Foreclosure Actions Up in Third Quarter

By:
Kirk Haverkamp | October 28, 2010

U.S. foreclosure activity increased in the third quarter of the year, with many metropolitan areas reporting double-digit percentage increases, including several in the hard-hit Florida market, according to figures released today by RealtyTrac.

Overall, foreclosure activity was up 3.9 percent from the second quarter of 2010, with 930,000 homes subject to foreclosure filings. In Florida, the Miami-Ft. Lauderdale area posted a whopping 24.5 percent increase in filings, while the Lakeland and Daytona Beach metro areas showed third-quarter increases of approximately 20 and 18 percent, respectively.
 
The Florida real estate market has been one of the hardest-hit in the housing downturn, although several markets that escaped the worst of the downturn took big hits in the third quarter as well. Foreclosures were up over 23 percent in the Seattle-Tacoma metropolitan area, where filings have increased more than 71 percent from last year. And the Houston market, which has seen some of the nation’s most stable housing prices in recent years, recorded a quarterly increase of more than 11 percent.
 

California improves, but more slowly than before

 
The third quarter was fairly kind to California markets, many of which have seen foreclosure filings decline by 20-30 percent or more over the past year. Things moderated somewhat in the third quarter, with the San Diego, Los Angeles and San Francisco metropolitan areas showing declines of 3.9 percent, 2.7 percent and 0.7 percent, respectively.
 
Even so, foreclosure rates remain elevated in the state, which has nine cities among the 20 highest foreclosure rates in the nation, according to RealtyTrac, although the three cities named above are not in that group. Florida metro areas account for another seven.
 

NYC sees big drop

 
The New York City metro area also saw a big drop in foreclosure filings in the third quarter, down more than 18 percent for the region that includes Long Island and parts of New Jersey and Pennsylvania.  
 
For the nation as a whole, foreclosure filings were down 0.79 percent compared to one year ago, although nearly two-thirds of the 206 metro areas surveyed show year-over-year increases. Forclosure filings were received by an estimated one home in 139 nationally.
 
“The underlying problems that are causing homeowners to miss their mortgage payments — high unemployment, underemployment, toxic loans and negative equity — are continuing to plague most local housing markets,” said James J. Saccacio, chief executive officer of RealtyTrac. “And these historically high foreclosure rates will continue until those problems are resolved.”

Start here to compare mortgage rates from top lenders in our network

More San Francisco Articles

Call For Rates

800-419-1494

Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

See Today's Rates

National Rates

Loan Type Today +/-
30 yr fixed 3.69
15 yr fixed 3.00
5/1 ARM 2.75

Rates may contain points

Compare Rates »

Browse Mortgage Rates

Real Estate Calculators