U.S. Foreclosure Activity Increases RealtyTrac November 14, 2013 12:01 AM IRVINE, CA - RealtyTrac® (realtytrac), the nations leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for October, which shows foreclosure filings -- default notices, scheduled auctions andbank repossessions -- were reported on 133,919 U.S. properties in October, a 2 percent increase from the previous month. High-level findings from the report: •There were a total of 30,023 scheduled judicial foreclosure auctions (NFS) nationwide in October, up 10 percent from the previous month and up 7 percent from a year ago -- the 16th consecutive month where judicial foreclosure auctions increased from a year ago. •States with the biggest annual increases in scheduled judicial foreclosure auctions included Maryland (up 177 percent), Delaware (up 142 percent), New York (up 98 percent), New Jersey (up 97 percent), Pennsylvania (up 58 percent), Connecticut (up 35 percent), and Florida (up 32 percent). •There were a total of 58,939 U.S. properties that started the foreclosure process for the first time in October, up 2 percent from the previous month. •Foreclosure starts were up from the previous month in 22 states, including Colorado (up 124 percent), Florida (up 36 percent), and Illinois (up 30 percent). •There were a total of 37,775 bank repossessions (REO) nationwide in October. •Bank repossessions increased from a year ago in 15 states, including Oklahoma (up 59 percent), Maryland (up 54 percent), Virginia (up 47 percent), Ohio (up 30 percent), and Washington (up 30 percent). •States with the five highest foreclosure rates in October were Florida, Nevada, Maryland, Ohio and Illinois. •Among the nations 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore and Riverside-San Bernardino, Calif. The biggest annual increases in foreclosure activity were in Baltimore (up 296 percent for 13th consecutive month with an annual increase), Washington, D.C. (up 48 percent for fifth consecutive month with an annual increase), New York (up 20 percent for 16th consecutive month with an annual increase), Philadelphia (up 15 percent for eighth consecutive month with an annual increase), and Miami (up 7 percent for first annual increase after two consecutive months of annual decreases). The backlog of delayed judicial foreclosures continues to make its way through the pipeline, with many of these properties now being scheduled for the public auction after starting the foreclosure process last year or earlier this year, said Daren Blomquist, vice president at RealtyTrac. Lenders are likely moving these properties more rapidly to the public auction given that there is strong demand from institutional buy-to-rent investors at the auction and that rising home prices mean more of the loan losses can be recouped, either by selling to an investor at the auction or by repossessing the property and reselling as bank owned.
Posted on: Fri, 15 Nov 2013 19:37:09 +0000