Click here to close now.




















Welcome!

News Feed Item

Foreclosure Activity Increased 3 Percent in October According to RealtyTrac(R) U.S. Foreclosure Market Report

New Jersey, New York, Connecticut With Biggest Annual Activity Increases Foreclosure Activity Increases From September in 53 Percent of U.S. Metros

IRVINE, CA -- (Marketwire) -- 11/15/12 -- RealtyTrac® (www.realtytrac.com), the leading 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 bank repossessions -- were reported on 186,455 U.S. properties in October, an increase of 3 percent from September but still down 19 percent from October 2011. The report also shows one in every 706 U.S. housing units with a foreclosure filing during the month.

"We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state's foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010," said Daren Blomquist, vice president of RealtyTrac."Unfortunately the three states dealing with the biggest rebound in deferred foreclosure activity -- New Jersey, New York and Connecticut -- also had to deal with the devastation to homes inflicted by super storm Sandy. The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery."

High-level findings from the report:

  • The three states with the biggest annual increases in foreclosure activity in October were New Jersey (140 percent), New York (123 percent) and Connecticut (41 percent). Other states with sizable increases were Maryland (27 percent), Ohio (24 percent) and Illinois (19 percent).

  • An analysis of foreclosure activity and inventory in the counties most impacted by super storm Sandy in Connecticut, New Jersey and New York shows foreclosure activity in October was down 8 percent from September but up 92 percent from a year ago, and an estimated $41 billion in foreclosure inventory in those counties.

  • Florida posted the nation's highest foreclosure rate for the second month in a row, with one in every 312 housing 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 unchanged from the previous month.

  • Foreclosure activity increased on a month-over-month basis in more than half of the 212 metro areas tracked in the report, and jumped significantly in some hard-hit metro areas, including Modesto, Calif. (up 68 percent), Sarasota, Fla. (up 53 percent), Las Vegas, Nev. (up 45 percent), Columbus, Ohio (up 61 percent), and Columbia, S.C. (up 58 percent).

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

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

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

Foreclosure starts increase from previous month, down from a year ago
Foreclosure starts -- default notices or scheduled foreclosure auctions, depending on the state -- were filed for the first time on 89,209 U.S. properties in October, a 2 percent increase from September but still down 19 percent from October 2011 -- the third straight month with an annual decrease in foreclosure starts.

Foreclosure starts increased 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).

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

Bank repossessions decrease annually for 24th straight month
Lenders completed the foreclosure process on 53,478 U.S. properties in October, down less than 1 percent from the previous month but down 21 percent from October 2011 -- the 24th straight month with an annual decrease in REO activity.

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

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

Florida, Nevada, Illinois post highest state foreclosure rates
Florida registered the nation's highest state foreclosure rate for the second month in a row. One in every 312 Florida housing units had a foreclosure filing in October -- more than twice the national average. A total of 28,783 Florida properties had a foreclosure filing in October, up 2 percent from the previous month and a 12-month high, but the October 2012 total was still 13 percent below the October 2011 total.

A 41 percent monthly increase in overall foreclosure activity helped push the Nevada foreclosure rate to the second highest in the nation in October, up from the nation's fifth highest foreclosure rate in September. One in every 352 Nevada housing units had a foreclosure filing during the month, twice the national average. Foreclosure starts (NOD) in Nevada increased 54 percent from the previous month and were up 20 percent from a year ago -- the first annual increase in Nevada foreclosure starts after 32 consecutive months of annual decreases. Nevada REOs increased 69 percent from the previous month but were still down 50 percent from a year ago.

One in every 356 Illinois housing units had a foreclosure filing in October, the nation's third highest state foreclosure rate. A total of 14,899 Illinois properties had a foreclosure filing during the month, a 6 percent increase from the previous month and a 19 percent increase from a year ago -- the 10th consecutive month where Illinois documented an annual increase in foreclosure activity.

Other states with foreclosure rates among the nation's 10 highest were California (one in every 379 housing units with a foreclosure filing), Arizona (one in 420 housing units), Georgia (one in every 439 housing units), Ohio (one in every 476 housing units), Colorado (one in 563 housing units), South Carolina (one in every 601 housing units), and Michigan (one in every 607 housing units).

Foreclosure activity increases from previous month in 53 percent of metros
October foreclosure activity increased from the previous month in 113 of the 212 metropolitan statistical areas tracked in the report (53 percent). Six of the metro areas with the 10 highest foreclosure rates documented a monthly increase in foreclosure 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 50 highest foreclosure rates documented a monthly increase in foreclosure activity, including Sarasota, Fla. (53 percent), Las Vegas, Nev. (45 percent), Columbus, Ohio (61 percent) and Columbia, S.C. (58 percent).

Click here to learn about RealtyTrac's report methodology and for graphics displaying the latest foreclosure market trends

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.

Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data is available at the state, metro, county and zip code levels dating back to 2005, and address-level foreclosure records are also available historically.

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
[email protected]

Ginny Walker
949.502.8300, ext. 268
[email protected]

Order Custom Data:
Data Sales Department
800.913.0439
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
"We have been in business for 21 years and have been building many enterprise solutions, all IT plumbing - server, storage, interconnects," stated Alex Gorbachev, President of Intelligent Systems Services, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We specialize in testing. DevOps is all about continuous delivery and accelerating the delivery pipeline and there is no continuous delivery without testing," noted Marc Hornbeek, Sr. Solutions Architect at Spirent Communications, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
"Alert Logic is a managed security service provider that basically deploys technologies, but we support those technologies with the people and process behind it," stated Stephen Coty, Chief Security Evangelist at Alert Logic, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to tran...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...