IBJNews

Mortgage-default filings surge in Indiana, nation

Back to TopCommentsE-mailPrintBookmark and Share

Default notices sent to delinquent U.S. homeowners surged 33 percent in August from the previous month, a sign that lenders are speeding up the foreclosure process after almost a year of delays, RealtyTrac Inc. said.

Indiana saw an increase of 46 percent, a bigger rise than every state except California.

First-time default notices were filed on 78,880 properties nationally, the most in nine months, the Irvine, Calif.-based data seller said Thursday in a report. Total foreclosure filings, which also include auction and home-seizure notices, increased 7 percent, from a four-year low in July to 228,098. One in 570 homes received a notice during August.

On a year-over-year basis, foreclosure filings dropped for an 11th straight month after claims of “robo-signing,” or pushing through documents that weren’t verified, spurred an investigation by state attorneys general in October. The jump in default notices from July—the biggest monthly gain in four years—shows that banks’ paperwork delays are easing even as industry talks to settle the probe continue, RealtyTrac said.

“The industry seems to be hitting the reset button and the logjam may finally be breaking up,” Rick Sharga, senior vice president, said. Foreclosure filings this year have been “artificially low,” he said.

Total filings in August dropped 33 percent from a year earlier. Default notices fell 18 percent from the year before, while scheduled auctions slid 43 percent from August 2010 and 1 percent from the previous month.

Lenders seized 64,813 properties in August, a 4-percent decline from the previous month and a 32-percent slump from a year earlier, according to RealtyTrac. The jump in default notices means repossessions probably will increase in coming months as more foreclosures are processed, Sharga said.

Default notices increased from July by 55 percent in California, 46 percent in Indiana and 42 percent in New Jersey, according to RealtyTrac. Nine of 10 metropolitan areas with the highest rate of filings per household also had double-digit increases.

Nevada had the highest foreclosure rate, with one in 118 households receiving a filing, followed by California at one in 226 and Arizona at one in 248. Georgia, Idaho, Michigan, Florida, Illinois, Colorado and Utah rounded out the top 10.

In Las Vegas, where default notices jumped 30 percent from July, one in every 103 households received a foreclosure filing. That was more than five times the national average.

California led in total filings with 59,383 and Florida was second at 23,569. Michigan ranked third at 13,016, Illinois was fourth at 12,493 and Georgia was fifth at 11,743. The five states accounted for 53 percent of all foreclosure filings in the country, according to RealtyTrac, which sells default data from more than 2,200 counties representing 90 percent of the U.S. population.

Indiana was 16th in foreclosure filings in August, with 3,164.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I took Bruce's comments to highlight a glaring issue when it comes to a state's image, and therefore its overall branding. An example is Michigan vs. Indiana. Michigan has done an excellent job of following through on its branding strategy around "Pure Michigan", even down to the detail of the rest stops. Since a state's branding is often targeted to visitors, it makes sense that rest stops, being that point of first impression, should be significant. It is clear that Indiana doesn't care as much about the impression it gives visitors even though our branding as the Crossroads of America does place importance on travel. Bruce's point is quite logical and accurate.

  2. I appreciated the article. I guess I have become so accustomed to making my "pit stops" at places where I can ALSO get gasoline and something hot to eat, that I hardly even notice public rest stops anymore. That said, I do concur with the rationale that our rest stops (if we are to have them at all) can and should be both fiscally-responsible AND designed to make a positive impression about our state.

  3. I don't know about the rest of you but I only stop at these places for one reason, and it's not to picnic. I move trucks for dealers and have been to rest areas in most all 48 lower states. Some of ours need upgrading no doubt. Many states rest areas are much worse than ours. In the rest area on I-70 just past Richmond truckers have to hike about a quarter of a mile. When I stop I;m generally in a bit of a hurry. Convenience,not beauty, is a primary concern.

  4. Community Hospital is the only system to not have layoffs? That is not true. Because I was one of the people who was laid off from East. And all of the LPN's have been laid off. Just because their layoffs were not announced or done all together does not mean people did not lose their jobs. They cherry-picked people from departments one by one. But you add them all up and it's several hundred. And East has had a dramatic drop I in patient beds from 800 to around 125. I know because I worked there for 30 years.

  5. I have obtained my 6 gallon badge for my donation of A Positive blood. I'm sorry to hear that my donation was nothing but a profit center for the Indiana Blood Center.

ADVERTISEMENT