Foreclosures Hit New Quarterly High

October 15, 2009 No Comments »

foreclosures

Foreclosure activity hit a new record high during the third quarter, up five percent from the second quarter and 23 percent from a year ago, according to RealtyTrac.

The company said foreclosure filings, which include anything from default to repossession, were reported on 937,840 properties during the third quarter, or one in every 136 households.

“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,” said James J. Saccacio, chief executive officer of RealtyTrac, in a release.

“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 actually slipped four percent from the previous month, but were 29 percent higher than September 2008.

Last month was also the third highest total since the report began in January 2005, behind only August and July of this year.

Six states accounted for 62 percent of the nation’s foreclosure activity during the quarter, with California responsible for a staggering 27 percent.

Nevada continues to post the nation’s highest state foreclosure rate, with one in 23 properties receiving a foreclosure filing during the quarter.

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