Welcome!

News Feed Item

U.S. Foreclosure Activity Increases 2 Percent in October Driven by Continued Rise in Judicial Foreclosure Auctions

Scheduled Judicial Foreclosure Auctions Increase Annually for 16th Straight Month Foreclosure Starts Up Monthly for Second Straight Month, Big Jumps in FL, IL, CO

IRVINE, CA -- (Marketwired) -- 11/14/13 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report™ for October, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 133,919 U.S. properties in October, a 2 percent increase from the previous month but a 28 percent decrease from a year ago. The report also shows one in every 978 U.S. housing units with a foreclosure filing during the month.

High-level findings from the report:

  • There were a total of 30,023 scheduled judicial foreclosure auctions (NFS) nationwide in October, up 10 percent from the previous month and up 7 percent from a year ago -- the 16th consecutive month where judicial foreclosure auctions increased from a year ago.

  • States with the biggest annual increases in scheduled judicial foreclosure auctions included Maryland (up 177 percent), Delaware (up 142 percent), New York (up 98 percent), New Jersey (up 97 percent), Pennsylvania (up 58 percent), Connecticut (up 35 percent), and Florida (up 32 percent).

  • There were a total of 58,939 U.S. properties that started the foreclosure process for the first time in October, up 2 percent from the previous month but still down 34 percent from a year ago -- the 15th consecutive month where foreclosure starts have decreased on an annual basis.

  • Foreclosure starts were up from the previous month in 22 states, including Colorado (up 124 percent), Florida (up 36 percent), and Illinois (up 30 percent).

  • There were a total of 37,775 bank repossessions (REO) nationwide in October, down 1 percent from the previous month and down 29 percent from a year ago -- the 11th consecutive month where bank repossessions have decreased annually.

  • Bank repossessions increased from a year ago in 15 states, including Oklahoma (up 59 percent), Maryland (up 54 percent), Virginia (up 47 percent), Ohio (up 30 percent), and Washington (up 30 percent).

  • States with the five highest foreclosure rates in October were Florida, Nevada, Maryland, Ohio and Illinois.

  • Among the nation's 20 largest metro areas, the highest foreclosure rates were in Miami, Tampa, Chicago, Baltimore and Riverside-San Bernardino, Calif. The biggest annual increases in foreclosure activity were in Baltimore (up 296 percent for 13th consecutive month with an annual increase), Washington, D.C. (up 48 percent for fifth consecutive month with an annual increase), New York (up 20 percent for 16th consecutive month with an annual increase), Philadelphia (up 15 percent for eighth consecutive month with an annual increase), and Miami (up 7 percent for first annual increase after two consecutive months of annual decreases).

"The backlog of delayed judicial foreclosures continues to make its way through the pipeline, with many of these properties now being scheduled for the public auction after starting the foreclosure process last year or earlier this year," said Daren Blomquist, vice president at RealtyTrac. "Lenders are likely moving these properties more rapidly to the public auction given that there is strong demand from institutional buy-to-rent investors at the auction and that rising home prices mean more of the loan losses can be recouped, either by selling to an investor at the auction or by repossessing the property and reselling as bank owned."

Local broker quotes
"Some people who defaulted three years ago are just now being contacted by the bank to begin the foreclosure process. This explains some of the recent rise in bank repossessions in Oklahoma," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty covering the Oklahoma City and Tulsa markets. "When home prices were heading downward banks would sometimes send default notices to homeowners but allow them to stay in the home without making payments if the homeowner would maintain the home and keep it in good condition. Now that the economy is improving and home prices are rising, banks are attempting to restructure the loan or begin the foreclosure process."

"Homeowners and homebuyers are now able to negotiate home sales together without a bank being involved. It's the way real estate should be, and it's nice to be back to a more normal real estate market again," said Rich Cosner, President of Prudential California Realty, covering Orange, Riverside and San Bernardino counties in Southern California.

"The increase in Reno-area foreclosure activity is likely the result of lenders pushing through some foreclosures before the new Nevada Homeowner Bill of Rights took effect in October," said Craig King, COO of Chase International, covering the Reno and Lake Tahoe markets. "Despite that increase, we're making steady progress away from the problems that plagued the real estate industry in Northern Nevada. Short sales and foreclosures used to be 85 percent of the market and equity sales used to be 15, and now it's exactly flipped."

"The October foreclosure numbers provide evidence that Ohio has worked through much of the backlog of foreclosure activity here, and now we are seeing lenders taking far quicker action in initiating the foreclosure process on mortgages in default," said Michael Mahon, Executive Vice President/Broker for HER Realtors covering Cincinnati, Dayton and Columbus, Ohio. "Low market inventory levels and increasing home prices are also prompting lenders to initiate the foreclosure process much more quickly."

Florida, Nevada and Maryland post top state foreclosure rates
Florida foreclosure activity in October increased 22 percent from the previous month, driven primarily by a 36 percent month-over-month increase in foreclosure starts, helping the state regain the nation's highest foreclosure rate after two months in the second spot. A total of 26,962 Florida properties had foreclosure filings during the month, one in every 332 housing units.

Nevada foreclosure activity in October dropped 39 percent from the previous month off a 21-month high in September, but the state still posted the nation's second highest foreclosure rate: one in every 407 housing units with a foreclosure filing. New legislation called the Nevada Homeowner Bill of Rights that changes the foreclosure process in the state took effect in October.

Maryland posted the nation's third highest state foreclosure rate in October, up from the No. 4 spot in September, thanks to a 10 percent monthly increase and 201 percent year-over-year increase in foreclosure activity -- the 16th consecutive month where Maryland foreclosure activity has increased on an annual basis. One in every 516 Maryland housing units had a foreclosure filing in October.

Other states with foreclosure rates among the nation's 10 highest in October were Ohio (one in every 525 housing units with a foreclosure filing), Illinois (one in every 552 housing units), Utah (one in every 695 housing units), South Carolina (one in every 729 housing units), Delaware (one in every 748 housing units), Connecticut (one in every 752 housing units), and Georgia (one in every 897 housing units).

Miami, Tampa, Chicago, Baltimore and Riverside post top metro foreclosure rates
Among the nation's 20 largest metropolitan statistical areas, Miami posted the highest foreclosure rate: one in every 264 housing units with a foreclosure filing. Miami foreclosure activity in October increased 7 percent from a year ago boosted by a 51 percent jump in scheduled foreclosure auctions.

Scheduled foreclosure auctions increased 40 percent year-over-year in Tampa, Fla., helping that metro area post the nation's second highest foreclosure rate among the 20 largest metro areas in October: one in every 302 housing units with a foreclosure filing.

Chicago foreclosure activity dropped annually for the 11th consecutive month, but a 30 percent month-over-month jump in foreclosure starts helped the metro area's foreclosure rate rank third highest among the 20 largest metro areas nationwide in October. On in every 427 Chicago-area housing units had a foreclosure filing during the month.

Baltimore foreclosure activity increased 296 percent from a year ago -- the 13th consecutive month with an annual increase -- and the metro area's foreclosure rate of one in every 490 housing units with a foreclosure filing ranked fourth highest among the nation's 20 largest metros in October.

Despite a 60 percent annual decrease in foreclosure activity in October, the inland California metro area of Riverside-San Bernardino posted a foreclosure rate that was above the national average and fifth highest among the nation's 20 largest metros: one in every 531 housing units with a foreclosure filing.

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 month -- broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. 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's 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). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

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. For more information please contact our Data Licensing Department at 800.462.5193 or [email protected].

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the nation's leading source of comprehensive housing 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.

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
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.