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RealtyTrac, an online marketplace of foreclosure properties, said Thursday that foreclosure filings in the third quarter increased 23% from the year-ago period, and were up 5% from the previous quarter. Releasing its U.S. Foreclosure Market Report for the third quarter of 2009, RealtyTrac said one in every 136 U.S. housing units received a foreclosure filing during the quarter, which is the highest quarterly foreclosure rate since the firm began issuing its report in the first quarter of 2005.
Third-quarter foreclosure filings, including default notices, scheduled auctions and bank repossessions -- were reported on 937,840 properties. Nevada, Arizona and California posted top state foreclosure rates in the third quarter.
Nevada continued to record the nation's highest state foreclosure rate in the third quarter, with one in 23 housing units receiving a foreclosure filing, which is nearly six times the national average. Foreclosure filings were reported on 47,925 Nevada properties during the quarter, up about 10% from the previous quarter and an increase of nearly 59% from last year. Bank repossessions, or REO, activity in Nevada in the third quarter increased 29% from the previous quarter and scheduled auctions increased 26% from the previous quarter. However, defaults dropped 8% from the previous quarter.
Arizona posted the nation's second highest state foreclosure rate in the third quarter, with one in every 53 housing units receiving a foreclosure filing, and California posted the nation's third highest state foreclosure rate. In California also, one in every 53 housing units received a foreclosure filing during the quarter.
Other states with foreclosure rates ranking among the top 10 in the third quarter were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.
RealtyTrac noted that California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62% of the nation's total foreclosure activity in the third quarter, with 579,541 properties receiving foreclosure filings in the six states combined.
In California, 250,054 properties received foreclosure filings during the quarter, accounting for nearly 27% of the nation's total. The state's foreclosure activity decreased nearly 2% from the previous quarter on a 10% drop in default notices. But scheduled auctions increased 4% from the previous quarter and REOs increased 12% from the previous quarter.
Florida foreclosure activity decreased less than 1% from the previous quarter, but the state still posted the second highest foreclosure activity total for the third quarter. Foreclosure filings were reported on 156,924 Florida properties, up 23% from the previous year. Default notices in Florida decreased 6% from the previous quarter, while scheduled auctions increased 5% from the previous quarter and REOs increased 16% from the previous quarter.
Arizona posted the nation's third highest foreclosure activity total in the third quarter, with 50,342 properties receiving a foreclosure filing during the quarter, up 5% from the previous quarter and a 25% increase from the year-ago quarter.
Nevada posted the nation's fourth highest foreclosure activity total, with 47,925 properties receiving a foreclosure filing in the third quarter, followed by Illinois, with 37,270 properties receiving a foreclosure filing, and Michigan, with 37,026 properties receiving a foreclosure filing. All three states reported increasing foreclosure activity from the previous quarter and from the year-ago period.
Other states with foreclosure activity totals among the nation's 10 highest were Georgia with 33,385, Texas with 29,838, Ohio with 29,645 and New Jersey with 18,108 foreclosure filings.
According to James Saccacio, chief executive officer of RealtyTrac, "Bank repossessions, or REOs, jumped 21 percent from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters. REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties."
Foreclosure filings were reported on 343,638 properties in September, down 4% from the previous month, but up 29% from September 2008. Despite the monthly decrease, September's total was still the third highest monthly total since the RealtyTrac report began in January 2005, behind only July and August of this year, the firm said.
The housing sector has been a true-image reflection of the economic crisis and with the job scene remaining depressing, an end to the housing woes seems far. Job losses in the U.S. in September were sharply higher than economists had expected, driving the unemployment rate to its highest level in 26 years and pushing the number of people out of work above 15 million. The U.S. Labor Department revealed recently that non-farm payrolls dropped 263,000 in September. Economists had expected a decline of 170,000 jobs.
Federal Reserve Vice Chairman Donald Kohn said Tuesday that he expects the housing market to recover slowly, particularly in the homebuilding sector, which has a surplus of vacant homes. "When compared with still low levels of sales, the supply of new houses remains elevated," Kohn said. "In addition, the overhang of vacant houses on the market for existing homes is sizable, and the pace of foreclosures is likely to remain very elevated for a while, which should further add to that overhang."
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