US ECON: Q3 Foreclosure Rate Up 5% to Record High

California-based RealtyTrac reported that a record 1 in 136 US housing units received a foreclosure filing (by default notice, scheduled auctions and bank repossessions)in the third quarter of 2009, which is the highest on records dating to the first quarter of 2005.

The 937,840 filings of the quarter represent a 5% increase from the previous quarter and an increase of nearly 23% from the third quarter of 2008.

Contributing to this quarter’s figure was September’s foreclosure filings of 343,638 properties. Despite this month’s 4% decline from August, September’s filings mark the third highest monthly total behind July and August, respectively.

Nevada, Arizona and California represent the nation’s highest foreclosure rate for the third quarter. Nevada’s rate of one in 23 housing units receiving a foreclosure filing is nearly six times the national average, while Arizona and California are tied at one in 53 housing units receiving a foreclosure filing for the quarter.