RealtyTrac Foreclosure Market Report: Foreclosure activity decreases 10 percent in JanuauryMortgagePress.comRealtyTrac, foreclosures, housing statistics, U.S. Foreclosure Market Report, REOs
RealtyTrac, an online marketplace for foreclosure properties,
has released its January 2009 U.S. Foreclosure Market Report, which
shows that foreclosure filingsdefault notices, auction sale notices
and bank repossessionswere reported on 274,399 U.S. properties
during the month, a 10 percent decrease from the previous month but
still up 18 percent from January 2008. The report also shows one in
every 466 U.S. housing units received a foreclosure filing in
January.
"The extensive foreclosure efforts on the part of lenders and
government agencies appear to have impacted the January
numbersparticularly the Fannie Mae and Freddie Mac moratorium on
all foreclosure sales that was extended through the end of January
along with Florida's voluntary 45-day freeze on all new foreclosure
actions and scheduling of foreclosure sales that was announced at
the beginning of December," said James J. Saccacio, chief executive
officer of RealtyTrac. "January REOs, which represent completed
foreclosure sales to the foreclosing lender, were down 15 percent
nationwide from the previous month. And in Florida overall
foreclosure activity was down 20 percent from the previous
month."
Nevada, California, Arizona post top state foreclosure
rates
Nevada foreclosure activity in January decreased four percent from
the previous month, but the state continued to register the
nation's number one foreclosure rate, with one in every 76 housing
units receiving a foreclosure filing during the month. Foreclosure
filings were reported on 14,444 Nevada properties in January, up
137 percent from January 2008.
California posted the nation's second highest state foreclosure
rate in January, with one in every 173 housing units receiving a
foreclosure filing during the month, and Arizona posted the
nation's third highest state foreclosure rate, with one in every
182 housing units receiving a foreclosure filing during the
month.
Despite a 20 percent month-over-month drop in foreclosure
activity, Florida posted the nation's fourth highest state
foreclosure rate, with one in every 214 housing units receiving a
foreclosure filing during the month.
Other states with foreclosure rates ranking among the nation's
10 highest were Oregon, Illinois, Michigan, Georgia, Idaho and
Ohio.
California, Florida, Arizona post highest foreclosure
totals
Foreclosure filings were reported on 76,761 California properties,
the most of any state despite a 14 percent decrease from the
previous month. The state's foreclosure activity in January still
increased 34 percent from January 2008.
Florida's 40,770 properties receiving foreclosure filings in
January was the second highest total of any state, and Arizona's
14,674 properties receiving foreclosure filings was the third
highest total of any state.
Illinois foreclosure activity in January increased 16 percent
from the previous month, giving the state 14,447 properties with
foreclosure filingsthe fourth highest state total. One in every 363
Illinois properties received a foreclosure filing in January, the
nation's sixth highest foreclosure rate.
Nevada, Michigan, Ohio, Georgia, Texas and Virginia also
reported foreclosure totals that were among the nation's 10
highest.
California, Florida, Nevada cities post top metro
foreclosure rates
California cities accounted for six of the top 10 metro
foreclosure rates in January among metro areas with a population of
200,000 or more. Merced, Calif., posted the top metro foreclosure
rate, with one in every 59 housing units receiving a foreclosure
filing during the monthnearly eight times the national average.
Other California metro areas with foreclosure rates among the
top 10: Riverside-San Bernardino at number four with one in every
81 housing units receiving a foreclosure filing; Modesto at number
five with one in every 84 housing units receiving a foreclosure
filing; Stockton at nunber six with one in every 86 housing units
receiving a foreclosure filing; Vallejo-Fairfield at number seven
with one in every 100 housing units receiving a foreclosure filing;
and Bakersfield at nunber eight with one in every 120 housing units
receiving a foreclosure filing.
Two Florida cities posted foreclosure rates among the top 10
metro foreclosure rates: Cape Coral-Fort Myers at number three with
one in every 80 housing units receiving a foreclosure filing and
Port St. Lucie at number nine with one in every 123 housing units
receiving a foreclosure filing.
With one in every 63 housing units receiving a foreclosure
filing, the Las Vegas-Paradise, Nev., metro area posted the second
highest metro foreclosure rate in January. The Reno-Sparks, Nev.,
metro area posted the 10th highest metro foreclosure rate, with one
in every 128 housing units receiving a foreclosure filing.
Reno-Sparks was the only metro area in the top 10 that did not
experience a month-over-month decrease in foreclosure activity, but
all of the top 10 saw year-over-year increases in activity.
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