2012 Foreclosure Activity Up in 57 Percent of Metro Areas, Best Markets to Buy Foreclosures in 2013 Selected

ForeclosureActivity Down in 12 of 20 Largest Metros, Led by Phoenix, San Francisco,Detroit
  Stockton Posts Highest MetroRate, But Florida Cities Account for 8 of Top 20Rates

IRVINE, Calif. – Jan. 31, 2013- RealtyTrac® (www.realtytrac.com), theleading online marketplace for foreclosure properties, today released its 2012Year-End Metropolitan Foreclosure Market Report, which shows 2012 foreclosureactivity increased from 2011 in 120 (57 percent) out of the nation’s 212metropolitan statistical areas with a population of 200,000 or more.Foreclosure activity during the year decreased from 2010 — when foreclosurespeaked in most markets — in 181 out of the 212 markets tracked in the report(85 percent).

Foreclosure activity in 2012 decreased from2011 in 12 out of the nation’s 20 largest metro areas, led by Phoenix (down 37percent), San Francisco (down 30 percent), Detroit (down 26 percent), LosAngeles (down 24 percent), and San Diego (down 24percent).

But 2012 foreclosure activity increased in eight ofthe 20 largest metros, led by Tampa (80 percent increase), Miami (36 percentincrease), Baltimore (34 percent increase), Chicago (30 percent increase), andNew York (28 percent increase).

“Markets with increasingforeclosure activity in 2012 took the first step in finally purging delayeddistress left over from the bursting housing bubble,” said Daren Blomquist,vice president at RealtyTrac. “Meanwhile, the underlying fundamentals in manyof those markets are slowly improving, making it an opportune time to absorbadditional foreclosure inventory this year — and that is particularly good newsfor buyers and investors hungry for more inventory to purchase in thosemarkets.”

Florida cities account for eight oftop 20 metro foreclosure rates
Despite double-digit percentage decreases inforeclosure activity compared to 2011, California cities accounted for the topfour metro foreclosure rates, led by Stockton with 3.98 percent of housingunits (one in 25) with a foreclosure filing during the year — nearly threetimes the national average.

Other California cities withforeclosure rates among the 20 highest were Riverside-San Bernardino-Ontario atNo. 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 decliningforeclosure activity compared to 2011.

Florida citiesaccounted for eight of the 20 highest metro foreclosure rates, led by Miami atNo. 5 with 3.71 percent of housing units with a foreclosure filing during theyear. Other Florida cities in the top 20 were Palm Bay-Melbourne-Titusville atNo. 6 (3.60 percent), Orlando at No. 8 (3.46 percent), Tampa at No. 12 (3.22percent), Lakeland at No. 13 (3.17 percent), Jacksonville at No. 14 (3.14percent), 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 top20 documented increasing foreclosure activity from 2011 to 2012.

Other cities with foreclosure ratesamong the nation’s 20 highest were Atlanta at No. 7 (3.51 percent of housingunits 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 Phoenixat No. 17 (3.09 percent).

Best Places to BuyForeclosures in 2013
To select the best places to buyforeclosures in 2013, RealtyTrac scored all metro areas with a population of500,000 or more by summing up four numbers: months’ supply of foreclosureinventory, percentage of foreclosure sales, foreclosure discount, andpercentage increase in foreclosure activity in 2012.

Topping the list of best places to buy foreclosures in 2013 was thePalm Bay-Melbourne-Titusville metro area in Florida with a total score of 394:34 months’ supply of inventory, foreclosure sales representing 24 percent ofall sales, average foreclosure discount of 28 percent, and a 308 percent increasein foreclosure activity in 2012 compared to 2011.

Five otherFlorida cities ranked among the Top 20 best places to buy foreclosures:Lakeland, Tampa, Jacksonville, Orlando, and Miami.

Five NewYork cities ranked among the 20 best places to buy foreclosures in 2013, basedlargely on big backlogs of foreclosure inventory and big increases inforeclosure activity in 2012: Rochester, Albany, New York, Poughkeepsie, andSyracuse.

Other cities in the Top 20 were Chicago, Ill.; ElPaso, Texas; Philadelphia; Allentown, Pa.; Youngstown, Ohio; Bridgeport, Conn.;Cleveland, Ohio; New Haven, Conn.; and Indianapolis, Ind.

Worst Places to BuyForeclosures in 2013
The metro with the lowest scorewas McAllen, Texas, with a 12-month supply of foreclosure inventory,foreclosure sales accounting for 7 percent of all sales, an average foreclosurediscount of 21 percent, and a 66 percent decrease in foreclosure activity in2012 compared to 2011.

Metros with the lowest scores weredominated by cities in the west, including Ogden, Utah; Las Vegas, Salt LakeCity, Phoenix, Portland, Ore., San Jose, Calif., and Honolulu.

The RealtyTrac U.S. Foreclosure MarketReport provides a count of the total number of properties with at least oneforeclosure filing entered into the RealtyTrac database during the quarter –broken out by type of filing. Some foreclosure filings entered into thedatabase during a quarter may have been recorded in previous quarters. Data iscollected from more than 2,200 counties nationwide, and those counties accountfor more than 90 percent of the U.S. population. RealtyTrac’s reportincorporates documents filed in all three phases of foreclosure:DefaultNoticeof Default (NOD) and LisPendens (LIS); Auction — Notice of Trustee Saleand Notice of Foreclosure Sale (NTS and NFS); and RealEstate Owned, or REOproperties (that have been foreclosed on and repurchased by a bank).For the quarterly report, if more than one foreclosure document is received fora property during the quarter, only the most recent filing is counted in thereport. The quarterly report also checks if the same type of document was filedagainst a property previously. If so, and if that previous filing occurredwithin the estimated foreclosure timeframe for the state where the property islocated, the report does not count the property in the currentquarter.

The RealtyTrac U.S.Foreclosure Market Report is the result of a proprietary evaluation ofinformation compiled by RealtyTrac; the report and any of the information inwhole or in part can only be quoted, copied, published, re-published,distributed and/or re-distributed or used in any manner if the userspecifically references RealtyTracas the source for said report and/or any of the information set forth withinthe report.

DataLicensing and Custom Report Order
Investors, businessesand government institutions can contact RealtyTrac to license bulk foreclosureand neighborhood data or purchase customized reports. We can provide you withnationwide, regional or local data and reports dating back to 2005 for bothinternal use and resale. For more information contact our Data LicensingDepartment at 800.462.5193 or datasales@realtytrac.com.

AboutRealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is theleading supplier of U.S. real estate data, with more than 1.5 million activedefault, foreclosureauction and bank-ownedproperties, and more than 1 million active for-sale listings on its website,which also provides essential housing information for more than 100 millionhomes nationwide. This information includes property characteristics, taxassessor records, bankruptcy status and sales history, along with 20 categoriesof key housing-related facts provided by RealtyTrac’s wholly-owned subsidiary,Homefacts®.RealtyTrac’s foreclosurereports 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 andconsumers, to help evaluate housing trends and make informed decisions aboutreal estate.

Jennifer von Pohlmann
949.502.8300,ext. 139

949.502.8300, ext. 268

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