Foreclosure activity increases in January; down from a year ago ...

By Dennis Norman, on February 16th, 2012

This morning, RealtyTrac released their U.S. Foreclosure Market Report for January 2012 which shows that foreclosure filings (default notices, scheduled auctions and bank repossessions) we?re reported on 210,941 properties in the U.S. during the month, a three percent increase from the previous month and a decrease of 19 percent from the year before. During the month, 1 out of every 624 homes in the U.S. had a foreclosure filing.

Highlights from the U.S. Foreclosure Market Report for January, 2012:

• Default noticeswere filed for the first time on a total of 58,362 U.S. properties in January, unchanged from the previous month but down 22 percent from January 2011.
• Default notices increased more than 20 percent on a year-over-year basis in several states, including Connecticut (23 percent), Massachusetts (27 percent), Florida (36 percent), Maryland (100 percent) and Pennsylvania (112 percent). Florida default notices increased on an annual basis for the third straight month, and default notices in Pennsylvania reached a 15-month high.Foreclosure auctions(NTS, NFS) were scheduled on 86,037 U.S. properties in January, up 1 percent from December, but still down 20 percent from January 2011.
• Scheduled auctions increased more than 20 percent on a year-over-year basis in several states, including Minnesota (24 percent), Massachusetts (57 percent), South Carolina (79 percent), Indiana (141 percent) and Illinois (141 percent). Minnesota scheduled auctions increased on an annual basis for the third straight month, and scheduled auctions reached a 17-month high in Indiana and a 15-month high in Illinois.
• Lenders repossessed (REO) a total of 66,542 U.S. properties in January, an 8 percent increase from December but still a 15 percent decrease from January 2011.
• REO activity increased at least 30 percent on a year-over-year basis in several states, including Wisconsin (30 percent), Connecticut (39 percent), Illinois (52 percent), Indiana (60 percent), New Hampshire (62 percent) and Massachusetts (75 percent). REO activity increased on an annual basis for the fourth straight month in Massachusetts and for the third straight month in Wisconsin and Illinois. REO activity in January reached a 16-month high in Illinois and a 15-month high in Indiana.
• California foreclosure activity dropped to a 50-month low in January, but the state still posted the nation?s second highest foreclosure rate: one in every 265 housing units with a foreclosure filing during the month. A total of 51,584 California properties had a foreclosure filing in January, down 23 percent from January 2011
• Arizona foreclosure activity increased 14 percent from the previous month, helping the state post the nation?s third highest foreclosure rate: one in every 325 housing units with a foreclosure filing during the month. A total of 8,749 Arizona properties had a foreclosure filing in January, down 44 percent from January 2011.
• The year-over-year drops in foreclosure activity in Nevada, California and Arizona were driven by low foreclosure starts in all three states. In Nevada, default notices averaged fewer than 1,200 per month from October through January after averaging more than 4,000 per month in the first nine months of 2011. In California, default notices averaged fewer than 18,000 per month in December and January after averaging more than 28,000 per month from August through November. In Arizona, scheduled auctions (the first foreclosure notice in the state) averaged fewer than 4,300 per month in December and January after averaging more than 7,500 per month in the previous 12 months.
• Foreclosure starts were also at low levels in Oregon, where scheduled auctions dropped to a 40-month low, and in Washington, where scheduled auctions averaged fewer than 1,000 per month from October through January after averaging more than 2,100 per month in the first nine months of 2011.
• One in every 328 Georgia housing units had a foreclosure filing in January, the nation?s fourth highest state foreclosure rate, and one in every 354 Michigan housing units had a foreclosure filing, the nation?s fifth highest state foreclosure rate.
• Other states with foreclosure rates ranking among the top 10 were Florida, Illinois, Delaware, Colorado and Indiana.
• Nine out of the nation?s 10 highest foreclosure rates among metropolitan areas with a population of 200,000 or more were in California. The only exception was Las Vegas, which ranked No. 5 with one in every 172 housing units with a foreclosure filing in January.
• Reporting one in every 140 housing units with a foreclosure filing during the month, Stockton, Calif., posted the nation?s highest metro foreclosure rate for the fourth month in a row, followed by Modesto at No. 2 (one in every 143 housing units), Riverside-San Bernardino at No. 3 (one in 164 housing units), and Vallejo-Fairfield at No. 4 (one in every 168 housing units).

Foreclosure Market Data by State ? January 2012

?	?	Properties with Foreclosure Filings
Rate Rank	State Name	NOD	LIS	NTS	NFS	REO	Total	? 1/every X HU (rate)	%? from Dec 11	%? from Jan 11
?	U.S.	24,531	33,831	62,260	23,777	66,542	210,941	624	2.89	-19.28
34	Alabama	0	0	707	0	782	1,489	1,459	32.71	-9.32
40	Alaska	0	0	97	0	43	140	2,193	2.19	-47.17
3	Arizona	0	0	4,399	0	4,350	8,749	325	13.53	-44.48
46	Arkansas	0	0	119	0	155	274	4,804	29.25	-85.64
2	California	17,405	0	24,115	0	10,064	51,584	265	-2.32	-23.09
9	Colorado	0	0	2,662	0	1,566	4,228	523	20.87	-14.52
32	Connecticut	0	672	0	76	319	1,067	1,394	-15.52	27.48
8	Delaware	0	396	0	395	297	1,088	373	33.17*	91.55*
?	District of Columbia	0	0	0	0	8	8	37,090	33.33	-63.64
6	Florida	0	12,102	0	5,074	7,607	24,783	363	0.84	14.36
4	Georgia	0	0	7,061	0	5,406	12,467	328	16.98	-2.39
18	Hawaii	487	0	16	0	149	652	797	31.72	-33.81
16	Idaho	181	0	398	0	282	861	776	5.90	-67.94
7	Illinois	0	5,339	0	4,601	4,409	14,349	369	13.53	9.00
10	Indiana	0	910	0	2,408	1,721	5,039	555	43.64	68.58
19	Iowa	0	457	0	305	603	1,365	979	-28.79	-4.88
30	Kansas	0	223	0	264	480	967	1,275	-2.91	-34.75
37	Kentucky	0	351	0	451	266	1,068	1,804	1.04	-11.74
22	Louisiana	0	393	0	1,000	477	1,870	1,051	26.78	-11.92
44	Maine	0	0	0	43	147	190	3,799	-33.80	-45.09
38	Maryland	0	558	0	389	305	1,252	1,900	8.40	-19.64
26	Massachusetts	0	763	0	790	804	2,357	1,191	-22.29	50.70
5	Michigan	4,320	0	4,570	0	3,918	12,808	354	-2.44	-23.38
17	Minnesota	0	0	1,394	0	1,623	3,017	778	14.93	17.21
45	Mississippi	0	0	65	0	228	293	4,351	4.64	0.34
23	Missouri	0	0	1,435	0	1,090	2,525	1,074	13.64	-22.59
43	Montana	0	0	45	0	83	128	3,772	-17.95	-46.89
35	Nebraska	238	0	103	0	188	529	1,506	11.13	92.36
1	Nevada	976	0	2,575	0	2,380	5,931	198	-7.56	-51.63
11	New Hampshire	0	0	642	0	411	1,053	584	102.89	16.87
39	New Jersey	0	944	0	489	301	1,734	2,049	62.82	-68.62
21	New Mexico	0	670	0	59	147	876	1,029	-7.79	-28.95
47	New York	0	1,135	0	304	233	1,672	4,849	-7.68	-42.05
36	North Carolina	81	0	1,268	0	1,192	2,541	1,703	-7.13	-16.41
50	North Dakota	0	0	0	0	5	5	63,500	400.00	-80.00
12	Ohio	0	3,158	0	2,851	2,316	8,325	616	-4.73	-6.71
28	Oklahoma	0	496	0	520	341	1,357	1,227	-13.51	-19.47
20	Oregon	2	0	788	0	840	1,630	1,028	-17.59	-41.74
27	Pennsylvania	0	2,086	0	1,514	966	4,566	1,219	22.51	23.67
29	Rhode Island	0	0	204	0	170	374	1,239	-16.52	-1.32
15	South Carolina	0	1,633	0	728	925	3,286	651	-5.36	13.12
41	South Dakota	0	25	0	25	87	137	2,653	168.63*	80.26*
31	Tennessee	0	0	616	0	1,491	2,107	1,335	-32.92	-38.93
24	Texas	0	0	5,633	0	3,452	9,085	1,098	5.81	-39.01
13	Utah	841	0	183	0	560	1,584	619	-8.91	-56.01
49	Vermont	0	0	0	0	15	15	21,503	-11.76	-28.57
25	Virginia	0	0	2,161	0	872	3,033	1,109	8.63	0.00
33	Washington	0	0	962	0	1,060	2,022	1,427	3.32	-59.41
48	West Virginia	0	0	20	0	128	148	5,959	89.74*	59.14*
14	Wisconsin	0	1,520	0	1,491	1,220	4,231	620	2.59	-5.60
42	Wyoming	0	0	22	0	60	82	3,194	82.22	1.23

*Actual increase may not be as high due to data collection changes or improvements

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Source: http://www.realestateindustrynews.com/foreclosures/foreclosure-activity-increases-in-january-down-from-a-year-ago-though/

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