Foreclosure Activity Decreases 6 Percent in May According to RealtyTrac
U.S. Foreclosure Activity Up Nearly 18 Percent from May 2008
Total Exceeds 300,000 for Third Straight Month
June 11 2009 - RealtyTrac(R), the leading online marketplace for foreclosure properties, today released its May 2009 U.S. Foreclosure Market Report(TM), which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were 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 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 RealtyTrac. “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.”
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).
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 — broken out by type of filing at the state and national level. Data is also available at the individual county level. 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. The report also checks if the same type of document was filed against a property in a previous month or quarter. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.
U.S. Foreclosure Market Data by State - May 2009
Properties with Foreclosure Filings
Rate State
Rank Name NOD LIS NTS NFS REO
-- U.S. 55,442 67,687 100,578 32,756 65,017
----
30 Alabama 1 0 1,567 0 399
35 Alaska 6 0 132 0 53
4 Arizona 9 0 12,103 0 4,753
22 Arkansas 126 0 1,169 0 376
2 California 43,294 0 35,900 0 13,055
8 Colorado 4 0 3,708 0 1,164
33 Connecticut 0 778 0 91 237
28 Delaware 0 0 0 328 58
District of Columbia 77 0 187 0 35
3 Florida 0 39,523 0 13,363 6,045
7 Georgia 1 0 6,883 0 3,632
15 Hawaii 279 0 476 0 61
9 Idaho 886 0 496 0 62
11 Illinois 0 3,139 0 4,827 2,976
13 Indiana 0 1,784 0 2,033 1,141
41 Iowa 0 0 237 0 398
34 Kansas 0 177 0 399 323
38 Kentucky 0 295 0 579 204
40 Louisiana 0 4 0 748 189
42 Maine 0 65 0 231 29
17 Maryland 0 2,737 0 314 488
20 Massachusetts 0 2,278 0 755 588
6 Michigan 0 0 7,645 0 6,246
23 Minnesota 6 0 1,857 0 1,086
43 Mississippi 0 0 409 0 25
26 Missouri 1 0 1,835 0 960
48 Montana 0 0 1 0 36
45 Nebraska 0 146 0 2 21
1 Nevada 8,876 0 5,230 0 3,051
25 New Hampshire 0 0 613 0 114
24 New Jersey 0 2,793 0 1,095 520
29 New Mexico 0 497 0 207 92
37 New York 0 3,523 0 764 538
36 North Carolina 463 0 1,078 0 1,046
49 North Dakota 0 1 0 10 12
10 Ohio 0 4,289 0 4,009 3,062
39 Oklahoma 190 0 509 0 178
12 Oregon 78 0 2,276 0 713
32 Pennsylvania 0 1,844 0 1,633 899
31 Rhode Island 0 0 230 0 169
16 South Carolina 0 1,962 0 341 789
47 South Dakota 0 0 0 32 6
21 Tennessee 0 0 2,091 0 1,478
27 Texas 24 0 6,041 0 3,748
5 Utah 1,117 0 1,014 0 796
50 Vermont 0 0 1 0 5
14 Virginia 3 0 4,221 0 1,161
18 Washington 0 0 2,531 0 1,302
46 West Virginia 0 0 80 0 21
19 Wisconsin 0 1,852 0 995 655
44 Wyoming 1 0 58 0 22
Properties with Foreclosure Filings
1/every %Change %Change
Rate State X HU from from
Rank Name Total (rate) Apr 09 May 08
-- U.S. 321,480 398 -6.01 17.76
----
30 Alabama 1,967 1,086 -14.77 292.61*
35 Alaska 191 1,478 -19.07 11.70
4 Arizona 16,865 158 3.82 31.04
22 Arkansas 1,671 770 -10.35 25.92
2 California 92,249 144 -4.46 22.81
8 Colorado 4,876 436 -11.26 -14.98
33 Connecticut 1,106 1,301 -49.13 -32.15
28 Delaware 386 1,007 107.53 45.66
District of Columbia 299 951 -24.87 -23.53
3 Florida 58,931 148 -8.76 50.40
7 Georgia 10,516 377 -8.72 -1.27
15 Hawaii 816 621 19.30 397.56
9 Idaho 1,444 437 -41.73 72.32
11 Illinois 10,942 479 -19.82 9.50
13 Indiana 4,958 560 -1.22 -0.04
41 Iowa 635 2,094 0.63 42.70
34 Kansas 899 1,356 14.23 31.24
38 Kentucky 1,078 1,768 20.99 43.73*
40 Louisiana 941 1,976 -16.36 34.24
42 Maine 325 2,143 31.05 34.30
17 Maryland 3,539 655 -2.05 50.92
20 Massachusetts 3,621 752 -31.09 -45.48
6 Michigan 13,891 326 28.26 -4.72
23 Minnesota 2,949 781 -16.86 22.47
43 Mississippi 434 2,891 29.55 134.59
26 Missouri 2,796 947 3.63 -43.96+
48 Montana 37 11,771 -39.34 -73.19
45 Nebraska 169 4,620 43.22 -48.79
1 Nevada 17,157 64 5.48 82.70
25 New Hampshire 727 817 -29.76 6.44
24 New Jersey 4,408 794 -12.44 -41.44
29 New Mexico 796 1,083 11.64 75.33*
37 New York 4,825 1,646 -13.70 -8.65
36 North Carolina 2,587 1,595 -16.06 -34.98
49 North Dakota 23 13,502 -37.84 9.52
10 Ohio 11,360 446 -7.82 -12.57
39 Oklahoma 877 1,851 -25.49 -28.99
12 Oregon 3,067 525 -20.07 89.79
32 Pennsylvania 4,376 1,252 -13.33 34.98*
31 Rhode Island 399 1,130 -28.24 -26.65
16 South Carolina 3,092 654 33.91 121.17*
47 South Dakota 38 9,401 123.53 26.67
21 Tennessee 3,569 763 2.85 -23.16++
27 Texas 9,813 961 -13.27 -5.65
5 Utah 2,927 316 -1.41 115.06
50 Vermont 6 51,906 200.00 100.00
14 Virginia 5,385 608 -13.90 2.26+
18 Washington 3,833 716 14.11 48.28
46 West Virginia 101 8,739 -30.34 140.48
19 Wisconsin 3,502 731 -9.30 74.14*
44 Wyoming 81 2,992 -14.74 32.79
*Actual increase may not be as high due to data collection changes or
improvements
+ Collection of some records previously classified as NOD in this state
was discontinued starting in January 2009
++ Collection of some records previously classified as NOD in this state
was discontinued starting in September 2008
RealtyTrac Inc.
RealtyTrac 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.
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