RealtyTrac report: Foreclosure activity remains at record levels in AprilMortgagePress.comRealtyTrac, U.S. Foreclosure Market Report, foreclosures, loss mitigation, default notices, auction sale notices, bank repossessions
RealtyTrac has released its April 2009 U.S. Foreclosure Market
Report, which shows foreclosure filings--default notices, auction
sale notices and bank repossessions--were reported on 342,038 U.S.
properties during the month, an increase of less than one percent
from the previous month and an increase of 32 percent from April
2008. The report also shows that one in every 374 U.S. housing
units received a foreclosure filing in April, the highest monthly
foreclosure rate ever posted since RealtyTrac began issuing its
report in January 2005.
"Total foreclosure activity in April ended up slightly above the
previous month, once again hitting a record-high level," said James
J. Saccacio, chief executive officer of RealtyTrac. "Much of this
activity is at the initial stages of foreclosure--the default and
auction stages--while bank repossessions, or REOs, were down on a
monthly and annual basis to their lowest level since March 2008.
This suggests that many lenders and servicers are beginning
foreclosure proceedings on delinquent loans that had been delayed
by legislative and industry moratoria. It's likely that we'll see a
corresponding spike in REOs as these loans move through the
foreclosure process over the next few months."
Nevada, Florida, California post top state foreclosure
rates
Despite an 18 percent decrease in foreclosure activity from the
previous month, Nevada continued to post the nation's highest state
foreclosure rate in April, with one in every 68 housing units
receiving a foreclosure filing--more than five times the national
average. The decrease in Nevada was driven largely by a 44 percent
drop in bank repossessions from the previous month, although
default notices also decreased from the previous month. Total
foreclosure activity in Nevada was up 111 percent from April
2008.
A 37 percent month-over-month increase in foreclosure activity
boosted Florida's foreclosure rate to second highest among the
states in April. One in every 135 Florida housing units received a
foreclosure filing during the month, more than 2.7 times the
national average. The monthly increase in Florida was driven by a
spike in default notices and auction notices, but bank
repossessions were down seven percent from the previous month.
Total foreclosure activity in Florida was up 75 percent from April
2008.
Foreclosure activity in California decreased 10 percent from the
previous month, but the state still posted the nation's third
highest state foreclosure rate in April, with one in every 138
housing units receiving a foreclosure filing during the month.
Total foreclosure activity in California was up 42 percent from
April 2008.
Arizona posted the fourth highest state foreclosure rate, with
one in every 164 housing units receiving a foreclosure filing in
April, and Idaho posted the fifth highest state foreclosure rate,
with one in every 255 housing units receiving a foreclosure filing
in April.
Other states with foreclosure rates ranking among the nation's
10 highest were Utah, Georgia, Illinois, Colorado and
Ohio--although the foreclosure rates in Illinois, Colorado and Ohio
were below the national average.
Top 10 states account for more than 75 percent of total
U.S. foreclosure activity
The 10 states with the most properties with foreclosure filings in
April accounted for more than 75 percent of the national total.
California documented the highest total (96,560), followed by
Florida (64,588), Nevada (16,266) and Arizona (16,245).
Foreclosure filings were reported on 13,647 Illinois properties
in April, the nation's fifth highest state total. Illinois
foreclosure activity decreased 11 percent from the previous month
but was still up 54 percent from April 2008. With one in every 384
housing units receiving a foreclosure filing, the state's
foreclosure rate ranked eighth highest in the country but was still
below the national average.
Other states with totals among the 10 highest in the country
were Ohio (12,324), Georgia (11,521), Texas (11,314), Michigan
(10,830) and Virginia (6,254).
Las Vegas continues to post top metro foreclosure
rate
Foreclosure filings were reported on 14,073 Las Vegas properties
in April, a 20 percent decrease from the previous month, but the
city continued to post the highest foreclosure rate among metro
areas with a population of at least 200,000. One in every 56 Las
Vegas housing units received a foreclosure filing during the
month--nearly seven times the national average.
The Cape Coral-Fort Myers, Fla., metro area documented the
second highest foreclosure rate in April, with one in every 57
housing units receiving a foreclosure filing during the month.
Foreclosure activity increased 31 percent from the previous month
in Cape-Coral-Fort Myers. Two other Florida metro areas also
documented foreclosure rates in the top 10: Miami at No. 9 and
Orlando at No. 10.
With one in every 65 housing units receiving a foreclosure
filing, Merced, Calif., posted the nation's third highest metro
foreclosure rate. Five other California metro areas also documented
foreclosure rates in the top 10: Modesto at No. 4, Riverside-San
Bernardino at No. 5, Bakersfield at No. 6, Vallejo-Fairfield at No.
7, and Stockton at No. 8.
For more information, visit www.realtytrac.com.
