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Foreclosure Activity Decreases 3 Percent in November According to RealtyTrac(R) U.S. Foreclosure Market Report
Foreclosures Starts Drop 28 Percent From a Year Ago to 71-Month Low; Bank Repossessions Increase Annually for the First Time Since October 2010
By: Marketwired .
Dec. 13, 2012 12:01 AM
IRVINE, CA -- (Marketwire) -- 12/13/12 -- RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report for November 2012, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 180,817 U.S. properties in November, a decrease of 3 percent from October and down 19 percent from November 2011 -- marking the 26th consecutive month with an annual decrease in foreclosure activity. The report also shows one in every 728 U.S. housing units with a foreclosure filing during the month.
"The drop in overall foreclosure activity in November was caused largely by a 71-month low in foreclosure starts for the month, more evidence that we are past the worst of the foreclosure problem brought about by the housing bubble bursting six years ago," said Daren Blomquist, vice president at RealtyTrac. "But foreclosures are continuing to hobble the U.S. housing market as lenders finally seize properties that started the process a year or two ago -- and much longer in some cases. We're likely not completely out of the woods when it comes to foreclosure starts, either, as lenders are still adjusting to new foreclosure ground rules set forth in the National Mortgage Settlement along with various state laws and court rulings."
High-level findings from the report:
Foreclosure starts drop to 71-month low in November
Foreclosure starts decreased from a year ago in 28 states, including Oregon (84 percent), Pennsylvania (67 percent), California (63 percent), Arizona (59 percent), and Georgia (51 percent).
Foreclosure starts increased from a year ago in 18 states, including New Jersey (538 percent), Arkansas (455 percent), New York (209 percent), Washington (97 percent), and Connecticut (95 percent).
Bank repossessions increase annually for the first time in 25 months
REO activity increased annually in 29 states and the District of Columbia. Some of the biggest increases were in Indiana (96 percent), Arkansas (88 percent), Missouri (87 percent), New Jersey (84 percent), and Connecticut (60 percent).
REO activity decreased annually in 21 states, including Nevada (64 percent), Oregon (58 percent), Massachusetts (49 percent), Utah (47 percent), and Tennessee (22 percent).
Florida, Nevada, Illinois post highest state foreclosure rates
Despite a 54 percent year-over-year decrease in foreclosure activity, Nevada posted the nation's second highest state foreclosure rate for the second month in a row in November. One in every 390 Nevada housing units had a foreclosure filing during the month.
One in every 392 Illinois housing units had a foreclosure filing in November, the nation's third highest state foreclosure rate. A total of 13,520 Illinois properties had a foreclosure filing during the month, down 9 percent from the previous month to a seven-month low, but still up 9 percent from November 2011 -- the 11th straight month where Illinois foreclosure activity has increased on a year-over-year basis.
Other states with foreclosure rates among the nation's 10 highest were California (one in 430 housing units with a foreclosure filing), South Carolina (one in 455 housing units), Ohio (one in 458 housing units), Arizona (one in 468 housing units), Georgia (one in 494 housing units), Michigan (one in 621 housing units), and Indiana (one in every 684 housing units).
Florida cities account for seven of top 10 metro foreclosure rates
Other Florida cities with top 10 metro foreclosure rates were Ocala at No. 2 (one in 210 housing units with a foreclosure filing); Jacksonville at No. 4 (one in 253 housing units); Miami-Fort Lauderdale-Pompano Beach at No. 5 (one in 260 housing units); Sarasota-Bradenton-Venice at No. 8 (one in 277 housing units); Port St. Lucie at No. 9 (one in 278 housing units); and Gainesville at No. 10 (one in 283 housing units).
The remaining three cities with top 10 metro foreclosure rates were in California: Riverside-San Bernardino-Ontario at No. 3 (one in 248 housing units with a foreclosure filing); Stockton at No. 6 (one in every 265 housing units); and Modesto at No. 7 (one in every 270 housing units).
The three California metro areas in the top 10 all posted annual decreases in foreclosure activity while the seven Florida metro areas in the top 10 all posted annual increases in foreclosure activity.
Florida and California metro areas accounted for 16 of the top 20 highest metro foreclosure rates. Other cities with foreclosure rates in the top 20 were Rockford, Ill., at No. 11 (one in 290 housing units with a foreclosure filing); Chicago at No. 13 (one in 306 housing units); Las Vegas at No. 16 (one in 336 housing units); and Dayton, Ohio, at No. 18 (one in 338 housing units).
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