Thursday, May 5, 2011

Quarterly comparisons of foreclosures: Which quarter has the most foreclosures?

There are often questions about seasonal factors affecting the number of foreclosures in a given quarter. We only have four full years of quarterly data at this point, so it is difficult to make broad generalizations, but if we look at the average number of foreclosures that occur statewide in each quarter, we can get a sense of some differences in foreclosure activity among quarters. The following graphs show foreclosure totals for each quarter, and the tables show the combined average quarterly total:

Filings Averages (2007-2010)
1st Q 10681
2nd Q 10829
3rd Q 9960
4th Q 10614

The second quarter has the highest average number of filings, although the first quarter is not far below. At 8,115 new filings, 2011's first quarter filings total is well below the first quarter average, and is well below the average for any quarter. We expect filings to increase from the first quarter to the second, but 2011 has clearly started out with unusually low filings totals.

Sales at Auction Averages (2007-2010)
1st Q 5603
2nd Q 5239
3rd Q 6455
4th Q 5373

The third quarter is clearly the quarter that sees most activity in foreclosure sales at auction, with the first quarter showing an average that is well below the third quarter's. At 5,605, 2011's first quarter average is more or less equal to the first quarter average from 2007 to 2010. Foreclosure sales at auction do not show signs of any substantial decreases in the near term.