Bank Repossessions Increase From Year Ago in 16 States, Including NY, NJ, IL, CA;
Highest State Foreclosure Rates in Florida, Maryland, Delaware, Indiana, New Jersey
IRVINE, Calif. – May 15, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for April 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 115,830 U.S. properties in April, a 1 percent decrease from the previous month and down 20 percent from April 2013. The report also shows one in every 1,137 U.S. housing units with a foreclosure filing during the month.
Despite the decrease in overall foreclosure activity, bank repossessions in April increased 4 percent from the previous month, although they were still down 14 percent from a year ago. There were a total of 30,056 bank repossessions nationwide in April.
Bank repossessions increased from the previous month in 26 states and were up from a year ago in 16 states, including New York (142 percent increase), Oregon (91 percent increase), New Jersey (58 percent increase), Illinois (55 percent increase), Indiana (52 percent increase), Maryland (45 percent increase), Connecticut (44 percent increase), California (27 percent increase), and Nevada (15 percent increase).
“The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months. Investors and other buyers willing to do more extensive rehab will likely be best-suited for these incoming REOs.”
Scheduled foreclosure auctions down nationally, up from year ago in 17 states
A total of 49,239 U.S. properties were scheduled for a future foreclosure auction in April, down 3 percent from the previous month and down 21 percent from a year ago — the 41st consecutive month where scheduled foreclosure auctions decreased annually.
“Foreclosure activity continues to dwindle in Southern California as home prices increase and the banks work through ridding housing inventory that is more difficult to sell,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market.
Scheduled auctions increased from the previous month in 22 states and were up from a year ago in 17 states, including Oregon (up 229 percent), Utah (up 101 percent), Colorado (up 87 percent), New Jersey (up 73 percent), Alabama (up 25 percent), New York (up 25 percent), and Florida (up 8 percent).
Foreclosure starts down nationally, up from a year ago in 16 states
A total of 54,613 U.S. properties started the foreclosure process in April, down 2 percent from the previous month and down 22 percent from a year ago — the 21st consecutive month where U.S. foreclosure starts decreased annually.
“Foreclosure activity continues to decrease, becoming an insignificant part of the overall housing market,” said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla., markets. “In my markets we are back to pre-recession home values. This appreciation is occurring in spite of the fact that closed transactions are down 1 percent compared to last year.”
Foreclosure starts, which are scheduled auctions in some states, increased from the previous month in 26 states and were up from a year ago in 16 states, including Massachusetts (up 101 percent), Indiana (up 60 percent), New Jersey (up 15 percent), and Wisconsin (up 13 percent).
Florida, Maryland, Delaware post top state foreclosure rates
Florida foreclosure activity decreased 9 percent from a year ago in April, but the state still posted the nation’s highest foreclosure rate for the seventh consecutive month. One in every 400 Florida housing units had a foreclosure filing during the month, nearly three times the national average.
Maryland foreclosure activity increased from a year ago for the 22nd consecutive month in April, helping the state maintain the nation’s second-highest foreclosure rate for the third consecutive month. One in every 624 Maryland housing units had a foreclosure filing during the month.
Delaware foreclosure activity increased 8 percent from a year ago in April, giving it the nation’s third-highest state foreclosure rate for the month: one in every 657 housing units with a foreclosure filing. Delaware foreclosure activity has increased on an annual basis in 11 of the last 14 months.
Indiana foreclosure activity in April increased 13 percent from a year ago — the second consecutive month with an annual increase in foreclosure activity — and the state posted the nation’s fourth highest foreclosure rate for the month: one in every 681 housing units with a foreclosure filing.
New Jersey foreclosure activity in April increased 29 percent from a year ago — the fifth consecutive month with an annual increase in foreclosure activity — and the state posted the nation’s fifth highest state foreclosure rate for the month: one in every 700 housing units with a foreclosure filing.
Other states with foreclosure rates ranking among the top 10 were Illinois (one in every 706 housing units with a foreclosure filing), Ohio (one in every 750 housing units), Nevada (one in every 770 housing units), Connecticut (one in every 887 housing units), and South Carolina (one in every 890 housing units).
Florida cities account for 11 of top 20 metro foreclosure rates
Eleven of the 20 highest foreclosure rates in metropolitan statistical areas with a population of 200,000 or more were in Florida, led by Orlando at No. 1. One in every 289 Orlando housing units had a foreclosure filing in April, nearly four times the national average.
Other Florida cities with top 10 foreclosure rates were Deltona-Daytona Beach-Ormond Beach at No. 2 (one in every 306 housing units with a foreclosure filing); Miami-Fort Lauderdale-Pompano Beach at No. 3 (one in every 345 housing units); Jacksonville at No. 4 (one in every 368 housing units); Tampa-St. Petersburg-Clearwater at No. 5 (one in every 388 housing units); Palm Bay-Melbourne-Titusville at No. 6 (one in every 402 housing units); Lakeland at No. 9 (one in every 452 housing units); and Sarasota-Bradenton-Venice at No. 10 (one in every 460 housing units).
Other metro areas with foreclosure rates ranking among the top 10 were Atlantic City, N.J. at No. 7 (one in every 426 housing units with a foreclosure filing); and Rockford, Ill., at No. 8 (one in every 430 housing units).
Other major metros with foreclosure rates among the top 20 were Chicago at No. 15 (one in every 550 housing units with a foreclosure filing); Trenton, N.J. at No. 16 (one in every 566 housing units); Cleveland at No. 17 (one in every 572 housing units); Riverside-San Bernardino in Southern California at No. 18 (one in every 573 housing units); and Columbus, Ohio, at No. 20 (one in every 574 housing units).
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 month — broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. 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’s 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). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.
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 the report.
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