the leading online marketplace for foreclosure properties, today released its Year-End 2010 U.S. Foreclosure Market Report™, which shows a total of 3,825,637 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on a record 2,871,891 U.S. properties in 2010, an increase of nearly 2 percent from 2009 and an increase of 23 percent from 2008. The report also shows that 2.23 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 2.21 percent in 2009, 1.84 percent in 2008, 1.03 percent in 2007 and 0.58 percent in 2006.
Foreclosure filings were reported on 257,747 U.S. properties in December, a decrease of nearly 2 percent from the previous month and down 26 percent from December 2009 — the biggest annual drop in foreclosure activity since RealtyTrac began publishing its foreclosure report in January 2005 and giving December the lowest monthly total since June 2008.
December Default notices (NOD, LIS) decreased 4 percent from the previous month and were down 35 percent from December 2009; Scheduled foreclosure auctions (NTS, NFS) decreased 3 percent from the previous month and were down 20 percent from December 2009; and bank repossessions (REO) increased nearly 4 percent from the previous month — thanks in part to substantial month-over-month increases in some states such as Nevada (71 percent increase), Arizona (52 percent increase) and California (47 percent increase) — but were still down 24 percent from December 2009.
Foreclosure filings were reported on 799,064 U.S. properties in the fourth quarter, a 14 percent decrease from the previous quarter and an 8 percent decrease from the fourth quarter of 2009. The fourth quarter total was the lowest quarterly total since Q4 2008.
“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be re-started and add to the numbers in early 2011.”
Nevada, Arizona, Florida post top state foreclosure rates
More than 9 percent of Nevada housing units (one in 11) received at least one foreclosure filing in 2010, giving it the nation’s highest state foreclosure rate for the fourth consecutive year despite a 5 percent decrease in foreclosure activity from 2009. Nevada foreclosure activity in December increased 18 percent from the previous month and was up 14 percent from December 2009. Fourth quarter foreclosure activity in Nevada decreased nearly 7 percent from the previous quarter but increased 19 percent from the fourth quarter of 2009.
Arizona registered the nation’s second highest state foreclosure rate for the second year in a row, with 5.73 percent of its housing units (one in 17) receiving at least one foreclosure filing in 2010, and Florida registered the nation’s third highest foreclosure rate, with 5.51 percent of its housing units (one in 18) receiving at least one foreclosure filing during the year.
Other states with 2010 foreclosure rates ranking among the nation’s 10 highest were California (4.08 percent), Utah (3.44 percent), Georgia (3.25 percent), Michigan (3.00 percent), Idaho (2.98 percent), Illinois (2.87 percent), and Colorado (2.51 percent).
California, Florida, Arizona, Illinois and Michigan account for half of national total
Five states accounted for 51 percent of the nation’s total foreclosure activity in 2010: California, Florida, Arizona, Illinois and Michigan. Together these five states documented nearly 1.5 million properties receiving a foreclosure filing during the year despite annual decreases in the three states with the most foreclosure activity.
A total of 546,669 California properties received a foreclosure filing in 2010, a decrease of nearly 14 percent from 2009 but still the largest state total. After hitting a two-year low in November, California foreclosure activity rebounded nearly 15 percent higher in December but was still down 18 percent from December 2009.
Florida posted the nation’s second biggest total in 2010, with 485,286 properties receiving a foreclosure filing — a 6 percent decrease from 2009. Florida foreclosure activity in December hit the lowest monthly level since July 2007, down 22 percent from the previous month and down nearly 54 percent from December 2009.
A total of 155,878 Arizona properties received a foreclosure filing in 2010, a 4 percent decrease from 2009 but the third biggest state total for the third straight year. Arizona foreclosure activity in December jumped nearly 31 percent higher from a 32-month low in November, but was still down nearly 33 percent from December 2009.
Illinois posted the fourth biggest state total, with 151,304 properties receiving a foreclosure filing in 2010, and Michigan posted the fifth biggest state total, with 135,874 properties receiving a foreclosure filing during the year. Foreclosure activity in both states increased about 15 percent from 2009.
Other states with 2010 totals among the 10 biggest in the country were Georgia (130,966), Texas (118,923), Ohio (108,160), Nevada (106,160), and New Jersey (64,808).
Report methodology
The RealtyTrac Year-End U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the year. Some foreclosure filings entered into the database during the year may have been recorded in the previous year. 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). For the annual and quarterly reports, if more than one foreclosure document is received for a property during the year or quarter, only the most recent filing is counted in the report. The annual, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.
U.S. Foreclosure Market Data for Top 10 States - 2010
Rate Rank State Name Total Properties with FC Filings %Housing Units 1/every X HU %Change from 2009 %Change from 2008
--
U.S.
2,871,891 2.23 45 1.67 23.23
1
Nevada
106,160 9.42 11 -5.30 36.64
2
Arizona
155,878 5.73 17 -4.49 33.33
3
Florida
485,286 5.51 18 -6.08 25.95
4
California
546,669 4.08 25 -13.58 4.40
5
Utah
32,520 3.44 29 19.82 119.20
6
Georgia
130,966 3.25 31 23.42 53.62
7
Michigan
135,874 3.00 33 14.85 28.11
8
Idaho
19,088 2.98 34 11.23 124.25
9
Illinois
151,304 2.87 35 15.38 52.08
10
Colorado
54,041 2.51 40 6.98 7.23
U.S. Foreclosure Market Data for Top 10 States - Q4 2010
Properties with Foreclosure Filings
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HU (rate) %Change from Q3 10 %Change from Q4 09
--
U.S.
104,172 132,175 244,324 88,552 229,841 799,064 162 -14.12 -8.08
1
Nevada
13,910 0 13,901 0 7,969 35,780 31 -6.89 19.05
2
Arizona
55 0 27,132 0 12,792 39,979 68 -18.58 -12.14
3
California
73,072 0 67,789 0 33,924 174,785 77 -8.50 -15.35
4
Florida
0 43,643 0 35,244 31,478 110,365 80 -29.72 -23.09
5
Utah
3,634 0 3,567 0 3,217 10,418 91 -2.66 17.36
6
Georgia
0 0 27,666 0 11,239 38,905 103 -5.64 27.25
7
Michigan
9,122 0 17,139 0 15,278 41,539 109 -9.89 0.55
8
Idaho
1,616 0 2,901 0 1,127 5,644 114 -23.98 -23.06
9
Illinois
0 24,273 0 8,457 8,853 41,583 127 -13.01 -13.36
10
Colorado
53 0 10,352 0 5,315 15,720 137 -3.65 6.92
U.S. Foreclosure Market Data for Top 10 States - Dec 2010
Properties with Foreclosure Filings
Rate Rank State Name NOD LIS NTS NFS REO Total 1/every X HU (rate) %Change from Nov 10 %Change from Dec 09
--
U.S.
36,935 38,783 88,483 23,699 69,847 257,747 501 -1.75 -26.26
1
Nevada
4,767 0 5,683 0 3,022 13,472 84 18.48 14.42
2
Arizona
10 0 9,174 0 4,377 13,561 201 30.60 -32.70
3
California
24,389 0 29,481 0 12,045 65,915 203 14.88 -18.11
4
Michigan
5,039 0 6,890 0 4,132 16,061 282 4.90 -20.25
5
Utah
1,294 0 1,090 0 947 3,331 284 -22.15 -27.87
6
Idaho
624 0 993 0 459 2,076 309 -2.67 -47.73
7
Florida
0 10,848 0 7,334 7,459 25,641 343 -22.15 -53.64
8
Georgia
0 0 8,295 0 2,747 11,042 365 -23.44 -14.90
9
Illinois
0 9,134 0 2,131 2,777 14,042 376 8.51 -21.20
10
Colorado
28 0 3,512 0 1,583 5,123 420 3.08 -14.74
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