This article first appeared in the St. Louis Beacon, Oct. 10, 2013 - U.S. foreclosure activity in the third quarter of 2013 remained at pre-recession levels, according to an online marketer that tracks foreclosures.
Foreclosure filings -- which include default notices, scheduled auctions and bank repossessions -- were made on 131,232 properties nationwide last month, a 2 percent increase from August but a 27 percent decrease from September 2012, according to the report from RealtyTrac. The report noted that the annual decrease from September 2012 numbers continued a downward trend that started in October 2010 when lenders and servicers were called on the carpet for the improper robo-signing of documents.
Foreclosure filings totaled 376,931 in the third quarter, down 7 percent from the second quarter of this year. One in every 348 housing units had a foreclosure filing during the quarter, the lowest quarterly level since the second quarter of 2007. (Economists say the Great Recession started in December 2007 and ended in June 2009.)
Daren Blomquist, vice president of RealtyTrac, said in a statement that the numbers indicate that the housing market is "haltingly returning to health,” but the rise in foreclosure activity in some local markets demonstrates that a percentage of distressed homeowners assisted by foreclosure prevention programs remain susceptible when those programs end.
"In addition, even slight economic downturns at the local or regional level can push these homeowners hanging on by a thread over the edge,” Blomquist said.
Among the findings:
- Third quarter foreclosure starts decreased from September 2012 in 38 states, including Illinois, where they were down 56 percent. Foreclosure starts increased from a year ago in 11 states.
- Bank repossessions (REOs) in the third quarter decreased 24 percent from a year ago but were up 7 percent from the previous quarter. Lenders repossessed 119,485 properties during the third quarter, putting the nation on pace for nearly a half-million repossessions for 2013. REOs increased 44 percent in Illinois in the third quarter.
- Foreclosure filings totaled 1,184 in Missouri in September, down 16 percent from August and down 43 percent from September 2012. The foreclosure filings rate in the state was one in every 2,283 properties, well below the national rate of one in every 998 properties.
- There were 10,011 filings in Illinois in September, up 37 percent from August but down 29 percent from September 2012. The state’s foreclosure filings rate was 1 in every 528 properties.
