Dennis Norman
This morning RealtyTrac® released its U.S. Foreclosure Market Reporttmfor the third quarter of 2009, which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 937,840 properties in the third quarter which represents a 5 percent increase from the prior quarter and an increase of almost 23 percent from the third quarter of 2008. This translates into 1 in every 136 U.S. housing units receiving a foreclosure filing during the quarter – the highest quarterly foreclosure rate since RealtyTrac began issuing its report in the first quarter of 2005.
Nevada, Arizone and California had the top foreclosure rates in third quarter with Nevada once again at the top of the list with 1 in 23 housing units receiving a foreclosure filing – nearly six times the national average. Nevada foreclosures increased 10 percent from the previous quarter and a whopping 59 percent from a year ago.
Arizona and California shared the second highest foreclosure rate at 1 in 53 housing units receiving a foreclosure notice in both states during the third quarter of 2009. This represents a 5 percent increase for Arizona and a 1.5 percent decrease for California from the previous quarter and a 24.55 percent increase for Arizona and a 18.60 percent increase for California from the third quarter of 2008.
Other states with foreclosure rates among the top 10 in the U.S. in the third quarter were Florida, Ohio, Utah, Georgia, Michigan, Colorado and Illinois.
Six states, California, Florida, Arizona, Nevada, Illinois and Michigan, accounted for 62 percent of the nation’s total foreclosure activity int he third quarter according to the report.
The state with the lowest foreclosure rate in the U.S. in the third quarter was Vermont at 1 in 5,023 housing units receiving a foreclosure notice. North Dakota had the next lowest rate at 1 in 2,724 then West Virginia at 1 in 1,549.
I have to repeat my mantra; The rate of foreclosures, as well as the record number of people underwater on their mortgages or seriously delinquent on their mortgages, are the issues that concern me and overshadow the recent positive news on the housing market. In my opinion we are not going to see the bottom of the real estate market, nor be headed to a recovery, until foreclosure and delinquency rates ease substantially.
Source: RealtyTrac
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