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. President Obama has referred to the ACA as "Obamacare" any number of times; one thing it is not, if you don't qualify for a subsidy, is "affordable".

  2. One important correction, Indiana does not have an ag-gag law, it was soundly defeated, or at least changed. It was stripped of everything to do with undercover pictures and video on farms. There is NO WAY on earth that ag gag laws will survive a constitutional challenge. None. Period. Also, the reason they are trying to keep you out, isn't so we don't show the blatant abuse like slamming pigs heads into the ground, it's show we don't show you the legal stuf... the anal electroctions, the cutting off of genitals without anesthesia, the tail docking, the cutting off of beaks, the baby male chicks getting thrown alive into a grinder, the deplorable conditions, downed animals, animals sitting in their own excrement, the throat slitting, the bolt guns. It is all deplorable behavior that doesn't belong in a civilized society. The meat, dairy and egg industries are running scared right now, which is why they are trying to pass these ridiculous laws. What a losing battle.

  3. Eating there years ago the food was decent, nothing to write home about. Weird thing was Javier tried to pass off the story the way he ended up in Indy was he took a bus he thought was going to Minneapolis. This seems to be the same story from the founder of Acapulco Joe's. Stopped going as I never really did trust him after that or the quality of what being served.

  4. Indianapolis...the city of cricket, chains, crime and call centers!

  5. "In real life, a farmer wants his livestock as happy and health as possible. Such treatment give the best financial return." I have to disagree. What's in the farmer's best interest is to raise as many animals as possible as quickly as possible as cheaply as possible. There is a reason grass-fed beef is more expensive than corn-fed beef: it costs more to raise. Since consumers often want more food for lower prices, the incentive is for farmers to maximize their production while minimizing their costs. Obviously, having very sick or dead animals does not help the farmer, however, so there is a line somewhere. Where that line is drawn is the question.

ADVERTISEMENT