Activity Down in 12 of 20 Largest Metros, Led by Phoenix, San Francisco,
Stockton Posts Highest Metro
Rate, But Florida Cities Account for 8 of Top 20
IRVINE, Calif. – Jan. 31, 2013
– RealtyTrac® (www.realtytrac.com), the
leading online marketplace for foreclosure properties, today released its 2012
Year-End Metropolitan Foreclosure Market Report, which shows 2012 foreclosure
activity increased from 2011 in 120 (57 percent) out of the nation’s 212
metropolitan statistical areas with a population of 200,000 or more.
Foreclosure activity during the year decreased from 2010 — when foreclosures
peaked in most markets — in 181 out of the 212 markets tracked in the report
Foreclosure activity in 2012 decreased from
2011 in 12 out of the nation’s 20 largest metro areas, led by Phoenix (down 37
percent), San Francisco (down 30 percent), Detroit (down 26 percent), Los
Angeles (down 24 percent), and San Diego (down 24
But 2012 foreclosure activity increased in eight of
the 20 largest metros, led by Tampa (80 percent increase), Miami (36 percent
increase), Baltimore (34 percent increase), Chicago (30 percent increase), and
New York (28 percent increase).
“Markets with increasing
foreclosure activity in 2012 took the first step in finally purging delayed
distress left over from the bursting housing bubble,” said Daren Blomquist,
vice president at RealtyTrac. “Meanwhile, the underlying fundamentals in many
of those markets are slowly improving, making it an opportune time to absorb
additional foreclosure inventory this year — and that is particularly good news
for buyers and investors hungry for more inventory to purchase in those
Florida cities account for eight of
top 20 metro foreclosure rates
Despite double-digit percentage decreases in
foreclosure activity compared to 2011, California cities accounted for the top
four metro foreclosure rates, led by Stockton with 3.98 percent of housing
units (one in 25) with a foreclosure filing during the year — nearly three
times the national average.
Other California cities with
foreclosure rates among the 20 highest were Riverside-San Bernardino-Ontario at
No. 2 (3.86 percent of housing units with a foreclosure filing), Modesto at No.
3 (3.82 percent), Vallejo-Fairfield at No. 4 (3.73 percent), Merced at No. 11
(3.23 percent), Bakersfield at No. 15 (3.11 percent), and Sacramento at No. 20
(2.94 percent). All seven California cities in the top 20 documented declining
foreclosure activity compared to 2011.
accounted for eight of the 20 highest metro foreclosure rates, led by Miami at
No. 5 with 3.71 percent of housing units with a foreclosure filing during the
year. Other Florida cities in the top 20 were Palm Bay-Melbourne-Titusville at
No. 6 (3.60 percent), Orlando at No. 8 (3.46 percent), Tampa at No. 12 (3.22
percent), Lakeland at No. 13 (3.17 percent), Jacksonville at No. 14 (3.14
percent), Cape Coral-Fort Myers at No. 18 (3.08 percent), and Ocala at No. 19
(3.01 percent). Except for Cape Coral-Fort Myers, all Florida cities in the top
20 documented increasing foreclosure activity from 2011 to 2012.
Other cities with foreclosure rates
among the nation’s 20 highest were Atlanta at No. 7 (3.51 percent of housing
units with a foreclosure filing), Chicago at No. 9 (3.31 percent), Rockford,
Ill., at No. 10 (3.28 percent), Las Vegas at No. 16 (3.10 percent), and Phoenix
at No. 17 (3.09 percent).
Best Places to Buy
Foreclosures in 2013
To select the best places to buy
foreclosures in 2013, RealtyTrac scored all metro areas with a population of
500,000 or more by summing up four numbers: months’ supply of foreclosure
inventory, percentage of foreclosure sales, foreclosure discount, and
percentage increase in foreclosure activity in 2012.
Topping the list of best places to buy foreclosures in 2013 was the
Palm Bay-Melbourne-Titusville metro area in Florida with a total score of 394:
34 months’ supply of inventory, foreclosure sales representing 24 percent of
all sales, average foreclosure discount of 28 percent, and a 308 percent increase
in foreclosure activity in 2012 compared to 2011.
Florida cities ranked among the Top 20 best places to buy foreclosures:
Lakeland, Tampa, Jacksonville, Orlando, and Miami.
York cities ranked among the 20 best places to buy foreclosures in 2013, based
largely on big backlogs of foreclosure inventory and big increases in
foreclosure activity in 2012: Rochester, Albany, New York, Poughkeepsie, and
Other cities in the Top 20 were Chicago, Ill.; El
Paso, Texas; Philadelphia; Allentown, Pa.; Youngstown, Ohio; Bridgeport, Conn.;
Cleveland, Ohio; New Haven, Conn.; and Indianapolis, Ind.
Worst Places to Buy
Foreclosures in 2013
The metro with the lowest score
was McAllen, Texas, with a 12-month supply of foreclosure inventory,
foreclosure sales accounting for 7 percent of all sales, an average foreclosure
discount of 21 percent, and a 66 percent decrease in foreclosure activity in
2012 compared to 2011.
Metros with the lowest scores were
dominated by cities in the west, including Ogden, Utah; Las Vegas, Salt Lake
City, Phoenix, Portland, Ore., San Jose, Calif., and Honolulu.
The RealtyTrac U.S. Foreclosure Market
Report provides a count of the total number of properties with at least one
foreclosure filing entered into the RealtyTrac database during the quarter —
broken out by type of filing. Some foreclosure filings entered into the
database during a quarter may have been recorded in previous quarters. Data is
collected from more than 2,200 counties nationwide, and those counties account
for more than 90 percent of the U.S. population. RealtyTrac’s report
incorporates documents filed in all three phases of foreclosure:
Default — Notice
of Default (NOD) and Lis
Pendens (LIS); Auction — Notice of Trustee Sale
and Notice of Foreclosure Sale (NTS and NFS); and Real
Estate Owned, or REO
properties (that have been foreclosed on and repurchased by a bank).
For the quarterly report, if more than one foreclosure document is received for
a property during the quarter, only the most recent filing is counted in the
report. The quarterly report also checks if the same type of document was filed
against a property previously. If so, and if that previous filing occurred
within the estimated foreclosure timeframe for the state where the property is
located, the report does not count the property in the current
The RealtyTrac U.S.
Foreclosure Market Report is the result of a proprietary evaluation of
information compiled by RealtyTrac; the report and any of the information in
whole or in part can only be quoted, copied, published, re-published,
distributed and/or re-distributed or used in any manner if the user
specifically references RealtyTrac
as the source for said report and/or any of the information set forth within
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and government institutions can contact RealtyTrac to license bulk foreclosure
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RealtyTrac (www.realtytrac.com) is the
leading supplier of U.S. real estate data, with more than 1.5 million active
auction and bank-owned
properties, and more than 1 million active for-sale listings on its website,
which also provides essential housing information for more than 100 million
homes nationwide. This information includes property characteristics, tax
assessor records, bankruptcy status and sales history, along with 20 categories
of key housing-related facts provided by RealtyTrac’s wholly-owned subsidiary,
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Jennifer von Pohlmann
949.502.8300, ext. 268
Data and Report