Foreclosure Filings Rose 5 Percent in 3rd Quarter of 2009. Foreclosure filings, including default notices, auctions and bank repossessions, rose 5 percent in 3rd quarter, from the previous quarter and 23 percent from a year ago, according to Realty Trac's quarterly Metro Foreclosure Market Report. One in every 136 households with a mortgage loan, or 937,000 properties, received a foreclosure filing between July and September.
"Rising unemployment and a new variety of mortgage resets continue to gradually shift the nation's foreclosure epicenters in the third quarter away from the hot spots of the last two years and toward some metro areas that had avoided the brunt of the first foreclosure wave," says RealtyTrac's CEO, James J. Saccacio.
Las Vegas had the highest third-quarter foreclosure rate in the country with 5.13 percent, or one out of 20 housing units, nearly seven times the national average. Some 40,408 Las Vegas properties received a foreclosure filing during the quarter, up 9 percent from the previous quarter and 54 percent from the third quarter of 2008.
Merced, Calif., had the second-highest foreclosure rate with one in every 27 properties receiving a foreclosure filing, followed by Caper Coral-Fort Myers, Fla., where one in every 28 households received a foreclosure filing. Several cities that had not been part of the initial foreclosure wave posted the biggest year-over-year increases during the third quarter: Boise City, Idaho; Salt Lake City; and Provo-Orem, Utah.
Article compliments of Realty Trac
