Florida post top state
foreclosure rates:
| Nevada continued to document the nation's highest foreclosure rate, with
one in every 64 housing units receiving a foreclosure filing during the month
- more than six times the national average. |
| With one in every 144 housing units receiving a foreclosure filing during
the month, California posted the nation's second highest state foreclosure
rate despite a 4 percent decrease in foreclosure activity from the previous
month. |
| Florida posted the third highest state foreclosure rate in May, with one in
every 148 housing units receiving a foreclosure filing during the month. |
| Arizona posted the fourth highest state foreclosure rate in May, with one
in every 158 housing units receiving a foreclosure filing, and Utah posted
the fifth highest state foreclosure rate, with one in every 316 housing units
receiving a foreclosure filing. |
| Other states with foreclosure rates ranking among the nation's 10 highest
were Michigan, Georgia, Colorado, Idaho and Ohio. |
Top 10 states account for nearly 77 percent of total U.S. foreclosure activity:
| California reported 92,249 properties with foreclosure filings in May, the
highest total of any state and up nearly 23 percent from May 2008. Bank
repossessions in California were down 1 percent from the previous month
and defaults were down 18 percent, but scheduled auctions were up 18
percent. |
| Default notices, scheduled auctions and bank repossessions in Florida were
all down from the previous month, but the state still posted the nation's
second highest number of properties with foreclosure filings: 58,931, up 50
percent from May 2008. |
| Nevada documented 17,157 properties with foreclosure filings in May, the
third highest total of any state and up nearly 83 percent from May 2008. A 23
percent increase in bank repossessions helped push Nevada foreclosure
activity up 5 percent from the previous month. |
| Other states with totals among the 10 highest in the country were Arizona
(16,865), Michigan (13,891), Ohio (11,360), Illinois (10,942), Georgia
(10,516), Texas (9,813) and Virginia (5,385). The top 10 states accounted for
nearly 77 percent of total properties with foreclosure filings nationwide. |
California, Florida, Nevada dominate top 10
metro foreclosure rates:
| Foreclosure filings were reported on 14,681 Las Vegas properties in May,
one in every 54 housing units - more than seven times the national average and
the highest foreclosure rate among metro areas with a population of at least
200,000. The city's foreclosure activity increased 4 percent from the previous
month and 78 percent from May 2008. |
| California and Florida accounted for the remainder of top 10 metro
foreclosure rates. |
| California cities accounted for six of the top 10 spots: Stockton at No. 2
(one in 68 housing units), Modesto at No. 3 (one in 71), Riverside-San
Bernardino at No. 4 (one in 75), Merced at No. 5 (one in 78),
Bakersfield at No. 7 (one in 94), and Vallejo-Fairfield at No. 9 (one in
101). |
| Florida cities accounted for three of the top 10 spots: Cape Coral-Fort
Myers at No. 6 (one in 82 housing units), Orlando-Kissimmee at No. 8
(one in 101), and Miami-Fort Lauderdale-Pompano Beach at No. 10 (one in 105). |
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Business Foreclosure
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“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
