The state of Vermont continues to have the lowest foreclosure rate in the country, according to a national rating firm. RealtyTrac(R)(http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report(TM) for Q1 2009, which shows that foreclosure filings -- default notices, auction sale notices and bank repossessions -- were reported on 803,489 properties in the first quarter, a 9 percent increase from the previous quarter and an increase of nearly 24 percent from Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 341,180 properties in March, a 17 percent increase from the previous month and a 46 percent increase from March 2008. The March and Q1 2009 totals were the highest monthly and quarterly totals since RealtyTrac began issuing its report in January 2005
despite a decrease in bank repossessions (REOs), which were down 13 percent from the fourth quarter of 2008 and 3 percent from February totals.
"In the month of March we saw a record level of foreclosure activity -- the number of households that received a foreclosure filing was more than 12 percent higher than the next highest month on record. Since much of this activity was in new foreclosure actions, it suggests that many lenders and
servicers were holding off on executing foreclosures due to industry moratoria and legislative delays," said James J. Saccacio, chief executive officer of RealtyTrac. "It's also likely that the drop in REO activity can be attributed to these processing delays, rather than to any of the foreclosure prevention programs currently in place. It's very likely that we'll see the number of REOs increase again now that most of the moratoria have been lifted."
"On a positive note, it appears that demand is up in some of the harder-hit areas, particularly on bank-owned REO properties that first time homebuyers and investors see as bargains," Saccacio continued. "But it's unlikely that this increased demand will be enough to offset the growing number of foreclosures in the pipeline, accelerated by rising unemployment rates."
Nevada, Arizona, California post top state foreclosure rates in first quarter.
Nevada continued to document the nation's highest state foreclosure rate in the first quarter, with one in every 27 housing units receiving a foreclosure filing -- more than five times the national average. Foreclosure filings were reported on 41,296 Nevada properties during the quarter, an increase of 19 percent from the previous quarter and an increase of nearly 111 percent from Q1 2008. Bank repossessions in Nevada were down 3 percent from the previous quarter, but defaults increased 27 percent and auction sale notices increased 35 percent.
Arizona posted the nation's second highest state foreclosure rate for the first quarter, with one in every 54 housing units receiving a foreclosure filing, and California posted the nation's third highest state foreclosure rate, with one in every 58 housing units receiving a foreclosure filing.
Other states with foreclosure rates ranking among the top 10 in the first quarter were Florida, Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Five states account for nearly 60 percent of nation's first quarter total.
California, Florida, Arizona, Nevada and Illinois accounted for nearly 60 percent of the nation's foreclosure activity in the first quarter, with 479,516 properties receiving foreclosure filings in the five states combined.
With 230,915 properties receiving foreclosure filings during the quarter, California accounted for nearly 29 percent of the nation's total. The state's foreclosure activity increased 35 percent from the previous quarter and 36 percent from Q1 2008, and the first-quarter total was state's highest quarterly total since RealtyTrac began issuing its reportin the first quarter of 2005.
Despite a 12 percent decrease from the previous quarter, Florida's first quarter total was still second highest in the nation. Foreclosure filings were reported on 119,220 Florida properties, a 36 percent increase from the first quarter of 2008. The state posted the nation's fourth highest state foreclosure rate during the quarter, with one in every 73 housing units receiving a foreclosure filing.
Foreclosure filings were reported on 49,119 Arizona properties in the first quarter of 2009, the third highest total among the states, and 41,296 Nevada properties received a foreclosure filing in the first quarter of 2009, the fourth highest total among the states.
Illinois posted the nation's fifth highest total, with 38,966 properties receiving a foreclosure filing during the first quarter -- a 32 percent increase from the previous quarter and a 68 percent increase from the first quarter of 2008. With one in every 135 housing units receiving a foreclosure filing, the state's foreclosure rate also ranked fifth highest among the states.
Rounding out the states with the 10 highest foreclosure activity totals in Q1 2009 were Michigan, Ohio, Georgia, Texas and Virginia.
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month or quarter -- broken out by type of filing at the state and national level. Data is also available at the individual county level for both Q1 2009 and March 2009. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month or quarter, only the most recent filing is counted in the report.
U.S. Foreclosure Market Data by State - Q1 2009
Properties with Foreclosure Filings
Rate State
Rank Name NOD LIS NTS NFS
-- U.S. 156,933 149,852 225,752 80,409
35 Alabama 0 0 2,291 0
33 Alaska 0 0 349 0
2 Arizona 21 0 35,079 0
20 Arkansas 536 0 2,973 0
3 California 124,875 0 60,256 0
12 Colorado 7 0 9,186 0
15 Connecticut 0 4,256 16 461
31 Delaware 0 1 6 607
District of Columbia 274 0 400 0
4 Florida 0 70,114 183 33,035
7 Georgia 1 0 18,938 0
26 Hawaii 300 0 1,094 0
8 Idaho 2,141 0 1,954 0
5 Illinois 0 19,848 120 11,612
14 Indiana 0 4,588 93 4,523
38 Iowa 0 0 718 0
32 Kansas 0 335 16 915
42 Kentucky 0 116 28 1,003
40 Louisiana 0 9 19 1,507
39 Maine 206 81 281 144
16 Maryland 0 6,547 21 1,584
27 Massachusetts 0 4,282 11 1,401
6 Michigan 791 0 21,863 0
25 Minnesota 8 0 3,750 0
44 Mississippi 0 0 630 0
28 Missouri 32 0 4,003 0
47 Montana 0 0 23 0
48 Nebraska 0 161 10 18
1 Nevada 20,534 0 10,320 0
19 New Hampshire 0 0 1,648 0
24 New Jersey 0 7,254 16 2,771
41 New Mexico 0 294 4 266
37 New York 0 7,647 15 2,296
36 North Carolina 514 0 2,253 0
45 North Dakota 0 0 1 44
11 Ohio 0 12,279 137 10,398
34 Oklahoma 802 0 1,249 0
10 Oregon 3,166 0 5,465 0
30 Pennsylvania 0 4,477 27 4,277
18 Rhode Island 0 0 830 0
23 South Carolina 0 3,196 29 1,372
49 South Dakota 0 0 1 92
17 Tennessee 1 0 5,753 0
29 Texas 34 0 14,564 0
9 Utah 2,396 0 1,982 0
50 Vermont 0 0 1 0
13 Virginia 294 0 9,858 0
21 Washington 0 0 6,810 0
46 West Virginia 0 0 285 0
22 Wisconsin 0 4,367 67 2,083
43 Wyoming 0 0 126 0
1/every % change % change
Rate State X HU from from
Rank Name REO Total (rate) Q4 08 Q1 08
-- U.S. 190,543 803,489 159 9.16 23.63
35 Alabama 1,378 3,669 582 74.71 115.82*
33 Alaska 202 551 512 -24.31 14.55
2 Arizona 14,019 49,119 54 6.22 79.24
20 Arkansas 1,072 4,581 281 -3.23 22.09
3 California 45,784 230,915 58 35.13 35.97
12 Colorado 3,412 12,605 169 -13.84 -33.64
15 Connecticut 1,143 5,876 245 -6.76 -23.01
31 Delaware 214 828 469 2.60 54.19
District of Columbia 163 837 340 4.23 -23.14
4 Florida 15,888 119,220 73 -12.19 35.64
7 Georgia 9,669 28,608 138 10.66 0.37
26 Hawaii 160 1,554 326 25.32 318.87
8 Idaho 198 4,293 147 15.56 137.18*
5 Illinois 7,386 38,966 135 31.66 67.85
14 Indiana 3,253 12,457 223 -6.01 -10.61
38 Iowa 854 1,572 846 -8.92 0.38
32 Kansas 1,285 2,551 478 35.55 82.74
42 Kentucky 588 1,735 1,099 -3.29 9.67
40 Louisiana 436 1,971 943 15.87 1.70
39 Maine 64 776 898 -14.25 32.20
16 Maryland 1,137 9,289 250 -7.39 -18.47
27 Massachusetts 2,499 8,193 332 -9.16 -49.94
6 Michigan 10,530 33,184 136 -1.98 12.32
25 Minnesota 3,415 7,173 321 7.83 69.53
44 Mississippi 138 768 1,634 57.38 67.69*
28 Missouri 3,256 7,291 363 -13.75t -17.55t
47 Montana 130 153 2,847 -44.96 -63.66
48 Nebraska 33 222 3,517 29.07 -70.08
1 Nevada 10,442 41,296 27 19.13 110.75
19 New Hampshire 577 2,225 267 4.26 24.44
24 New Jersey 1,668 11,709 299 -29.17 -10.65
41 New Mexico 253 817 1,055 6.80 -30.88
37 New York 1,059 11,017 721 31.69 -23.37
36 North Carolina 3,221 5,988 689 -19.69 -41.77
45 North Dakota 76 121 2,567 -4.72 142.00*
11 Ohio 8,781 31,595 160 -3.14 1.10
34 Oklahoma 861 2,912 557 1.68 -10.10
10 Oregon 1,916 10,547 153 29.41 151.00*
30 Pennsylvania 3,016 11,797 464 5.36 99.92*
18 Rhode Island 881 1,711 264 -23.79 8.22
23 South Carolina 2,419 7,016 288 27.10 261.84*
49 South Dakota 3 96 3,721 -20.66 50.00
17 Tennessee 4,608 10,362 263 2.03 -16.36tt
29 Texas 10,661 25,259 373 14.87 -25.03
9 Utah 1,765 6,143 151 12.47 86.77
50 Vermont 20 21 14,830 -59.62 600.00*
13 Virginia 4,573 14,725 222 -10.73t 11.97t
21 Washington 2,903 9,713 283 2.69 46.32
46 West Virginia 50 335 2,635 95.91 134.27
22 Wisconsin 2,393 8,910 287 57.70 57.09*
43 Wyoming 91 217 1,117 -11.07 32.32
*Actual increase may not be as high due to data collection changes or
Improvements
t Collection of some records previously classified as NOD in this state
was discontinued starting in January 2009
tt Collection of some records previously classified as NOD in this state
was discontinued starting in September 2008
U.S. Foreclosure Rates Heat Map - Q1 2009
(Photo: http://www.newscom.com/cgi-bin/prnh/20090416/LA99849)
U.S. Foreclosure Market Data by State - March 2009
Properties with Foreclosure Filings
Rate State
Rank Name NOD LIS NTS NFS
-- U.S. 72,790 58,741 104,856 33,042
29 Alabama 0 0 1,655 0
33 Alaska 0 0 155 0
3 Arizona 3 0 14,012 0
18 Arkansas 234 0 1,203 0
2 California 58,858 0 34,575 0
10 Colorado 2 0 3,703 0
13 Connecticut 0 2,187 0 158
28 Delaware 0 0 0 339
District of Columbia 98 0 153 0
4 Florida 0 26,964 0 13,566
5 Georgia 0 0 8,136 0
21 Hawaii 149 0 509 0
7 Idaho 1,133 0 726 0
8 Illinois 0 7,362 0 4,740
14 Indiana 0 1,964 1 1,587
40 Iowa 0 0 181 0
34 Kansas 0 170 0 305
42 Kentucky 0 15 0 398
37 Louisiana 0 7 0 740
41 Maine 0 81 0 144
20 Maryland 0 2,210 0 732
31 Mass. 0 1,708 0 456
9 Michigan 0 0 8,286 0
24 Minnesota 2 0 1,929 0
46 Mississippi 0 0 179 0
30 Missouri 3 0 1,630 0
48 Montana 0 0 6 0
44 Nebraska 0 161 0 6
1 Nevada 10,351 0 5,055 0
23 New Hampshire 0 0 617 0
25 New Jersey 0 2,748 0 1,098
39 New Mexico 0 134 0 93
36 New York 0 3,459 0 721
38 North Carolina 213 0 653 0
47 North Dakota 0 0 0 22
11 Ohio 0 4,828 0 4,447
35 Oklahoma 324 0 580 0
12 Oregon 28 0 2,766 0
32 Pennsylvania 0 1,777 0 1,891
22 Rhode Island 0 0 300 0
26 South Carolina 0 1,069 0 485
49 South Dakota 0 0 0 24
16 Tennessee 0 0 2,496 0
27 Texas 16 0 7,151 0
6 Utah 1,372 0 1,013 0
50 Vermont 0 0 0 0
15 Virginia 4 0 3,971 0
17 Washington 0 0 3,031 0
45 West Virginia 0 0 135 0
19 Wisconsin 0 1,897 0 1,090
43 Wyoming 0 0 49 0
% change % change
Rate State from from
Rank Name REO Total Feb 09 Mar 08
-- U.S. 71,751 341,180 17.46 46.37
29 Alabama 605 2,260 216.97* 248.23*
33 Alaska 69 224 10.34 16.67
3 Arizona 4,861 18,876 4.18 105.20
18 Arkansas 486 1,923 19.00 58.93
2 California 14,352 107,785 33.44 66.56
10 Colorado 1,875 5,580 32.26 -9.71
13 Connecticut 540 2,885 29.95 35.70
28 Delaware 92 431 57.88 124.48
District of Columbia 77 328 -13.46 6.84
4 Florida 6,601 47,131 1.60 55.78
5 Georgia 5,230 13,366 31.23 20.99
21 Hawaii 66 724 34.82 503.33
7 Idaho 62 1,921 8.90 192.39*
8 Illinois 3,296 15,398 8.30 78.57
14 Indiana 1,574 5,126 16.34 0.14
40 Iowa 305 486 -16.06 -5.08
34 Kansas 369 844 -27.92 18.87
42 Kentucky 218 631 5.52 -8.68
37 Louisiana 200 947 39.68 51.28
41 Maine 24 249 -4.60 27.04
20 Maryland 392 3,334 4.97 -22.01
31 Mass. 508 2,672 -9.12 -52.05
9 Michigan 4,131 12,417 -1.17 30.79
24 Minnesota 1,146 3,077 19.54 132.58
46 Mississippi 42 221 -24.83 17.55
30 Missouri 1,082 2,715 -13.23 -19.39t
48 Montana 56 62 14.81 -59.74
44 Nebraska 16 183 1307.69 -33.21
1 Nevada 4,443 19,849 25.76 159.16
23 New Hampshire 207 824 11.50 99.03
25 New Jersey 724 4,570 39.37 1.96
39 New Mexico 119 346 -7.24 1.17
36 New York 329 4,509 10.84 -11.38
38 North Carolina 1,111 1,977 -3.04 -40.05
47 North Dakota 31 53 43.24 562.50*
11 Ohio 3,336 12,611 12.29 11.87
35 Oklahoma 215 1,119 8.64 -22.67
12 Oregon 594 3,388 -6.10 107.47*
32 Pennsylvania 1,275 4,943 17.92 70.45*
22 Rhode Island 333 633 54.77 59.05
26 South Carolina 812 2,366 -4.33 153.86*
49 South Dakota 1 25 -21.88 56.25
16 Tennessee 1,925 4,421 19.78 13.16tt
27 Texas 3,449 10,616 0.85 -0.79
6 Utah 700 3,085 70.91 150.81
50 Vermont 4 4 -63.64 100.00*
15 Virginia 1,780 5,755 19.32 16.66t
17 Washington 1,205 4,236 37.71 89.62
45 West Virginia 27 162 45.95 138.24
19 Wisconsin 825 3,812 27.66 83.89*
43 Wyoming 31 80 -1.23 -2.44
*Actual increase may not be as high due to data collection changes or Improvements
t Collection of some records previously classified as NOD in this state was discontinued starting in January 2009
tt Collection of some records previously classified as NOD in this state
About RealtyTrac Inc.
RealtyTrac (http://www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac's foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
Source: IRVINE, Calif., April 16 /PRNewswire/