Record Quarterly Foreclosures: Up 23% from Q3 2008

October 16, 2009 8:40am by Barry Ritholtz

I meant to touch upon this yesterday: Foreclosure filings — default notices, scheduled auctions and bank repossessions — have surged to record highs — in Q3, there were 937,840 properties. That is a quarterly increase of 5%, and a year over year gain of 23%.

During Q3, one in every 136 U.S. housing units received a foreclosure filing — a record high. This quarter was the worst 3 month period since the great Depression.

In yet another astonishing data point, just 6 states account for 62% of US total foreclosures: California, Florida, Arizona, Nevada, Illinois and Michigan are the leading states in terms of receiving foreclosure filings. As the chart above shows, California, Florida, Arizona, and Nevada have the greatest foreclosure activity.

States with the greatest foreclosure activity have also seen the most significant price decreases, leading to increased purchases.

See also:
US Foreclosure Activity

Sources:
U.S. FORECLOSURE ACTIVITY INCREASES 5 PERCENT IN Q3
RealtyTrac Otober 15, 2009
http://www.realtytrac.com/contentmanagement/pressrelease.aspx?channelid=9&accnt=0&itemid=7706

Foreclosures: ‘Worst three months of all time’
Les Christie
CNNMoney October 15, 2009
http://money.cnn.com/2009/10/15/real_estate/foreclosure_crisis_deepens/

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