IRVINE, Calif. – Aug. 15, 2013 – RealtyTrac released its U.S. Foreclosure Market Report for July 2013, which shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 130,888 U.S. properties in July, an increase of 2 percent from the 78-month low in June but still down 32 percent from July 2012. According to the report, one in every 1,001 U.S. housing units had a foreclosure filing during the month. Florida posted the nation’s highest state foreclosure rate for the third consecutive month in July: one in every 328 housing units with a foreclosure filing during the month – more than three times the national average. Florida foreclosure activity increased 8 percent from the previous month and was up 7 percent from a year ago; and it’s increased on an annual basis in 16 of the last 19 months. Florida foreclosure starts decreased 28 percent from a year ago, however – the fifth consecutive month with an annual decrease in foreclosure starts – but scheduled foreclosure auctions increased 74 percent from a year ago and bank repossessions increased 13 percent from a year ago. Report findings • The monthly increase in U.S. foreclosure activity was driven by a 6 percent monthly increase in foreclosure starts followed by a 4 percent monthly increase in bank repossessions (REO), although both metrics decreased from a year ago. • Foreclosure starts increased from the previous month in 26 states and were up from a year ago in 15 states, including Maryland (up 275 percent), Oregon (up 137 percent), New Jersey (up 89 percent), Connecticut (up 37 percent), and New York (up 27 percent). • Bank repossessions increased from the previous month in 29 states and were up from a year ago in 18 states, including Arkansas (up 266 percent), Oklahoma (up 126 percent), Maryland (up 101 percent), New York (up 100 percent), Connecticut (up 67 percent), New Jersey (up 40 percent), and Ohio (up 20 percent). • The top six state foreclosure rates in July were in states with a judicial foreclosure process – which includes Florida – although two of those top six states posted decreasing foreclosure activity from a year ago: Ohio (down 18 percent) and Illinois (down 44 percent). • Nine of the nation’s 10 highest metro foreclosure rates in July were in Florida cities, and five of those nine Florida cities posted increasing foreclosure activity from a year ago. • Among the nation’s 20 largest metropolitan statistical areas, 10 posted increasing foreclosure activity from the previous month and five posted increasing foreclosure activity from a year ago: Baltimore (up 182 percent), Miami (up 58 percent), New York (up 42 percent), Philadelphia (up 11 percent), and Washington, D.C. (up 5 percent). “U.S. foreclosure activity in July is 64 percent below the peak of more than 367,000 properties with foreclosure filings in March 2010, but is still 54 percent above the historical average of 85,000 properties with foreclosure filings per month before the housing bubble burst in late 2006,” says Daren Blomquist, vice president of RealtyTrac. Top metro foreclosure rates dominated by Florida cities With one in every 230 housing units with a foreclosure filing in July, Jacksonville, Fla., posted the nation’s highest foreclosure rate among metropolitan statistical areas with a population of 200,000 or more. Foreclosure activity in the Jacksonville metro area increased 19 percent from the previous month and was up 24 percent from a year ago – the ninth consecutive month where the metro has reported an annual increase in foreclosure activity. Eight other Florida cities posted foreclosure rates among the top 10 highest nationwide: Miami-Fort Lauderdale-Pompano Beach at No. 2 (one in every 250 housing units with a foreclosure filing); Port St. Lucie at No. 3 (one in 256 housing units); Ocala at No. 4 (one in every 294 housing units); Palm Bay-Melbourne-Titusville at No. 5 (one in every 296 housing units); Tampa-St. Petersburg-Clearwater at No. 7 (one in 334 housing units); Orlando-Kissimmee at No. 8 (one in 344 housing units); Pensacola-Ferry Pass-Brent at No. 9 (one in every 345 housing units); and Sarasota-Bradenton-Venice at No. 10 (one in 394 housing units). The only metro outside of Florida with a top-10 foreclosure rate was Albuquerque, N.M., at No. 6 with one in every 331 housing units with a foreclosure filing in July. With one in every 250 housing units with a foreclosure filing, Miami posted the highest foreclosure rate among the nation’s 20 largest metropolitan statistical areas by population. Miami was one of 10 markets among the 20 largest to post a month-over-month increase in foreclosure activity and one of five to post a year-over-year increase in foreclosure activity.
Posted on: Fri, 16 Aug 2013 14:13:04 +0000
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