RealtyTrac Reports: U.S. Foreclosure Activity Decreases, Yet Still 3rd Highest Month on Record

U.S. FORECLOSURE ACTIVITY DECREASES 6 PERCENT IN MAY

U.S. Foreclosure Activity Up Nearly 18 Percent from May 2008

Total Exceeds 300,000 for Third Straight Month
IRVINE, Calif. – June 11,    2009 – RealtyTrac®  (www.realtytrac.com),    the leading online marketplace for foreclosure properties, today released    its May 2009 U.S. Foreclosure Market Report™, 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).

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