Welcome!

News Feed Item

2012 Foreclosure Activity up in 57 Percent of U.S. Metros, Best Markets to Buy Foreclosures in 2013 Selected

Foreclosure Activity Down in 12 of 20 Largest Metros, Led by Phoenix, San Francisco, Detroit Stockton Posts Highest Metro Rate, but Florida Cities Account for 8 of Top 20 Rates

IRVINE, CA -- (Marketwire) -- 01/31/13 -- RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its 2012 Year-End Metropolitan Foreclosure Market Report, which shows 2012 foreclosure activity increased from 2011 in 120 (57 percent) out of the nation's 212 metropolitan statistical areas with a population of 200,000 or more. Foreclosure activity during the year decreased from 2010 -- when foreclosures peaked in most markets -- in 181 out of the 212 markets tracked in the report (85 percent).

Foreclosure activity in 2012 decreased from 2011 in 12 out of the nation's 20 largest metro areas, led by Phoenix (down 37 percent), San Francisco (down 30 percent), Detroit (down 26 percent), Los Angeles (down 24 percent), and San Diego (down 24 percent).

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

"Markets with increasing foreclosure activity in 2012 took the first step in finally purging delayed distress left over from the bursting housing bubble," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile, the underlying fundamentals in many of those markets are slowly improving, making it an opportune time to absorb additional foreclosure inventory this year -- and that is particularly good news for buyers and investors hungry for more inventory to purchase in those markets."

Florida cities account for eight of top 20 metro foreclosure rates
Despite double-digit percentage decreases in foreclosure activity compared to 2011, California cities accounted for the top four metro foreclosure rates, led by Stockton with 3.98 percent of housing units (one in 25) with a foreclosure filing during the year -- nearly three times the national average.

Other California cities with foreclosure rates among the 20 highest were Riverside-San Bernardino-Ontario at No. 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 declining foreclosure activity compared to 2011.

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

Other cities with foreclosure rates among the nation's 20 highest were Atlanta at No. 7 (3.51 percent of housing units 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 Phoenix at No. 17 (3.09 percent).

Best Places to Buy Foreclosures in 2013
To select the best places to buy foreclosures in 2013, RealtyTrac scored all metro areas with a population of 500,000 or more by summing up four numbers: months' supply of foreclosure inventory, percentage of foreclosure sales, foreclosure discount, and percentage increase in foreclosure activity in 2012.

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

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

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

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


----------------------------------------------------------------------------
                                         Foreclosure Avg         Foreclosure
                               Inventory Sales Pct   Foreclosure Activity
                        Total  Months'   of All      Discount    Annual Pct
MSA                     Score  Supply    Sales       Pct         Change
----------------------------------------------------------------------------
Palm Bay-Melbourne-
 Titusville, FL         394.11        34       23.81       28.05      308.71
----------------------------------------------------------------------------
Rochester, NY           239.32        78        3.16       25.78      132.61
----------------------------------------------------------------------------
Albany-Schenectady-
 Troy, NY               231.62        86        3.17       35.08      107.72
----------------------------------------------------------------------------
New York-Northern New
 Jersey-Long Island,
 NY-NJ-PA               172.85        97        7.70       40.35       27.91
----------------------------------------------------------------------------
Lakeland, FL            167.65        33       24.36       15.09       95.65
----------------------------------------------------------------------------
Tampa-St. Petersburg-
 Clearwater, FL         163.46        32       24.67       26.64       80.16
----------------------------------------------------------------------------
Jacksonville, FL        146.49        34       29.26       32.29       51.36
----------------------------------------------------------------------------
Poughkeepsie-Newburgh-
 Middletown, NY         143.07        92        6.59       28.35       16.51
----------------------------------------------------------------------------
Orlando-Kissimmee, FL   141.88        28       30.14       19.24       64.34
----------------------------------------------------------------------------
Chicago-Naperville-
 Joliet, IL-IN-WI       141.88        36       30.04       46.03       30.21
----------------------------------------------------------------------------
El Paso, TX             135.50        15        8.79       17.80       93.42
----------------------------------------------------------------------------
Miami-Fort Lauderdale-
 Pompano Beach, FL      124.43        29       28.70       30.58       36.17
----------------------------------------------------------------------------
Philadelphia-Camden-
 Wilmington, PA-NJ-DE-
 MD                     124.30        42       11.91       43.17       27.01
----------------------------------------------------------------------------
Allentown-Bethlehem-
 Easton, PA-NJ          122.44        34       11.87       39.70       37.21
----------------------------------------------------------------------------
Youngstown-Warren-
 Boardman, OH-PA        122.21        61       13.61       32.63       15.32
----------------------------------------------------------------------------
Bridgeport-Stamford-
 Norwalk, CT            121.73        10        9.83       52.22       49.37
----------------------------------------------------------------------------
Syracuse, NY            119.48        39        1.60       21.25       57.40
----------------------------------------------------------------------------
Cleveland-Elyria-
 Mentor, OH             119.23        32       21.64       46.97       18.83
----------------------------------------------------------------------------
New Haven-Milford, CT   118.88         9       13.66       41.87       54.18
----------------------------------------------------------------------------
Indianapolis-Carmel, IN 118.63        26       18.97       35.51       38.04
----------------------------------------------------------------------------


Worst Places to Buy Foreclosures in 2013
The metro with the lowest score was McAllen, Texas, with a 12-month supply of foreclosure inventory, foreclosure sales accounting for 7 percent of all sales, an average foreclosure discount of 21 percent, and a 66 percent decrease in foreclosure activity in 2012 compared to 2011.

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


----------------------------------------------------------------------------
                                         Foreclosure Avg         Foreclosure
                               Inventory Sales Pct   Foreclosure Activity
                        Total  Months'   of All      Discount    Annual Pct
MSA                     Score  Supply    Sales       Pct         Change
----------------------------------------------------------------------------
McAllen-Edinburg-
 Mission, TX            -25.34        12        7.14       21.49      -65.90
----------------------------------------------------------------------------
Ogden-Clearfield, UT     -7.64        13       14.70       14.72      -50.09
----------------------------------------------------------------------------
Little Rock-North
 Little Rock-Conway, AR  -2.29        15        7.14       24.34      -48.64
----------------------------------------------------------------------------
Las Vegas-Paradise, NV    9.25         7       42.06       16.79      -56.97
----------------------------------------------------------------------------
Salt Lake City, UT       12.09        19       17.67       13.37      -37.71
----------------------------------------------------------------------------
Boise City-Nampa, ID     20.68        13       16.64       18.98      -27.55
----------------------------------------------------------------------------
Buffalo-Niagara Falls,
 NY                      29.46        37        2.41       32.92      -42.97
----------------------------------------------------------------------------
Phoenix-Mesa-
 Scottsdale, AZ          30.32         9       34.73       24.20      -37.25
----------------------------------------------------------------------------
Portland-Vancouver-
 Beaverton, OR-WA        30.50         9       21.81       28.16      -28.09
----------------------------------------------------------------------------
Provo-Orem, UT           35.35        11       17.93       50.12      -44.06
----------------------------------------------------------------------------
Honolulu, HI             40.61        50        5.17       20.06      -34.49
----------------------------------------------------------------------------
San Jose-Sunnyvale-
 Santa Clara, CA         41.63         9       25.96       42.77      -36.13
----------------------------------------------------------------------------
Fresno, CA               41.85        10       39.13       22.68      -29.99
----------------------------------------------------------------------------
Bakersfield, CA          43.50        10       42.80       15.97      -25.27
----------------------------------------------------------------------------
Stockton, CA             44.97         8       52.57        8.99      -25.02
----------------------------------------------------------------------------
Oxnard-Thousand Oaks-
 Ventura, CA             45.48        11       37.50       20.39      -23.66
----------------------------------------------------------------------------
Austin-Round Rock, TX    46.19        13        7.97       44.58      -19.74
----------------------------------------------------------------------------
Modesto, CA              48.21         8       55.49       10.65      -26.00
----------------------------------------------------------------------------
Sacramento--Arden-
 Arcade--Roseville, CA   48.27         8       43.35       24.78      -28.31
----------------------------------------------------------------------------
Knoxville, TN            48.53        15       13.30       34.91      -14.40
----------------------------------------------------------------------------


Report Methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the quarter -- broken out by type of filing. Some foreclosure filings entered into the database during a quarter may have been recorded in previous quarters. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee 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). For the quarterly report, if more than one foreclosure document is received for a property during the quarter, only the most recent filing is counted in the report. The quarterly report also checks if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current quarter.

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 [email protected].

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]

Data and Report Licensing:
800.462.5193
[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
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...