Foreclosure Activity Increased 3 Percent in October

New Jersey, NewYork, Connecticut with Biggest Annual ActivityIncreases
 Foreclosure ActivityIncreases From September in 53 Percent of U.S. Metros

IRVINE,Calif. – Nov. 15, 2012 — RealtyTrac® (www.realtytrac.com), theleading online marketplace for foreclosure properties, today released its U.S.Foreclosure Market Report™ for October 2012, which shows foreclosure filings —default notices, scheduled auctions and bankrepossessions — were reported on 186,455 U.S. properties in October,an increase of 3 percent from September but still down 19 percent from October2011. The report also shows one in every 706 U.S. housing units with aforeclosure filing during the month.

“We continued to seevastly different foreclosure trends across the country in October, dependingprimarily on how each state’s foreclosing infrastructure was able to handle thehigh volume of delinquent loans during the worst of the foreclosure crisis in2010,” said Daren Blomquist, vice president of RealtyTrac.”Unfortunately thethree states dealing with the biggest rebound in deferred foreclosure activity— New Jersey, New York and Connecticut — also had to deal with the devastationto homes inflicted by super storm Sandy. The foreclosure moratoriums being putinto effect as a result of the storm will likely extend the already-lengthytime to foreclose in these states, further prolonging a fundamentally soundhousing recovery.”

High-level findings from thereport:

  • The three states with thebiggest annual increases in foreclosure activity in October were New Jersey(140 percent), New York (123 percent) and Connecticut (41 percent). Otherstates with sizable increases were Maryland (27 percent), Ohio (24 percent) andIllinois (19 percent).
  • An analysis offoreclosure activity and inventory in the counties most impacted by super stormSandy in Connecticut, New Jersey and New York shows foreclosure activity inOctober was down 8 percent from September but up 92 percent from a year ago,and an estimated $41 billion in foreclosure inventory in thosecounties.
  • Florida posted the nation’shighest foreclosure rate for the second month in a row, with one in every 312housing units with a foreclosure filing in October, followed by Nevada,Illinois, California and Arizona.
  • Scheduled foreclosure auctions in October increased 9 percent from September,while default notices and bank repossessions (REO) were virtually unchangedfrom the previous month.
  • Foreclosureactivity increased  on a month-over-month basis in more than half ofthe 212 metro areas tracked in the report, and jumped significantly in somehard-hit metro areas, including Modesto, Calif. (up 68 percent), Sarasota, Fla.(up 53 percent), Las Vegas, Nev. (up 45 percent), Columbus, Ohio (up 61percent), and Columbia, S.C. (up 58percent). 

Analysisof foreclosure activity and rates in counties impacted by Sandy
Inthe 34 counties in Connecticut, New Jersey and New York that are being givenindividual assistance by FEMA, a total of 6,380 properties had foreclosurefilings in October, down 8 percent from September but an increase of 92 percentfrom October 2011. Despite the sharp year-over-year increase,the foreclosure rate in those counties combined was less than half the nationalaverage: one in every 1,467 housing units with a foreclosure filing.

As of the end of October, total inventory of properties in some stageof foreclosure or bank owned in these counties was 124,608, up 15 percent fromthe previous month and up 54 percent from October 2011. The estimated combinedmarket value of foreclosure inventory in the impacted counties was more than$41 billion.

Fannie Mae owned the biggest percentage of REOinventory of any lender in the impacted counties in all three states, with 29percent in New York, 25 percent in New Jersey, and 22 percent in Connecticut.Other lenders with large percentages of REO inventory in the impacted countiesincluded Wells Fargo, US BankCorp and DeutscheBank.

Foreclosure starts increase from previousmonth, down from a year ago
Foreclosure starts — defaultnotices or scheduled foreclosureauctions, depending on the state — were filed for the first time on89,209 U.S. properties in October, a 2 percent increase from September butstill down 19 percent from October 2011 — the third straight month with anannual decrease in foreclosure starts.

Foreclosure startsincreased from the previous month in 26 states, including Nevada (54 percent),Tennessee (52 percent), Minnesota (28 percent), North Carolina (26 percent),New York (17 percent) and Georgia (16 percent).

Foreclosurestarts increased from a year ago in 15 states, including New Jersey (286percent), Washington (163 percent), New York (163 percent), Pennsylvania (42percent), North Carolina (38 percent), and Nevada (20 percent).

Bank repossessionsdecrease annually for 24th straight month
Lenderscompleted the foreclosure process on 53,478 U.S. properties in October, downless than 1 percent from the previous month but down 21 percent from October2011 — the 24th straight month with an annual decrease in REO activity.

REOactivity decreased annually in 37 states and the District of Columbia. Some ofthe biggest decreases were in Oregon (81 percent), Virginia (72 percent),Washington (56 percent), Nevada (50 percent), Texas (41 percent), Michigan (35percent), Arizona (33 percent), and California (20percent).

States with some of the biggest annual increases inREO activity included Connecticut (44 percent), Maryland (38 percent), SouthCarolina (37 percent), New York (33 percent) and Georgia (22 percent).

Florida,Nevada, Illinois post highest state foreclosurerates
Floridaregistered the nation’s highest state foreclosure rate for the second month ina row. One in every 312 Florida housing units had a foreclosure filing inOctober — more than twice the national average. A total of 28,783 Floridaproperties had a foreclosure filing in October, up 2 percent from the previousmonth and a 12-month high, but the October 2012 total was still 13 percentbelow the October 2011 total.

A 41 percent monthly increasein overall foreclosure activity helped push the Nevadaforeclosure rate to the second highest in the nation in October, upfrom the nation’s fifth highest foreclosure rate in September. One in every 352Nevada housing units had a foreclosure filing during the month, twice thenational average. Foreclosure starts (NOD) in Nevada increased 54 percent fromthe previous month and were up 20 percent from a year ago — the first annualincrease in Nevada foreclosure starts after 32 consecutive months of annualdecreases. Nevada REOs increased 69 percent from the previous month but werestill down 50 percent from a year ago.

One in every 356 Illinoishousing units had a foreclosure filing in October, the nation’s third higheststate foreclosure rate. A total of 14,899 Illinois properties had a foreclosurefiling during the month, a 6 percent increase from the previous month and a 19percent increase from a year ago — the 10th consecutive month where Illinoisdocumented an annual increase in foreclosure activity.

Otherstates with foreclosure rates among the nation’s 10 highest were California(one in every 379 housing units with a foreclosure filing), Arizona (one in 420housing units), Georgia (one in every 439 housing units), Ohio (one in every476 housing units), Colorado (one in 563 housing units), South Carolina (one inevery 601 housing units), and Michigan (one in every 607 housingunits).

Foreclosure activity increases fromprevious month in 53 percent of metros
October foreclosureactivity increased from the previous month in 113 of the 212 metropolitanstatistical areas tracked in the report (53 percent). Six of the metro areaswith the 10 highest foreclosure rates documented a monthly increase inforeclosure activity, including Modesto, Calif. (68 percent),Visalia-Porterville, Calif. (58 percent), Palm Bay-Melbourne-Titusville, Fla.(71 percent).

Twenty-six of the metro areas with the 50highest foreclosure rates documented a monthly increase in foreclosureactivity, including Sarasota, Fla. (53 percent), Las Vegas, Nev. (45 percent),Columbus, Ohio (61 percent) and Columbia, S.C. (58 percent).

Reportmethodology                                     
The RealtyTrac U.S. Foreclosure Market Report providesa count of the total number of properties with at least one foreclosure filingentered into the RealtyTrac database during the month — broken out by type offiling. Some foreclosure filings entered into the database during the month mayhave been recorded in previous months. Data is collected from more than 2,200 countiesnationwide, and those counties account for more than 90 percent of the U.S.population. RealtyTrac’s report incorporates documents filed in all threephases of foreclosure: DefaultNoticeof Default (NOD) and LisPendens (LIS); Auction — Notice of Trustee’s Saleand Notice of Foreclosure Sale (NTS and NFS); and RealEstate Owned, or REOproperties (that have been foreclosed on and repurchased by a bank).The report does not count a property again if it receives the same type offoreclosure filing multiple times within the estimated foreclosure timeframefor the state where the property is located.

October 2012 Foreclosure Starts & Completions

State Name Foreclosure Starts   %? from Sep12 %? from Oct 11 ForeclosureCompletions (REO) %? from Sep12 %? from Oct11
United States

      89,209

2.46

-19.48

53,478

-0.17

-20.92

Alabama

        1,148

-2.55

-11.56

650

-8.96

-29.65

Alaska

              97

-2.02

-6.73

28

-40.43

-55.56

Arizona

        3,943

4.15

-38.57

2,821

-16.07

-32.74

Arkansas

            299

-2.29

77.98

225

-15.41

-23.99

California

      13,229

-3.35

-54.76

7,813

-6.51

-20.03

Colorado

        2,601

3.63

-5.69

1,317

-3.09

-32.25

Connecticut

        1,206

37.05

38.30

489

45.54

43.82

Delaware

            103

-42.46

-76.43

134

-10.07

-62.57

District  of Columbia

                2

-86.67

 

9

50.00

-18.18

Florida

      12,712

-13.82

-16.56

7,301

10.07

1.63

Georgia

        5,521

16.28

-19.99

3,788

28.71

21.80

Hawaii

              47

-27.69

-81.85

90

114.29

-34.31

Idaho

            283

10.98

-55.43

158

-50.00

-38.04

Illinois

        5,946

-1.90

-3.10

3,734

3.72

18.77

Indiana

        1,054

5.82

3.84

972

-10.33

-31.89

Iowa

        1,156

336.23

262.38

652

80.11

53.77

Kansas

            353

1.15

-33.40

316

-20.00

-14.59

Kentucky

            440

12.24

102.76

412

-22.70

29.97

Louisiana

            718

8.13

3.31

447

36.28

-20.04

Maine

              76

-5.00

-1.30

55

-3.51

-76.29

Maryland

            524

-16.43

-11.93

359

32.96

37.55

Mass.

        2,010

153.79

63.55

455

3.41

-45.18

Michigan

        3,839

1.05

-29.91

3,622

-8.12

-35.12

Minnesota

            979

28.48

-41.66

1,119

38.49

-17.42

Mississippi

            136

43.16

-6.21

136

-42.13

-22.29

Missouri

        1,103

4.95

-17.32

968

-4.82

-12.64

Montana

              38

-48.65

-51.28

45

-58.33

-73.21

Nebraska

              91

-15.74

-28.35

59

-30.59

-46.85

Nevada

        1,441

53.79

19.98

1,135

68.90

-50.00

New  Hampshire

            458

90.83

-18.79

281

53.55

-6.64

New  Jersey

        2,124

-20.63

286.18

387

15.52

15.52

New  Mexico

            411

-56.92

-32.73

76

-56.07

-53.66

New  York

        3,227

16.71

163.21

216

27.06

32.52

North  Carolina

        1,917

25.62

37.81

1,440

28.57

16.32

North  Dakota

               –  

-100.00

-100.00

3

50.00

-83.33

Ohio

        3,598

9.86

-5.27

3,039

6.56

18.25

Oklahoma

            472

-10.27

-43.20

246

-3.53

-53.58

Oregon

            264

-1.86

-80.56

386

-39.31

-81.23

Pennsylvania

        1,593

-9.23

41.73

899

14.81

-19.73

Rhode  Island

            244

69.44

-23.27

150

23.97

-30.88

South  Carolina

        1,689

-10.35

-30.00

956

34.27

37.36

South  Dakota

              25

-46.81

-44.44

27

42.11

22.73

Tennessee

        1,265

51.86

44.57

902

-32.49

-47.03

Texas

        5,153

9.34

-6.78

2,552

-7.30

-40.68

Utah

            492

28.13

-42.05

259

-55.03

-53.58

Vermont

                1

 

 

22

22.22

-12.00

Virginia

        1,458

-20.80

-34.03

409

-43.04

-72.04

Washington

        2,381

4.94

163.38

783

-24.71

-56.01

West  Virginia

              53

120.83

1666.67

56

-22.22

-75.33

Wisconsin

        1,265

-9.19

-11.60

1,049

-12.22

-7.25

Wyoming

              24

-35.14

 

31

-11.43

-63.10

†ForeclosureStarts are the first public notice of foreclosure, either NOD, LIS or NTSdepending on the state

ReportLicense                                                                               
The RealtyTrac U.S. ForeclosureMarket Report is the result of a proprietary evaluation of information compiledby RealtyTrac; the report and any of the information in whole or in part canonly be quoted, copied, published, re-published, distributed and/orre-distributed or used in any manner if the user specifically referencesRealtyTrac as the source for said report and/or any of the information setforth within thereport.

OrderCustomized Reports
Detailed and historical foreclosuredata used to create the above report may be purchased through the RealtyTracData Licensing Department at 949.502.8300 Ext. 158. Aggregate data is availableat the state, metro, county and zip code levels dating back to 2005, andaddress-level foreclosure records are also availablehistorically.

About RealtyTracInc.
RealtyTrac (www.realtytrac.com) is theleading supplier of U.S. real estate data, with more than 1.5 million activedefault, foreclosure auction 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.

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

GinnyWalker
949.502.8300, ext. 268
ginny.walker@realtytrac.com

Order CustomData:
Data SalesDepartment
800.913.0439
datasales@realtytrac.com

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved