Higher U.S. Foreclosures Led by CA

Foreclosures were filed on 889,829 U.S. properties during the second quarter, RealtyTrac reported today. Filings include notices of default and Lis Pendens; auction – notices of trustee sale and notices of foreclosure sale; and real estate owned.

Volume climbed from 803,489 in the first quarter and 739,714 during the second-quarter 2008.

“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” RealtyTrac Chief Executive Officer James J. Saccacio said in the statement.

Saccacio blamed rising unemployment and borrowers with negative equity for the deterioration.

During the full first-half 2009, 1,528,364 homes faced foreclosure.

RealtyTrac said that it collects data from 2,200 counties that account for more than 90 percent of the U.S. population.

California led the United States with 253,905 properties facing second-quarter filings, followed by Florida’s 158,043 and Arizona’s 47,914. No. 4 Nevada saw 43,695 foreclosures and Michigan came in at No. 5 with 33,813. Vermont saw just 14 filings — fewer than any other state.

RealtyTrac said the second-quarter U.S. foreclosure rate was one filing for each 144 households — or 0.7 percent. A year ago the rate was 0.6 percent. Through the first six months of 2009, the foreclosure rate stands at 1.19 percent.

By state, the second-quarter foreclosure rate was worst in Nevada: 4.0 percent. California’s 1.9 percent was second, followed by Florida’s 1.8 percent. No. 4 was Arizona, at 1.8 percent, then Utah’s 0.9 percent. The best foreclosure rate was less than 0.1 percent in Vermont.

REO filings reached 196,257 nationally during the latest quarter, rising from 190,543 in the first quarter but lower than 222,391 in the second-quarter 2008. Year-to-date June 30 REOs were 386,800.

The Golden State also saw more REOs than any of its counterparts: 45,419. Florida again followed with 18,777 repossessions, then Michigan’s 14,369 and Arizona’s 13,019. No. 5 was Texas, where 11,236 REO filings were made. South Dakota had the fewest REOs: five.

For just June, 336,173 properties faced foreclosure filings, RealtyTrac reported. Activity increased from 321,480 in May and 252,363 during June 2008.

June filings were highest in California, where foreclosures occurred on 101,045 properties. No. 2 was Florida’s 52,899, followed by Nevada’s 18,764 and Arizona’s 16,834. Georgia nabbed the No. 5 spot with 14,024 foreclosures. Only 11 properties faced foreclosure in Vermont — the lowest of any state.

The U.S. foreclosure rate was 0.3 percent in June — or one filing for every 380 households. The rate was 0.3 percent in May and 0.2 percent in June 2008.

June’s foreclosure rate was highest Nevada, where it stood at 1.7 percent. California’s 0.8 percent was second, followed by Arizona’s 0.6 percent, Florida’s 0.6 percent and Utah’s 0.4 percent. Vermont’s less than 0.1 percent was the best of any state.

Nationwide repossessions numbered 79,474 in June, surging from 65,017 during May and 71,563 one year earlier.

California topped all other states, with 20,642 REO filings. Florida had 7,367, Michigan saw 5,642 and Arizona’s repossessions were 5,559. No. 5 Texas had 4,342 REOs.

The fewest June REOs were in South Dakota: two.