Foreclosures hit (another) all-time high: 938k

Foreclosures Hit All-Time High
Oct. 15, 2009, 8:17 AM

Foreclosures hit another all-time high in Q3 with almost 938,000 homeowners filing, according to Realty Trac.

This rose at a substantial 5% clip from Q2.

If you're aren't feeling the pain, perhaps you don't live in one of the six states that accounted for 62% of nationwide foreclosures alone:

* California - down 1.5%
* Florida - -0.7%
* Arizona - +5%
* Nevada - +9.8%
* Illinois - +13.7%
* Michigan - +9.5%

Basically, the pace of activity in the old sand states is finally winding down, but the crisis is spreading to the Midwest, and it's happening fast.

http://www.businessinsider.com/foreclosures-hit-all-time-hig...

Nevada, Arizona, California post top state foreclosure rates in third quarter
Nevada continued to document the nation’s highest state foreclosure rate in the third quarter, with one in 23 housing units receiving a foreclosure filing — nearly six times the national average. Foreclosure filings were reported on 47,925 Nevada properties during the quarter, an increase of nearly 10 percent from the previous quarter and an increase of nearly 59 percent from the third quarter of 2008. Nevada REO activity in the third quarter increased 29 percent from the previous quarter and scheduled auctions increased 26 percent from the previous quarter, but defaults decreased 8 percent from the previous quarter.

Arizona posted the nation’s second highest state foreclosure rate in the third quarter, with one in every 53 housing units receiving a foreclosure filing, and California posted the nation’s third highest state foreclosure rate, also with one in every 53 housing units receiving a foreclosure filing during the quarter.

Other states with foreclosure rates ranking among the top 10 in the third quarter were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.

Six states account for more than 60 percent of nation’s third quarter total
California, Florida, Arizona, Nevada, Illinois and Michigan accounted for 62 percent of the nation’s total foreclosure activity in the third quarter, with 579,541 properties receiving foreclosure filings in the six states combined.

With 250,054 properties receiving foreclosure filings during the quarter, California accounted for nearly 27 percent of the nation’s total. The state’s foreclosure activity decreased nearly 2 percent from the previous quarter thanks to a 10 percent drop in default notices, but scheduled auctions increased 4 percent from the previous quarter and REOs increased 12 percent from the previous quarter.

Florida foreclosure activity decreased less than 1 percent from the previous quarter, but the state still posted the second highest foreclosure activity total for the third quarter.

http://www.realtytrac.com/contentmanagement/pressrelease.asp...