Foreclosure Home Housing & Foreclosure Reports Q1 2013 Foreclosure Inventory Analysis

U.S. Foreclosure Inventory Increases 9 Percent From Year Ago in First Quarter

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Judicial States Lead Increase While Majority of Non-Judicial States Post Decreases
    35 Percent Vacated by Homeowner, Pre-1960 Inventory Fastest-Growing

IRVINE, Calif. – March 28, 2013 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties and real estate data, today released its  first-ever U.S. Foreclosure Inventory Analysis, which shows nearly 1.5 million U.S. properties were actively in the foreclosure process or bank-owned (REO) in  the first quarter of 2013, up 9 percent from the first quarter of 2012 but still down 32 percent from the peak of 2.2 million in December 2010.

“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April  2012,” said Daren Blomquist, vice president at RealtyTrac. “The settlement provided some closure regarding accepted foreclosure processing practices, and as a result lenders have been reviving more of these delinquent loans and pushing them into foreclosure over the past 12 months, particularly in states where a lengthy court process has resulted in a bigger backlog of non-performing loans still in snooze mode.”

Details of the entire foreclosure inventory  analysis, along with illustrating charts, are in a 14-page report available online here or upon request from the media contacts listed below:

High-level findings from the analysis: 

  • The annual increase in foreclosure inventory at a  national level was caused by a 59 percent jump in pre-foreclosure inventory, while inventory of homes scheduled for foreclosure auction decreased 25 percent  and inventory of bank-owned homes decreased 3 percent. 
  • Foreclosure inventory behavior was split nearly down  the middle at the state level, with 26 states posting annual increases in foreclosure inventory and 24 states, along with the District of Columbia, posting annual decreases in foreclosure activity. 
  • Among properties actively in the foreclosure  process (excluding bank-owned properties), 35 percent were properties identified as vacant or where the homeowner had moved. The percentage of owner-vacated foreclosure inventory was 50 percent or higher in several states, including Indiana, Oregon, Washington and Nevada.  
  • Inventory of listed foreclosures decreased 43  percent nationwide from a year ago, but inventory of unlisted foreclosures increased 12 percent. 
  • Government-backed entities Fannie Mae, Freddie Mac and FHA/HUD accounted for the biggest portion of foreclosure inventory, with a combined 12 percent of the national total, followed by Bank of America with 11 percent, Wells Fargo with 10 percent and Chase with 7 percent.  
  • More than two-thirds of the properties actively in  the foreclosure process or bank owned as of the first quarter of 2013 were  built in 1960 or later; however, in terms of year built the fastest growing  segment of foreclosure inventory consisted of homes built before 1960 — up 11  percent from a year ago while foreclosure inventory of properties built in 1960 or later increased 6 percent during the same time period. 
  • More than 60 percent of foreclosure inventory in the first quarter of 2013 was comprised of properties with loan amounts under $200,000, while homes with outstanding loans between $200,000 to $400,000 represented an additional 30 percent of all foreclosure inventory.

Report methodology
The RealtyTrac U.S. Foreclosure Inventory Analysis  provides a count of the total number of properties in some stage of the  foreclosure process or bank owned. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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). Properties are removed from active foreclosure inventory if sold to a third part; if RealtyTrac collects a recission notice showing the lender has  stopped foreclosure proceedings; or if no new foreclosure activity is reported for the property for a longer period of time than the average number of days it takes to complete the foreclosure process in the state where the property is located.

Report License                                                                               
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.

Data Licensing  and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. We can provide you with nationwide, regional or local data and reports dating back to 2005 for both internal use and resale. For more information contact our Data Licensing Department at 800.462.5193 or  datasales@realtytrac.com.

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with  more than 1.5 million active default, foreclosure 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, Homefacts®. RealtyTrac’s foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.

Media Contacts:
Jennifer von Pohlmann
949.502.8300, ext. 139
jennifer.vonpohlmann@realtytrac.com

Ginny Walker
949.502.8300, ext. 268
ginny.walker@realtytrac.com

Data and Report Licensing:
Data Sales Department
800.462.5193
datasales@realtytrac.com



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