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New Foreclosures Ease as REOs Rise

343,638 properties faced foreclosure filings in September

Oct. 15, 2009

By MortgageDaily.com staff


Nearly a million properties faced foreclosure in the third quarter. As servicers take back more properties, the most recent monthly data indicates new filings are easing.

There were 937,840 U.S. residential properties that faced foreclosure in the third quarter, RealtyTrac Inc. reported today. Filings -- which included default notices, scheduled auctions and bank repossessions -- were higher than 889,829 during the second quarter and up 23 percent from the third-quarter 2008.

From January through September, foreclosures totaled 2,755,576.

In September, 343,638 properties had foreclosures filed on them, fewer than 358,471 the previous month. It was the second consecutive monthly decline. Filing rose, however, from 265,968 a year earlier.

California led the way last month with 86,337 properties facing foreclosure, followed by Florida's 55,036 and Nevada's 18,766. In Michigan, 16,767 filings occurred, and No. 5 Georgia saw 14,972 foreclosures.

With just 32 properties that had foreclosures filed against them, Vermont had the fewest.

The third-quarter rate of U.S. foreclosures was one filing for every 136 housing units, worse than the second quarter's one filing for each 144 households.

The worst third-quarter rate of foreclosures was in Nevada -- where a filing occurred on every 23 properties. One-in-53 properties in both Arizona and California faced foreclosures, followed by Florida's one-in-56 and Idaho's one-in-97 rate.

U.S. real estate owned filings climbed to 237,052 in the latest quarter from the previous quarter's 196,257.

During just September, REOs were 87,821, worse than 76,134 in the prior month and 81,312 the prior year. Year-to-date REOs stood at 638,013.

With 16,311 repossessions, California saw more REOs than any other state. No. 2 was Florida, where 9,110 REOs were filed, then Michigan's 5,501 and Georgia's 4,688. Texas held the fifth spot with 4,685 properties.

North Dakota's 14 REOs were the fewest of any state.

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