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Foreclosures Rise from 6yr Low; Judicial Backlog-Clearing Blamed

by devteam August 15th, 2013 | Share

Foreclosurernactivity accelerated slightly in July rising off of the 78 month low</bit reached in June, RealtyTrac said today. There were 130,888rnforeclosure filings – including default notices, scheduledrnauctions, and bank repossessions – in June, the Irvine, Californiarncompany reported, a 2 percent increase from the previous month but arnlevel 32 percent below that in July 2012. One in every 1,001 U.S.rnHousing units received a foreclosure filing during the month. </p

Thernslight increase in overall national activity was driven by filings inrnthe later stages of the foreclosure process. Foreclosure startsrnincreased by 6 percent from July and bank repossessions were up 4rnpercent although both were down compared to July 2012. </p

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RealtyTracrnfocused its July report on state level statistics and the state thatrnis at the epicenter of activity continues to be Florida. Foreclosurernactivity there increased 8 percent from the previous month and was uprn7 percent from a year earlier. There have been month-over- monthrnincreases in foreclosure filings in the state for 16 of the last 19rnmonths and it is the number one state for foreclosure activity forrnthe third consecutive month with a filing rate three times thernnational average. Foreclosure starts decreased 28 percent from arnyear ago but scheduled auctions were up 74 percent and completedrnforeclosures 13 percent on an annual basis. </p

Inrnall there were increases in foreclosure starts in 26 states and bankrnrepossessions were up in 29 states compared to June. On a year overrnyear basis starts were up in 15 states and bank repossessions in 18rnstates. The largest increase in starts was in Maryland which hadrnnearly a three-fold increase (+275 percent) compared to July 2012 andrnwas the state with the second highest level of overall activity. Starts were up in Oregon by 137 percent and New Jersey by 89 percent.rn </p

Bankrnrepossessions skyrocketed in Arkansas with an annual increase of 266rnpercent, Oklahoma, up 126 percent, Maryland (+101 percent) and NewrnYork (100 percent). </p

Secondrnplace Maryland had 3,962 foreclosure filings during the month, anrnincrease of 148 percent from a year earlier. Ohio, in third place,rnactually posted a year-over-year decrease in foreclosure activity forrnJuly and the preceding two months but still had foreclosure filingsrnon one in every 639 housing units in the state in July.</p

Chiefrnamong states with improving statistics was Arizona which dropped outrnof the top ten states for foreclosure activity for the first timernsince February 2007. California and Michigan had previouslyrnrelinquished their top ten spots and maintained their lower tierrnstatus in July for the sixth and fifth consecutive monthsrnrespectively. </p

Ninernof the nation’s 10 highest metro foreclosure rates in July were inrnFlorida cities, and five of those nine Florida cities postedrnincreasing foreclosure activity from a year ago.</p

 “Whilernforeclosures are continuing to boil over in a select group of marketsrnwhere state legislation and court rulings kept a lid on foreclosurernactivity during the worst of the housing crisis, the foreclosurernboil-over markets are becoming fewer and farther between as lendersrnhave caught up with the backlog of delayed foreclosures in some ofrnthe states with the more lengthy judicial foreclosure process,”rnsaid Daren Blomquist, vice president of RealtyTrac. “For example,rnIllinois foreclosure activity has now decreased on a year-over-yearrnbasis for eight consecutive months following 11 straight months ofrnannual increases, and Ohio has seen three consecutive months withrnannual decreases following eight straight months with annualrnincreases.rn</p

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“U.S.rnforeclosure activity in July is 64 percent below the peak of morernthan 367,000 properties with foreclosure filings in March 2010, butrnis still 54 percent above the historical average of 85,000 propertiesrnwith foreclosure filings per month before the housing bubble burst inrnlate 2006,” Blomquist continued. “There are a dozen states,rnhowever, where foreclosure activity levels in July were at or belowrnaverage monthly levels prior to the bubble bursting. Those statesrninclude Texas, Colorado, Oklahoma, Indiana and Michigan, and wernexpect the number of states in this category to increase in therncoming months.” </p

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.

About the Author

devteam

Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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