RealtyTrac, a leading online directory of foreclosure properties, released its Foreclosure Report for the 3rd quarter of 2009, which shows that foreclosure filings, default notices, auctions and bank repossessions increased by 5% and an increase of nearly 23% from 2008. That accounts for more than 1 in 140 houses in foreclosure the highest amount since 2005 when RealtyTrac started.
“Bank repossessions, or REOs, jumped 21% from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” said James J. Saccacio, chief executive officer of RealtyTrac. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”
Nevada, California and Arizona lead the country in foreclosures with nearly 1 in 23 houses receiving a foreclosure filing that is 6 times the nation’s average.
7 other states round of the top 10 for foreclosures and they were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.
California, Florida, Arizona, Nevada, Illinois and Michigan accounted for over 60% of the nation’s total foreclosure activity in the 3rd quarter.
California accounted for nearly 27% of all the nations’ foreclosures, With 250,054 properties receiving foreclosure filings
Although Florida’s foreclosure activity decreased 1% from the previous quarter, the state still has the second highest foreclosure postings at 23%. However default notices did decrease 6% from the previous quarter and REOI increased 16%.
The third highest foreclosure postings where in Arizona with 50,300 filing an increase of 5%.
The Other states in the top 10 for foreclosures were Georgia (33,385), Texas (29,838), Ohio (29,645), and New Jersey (18,108).
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Article 15th October 2009 – Miami Real Estate Investment
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