|By Marketwired .||
|April 10, 2014 12:01 AM EDT||
IRVINE, CA -- (Marketwired) -- 04/10/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report for March and the first quarter of 2014, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 117,485 U.S. properties in March, a 4 percent increase from February but still down 23 percent from a March 2013.
The monthly increase in foreclosure activity was driven by a 7 percent month-over-month increase in foreclosure starts -- the initial public notice starting the foreclosure process -- and a 6 percent monthly increase in scheduled foreclosure auctions. Lenders repossessed 28,840 U.S. properties in March, down 5 percent from the previous month and down 34 percent from a year ago to the lowest level since July 2007 -- an 80-month low.
March was the 42nd consecutive month where U.S. foreclosure activity decreased from a year ago, helping to drop first quarter foreclosure activity to the lowest level since the second quarter of 2007. A total of 341,670 U.S. properties had a foreclosure notice in the first quarter, down 3 percent from the previous quarter and down 23 percent from a year ago. One in every 385 U.S. housing units had a foreclosure filing in the first quarter.
Despite the decrease in overall foreclosure activity in the first quarter, 29 states posted annual increases in scheduled foreclosure auctions, including Utah (up 226 percent), Oregon (up 177 percent), Connecticut (up 131 percent), New Jersey (up 79 percent), Delaware (up 49 percent), New York (up 47 percent), Maryland (up 46 percent), Massachusetts (up 37 percent), Nevada (up 21 percent) and Florida (up 21 percent).
Meanwhile foreclosure starts in the first quarter increased from a year ago in 19 states, including New Jersey (up 83 percent), Maryland (up 43 percent), Indiana (up 38 percent), Delaware (up 24 percent), Connecticut (up 13 percent), and California (up 10 percent). The increase in California was the first annual increase since the second quarter of 2012, and the first double-digit percentage increase since the fourth quarter of 2009.
"Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time," said Daren Blomquist, vice president at RealtyTrac. "This is most evident in judicial foreclosure states that were more likely to have impediments in the foreclosure process, but there are also signs of this catch-up trend happening in some non-judicial states like California, where an increasing number of judicial foreclosure filings boosted foreclosure starts in the first quarter.
"Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold," Blomquist continued. "Our estimates indicate only 10 percent of these bank-owned properties are listed for sale and more than half are still occupied by the former homeowner or tenant."
More than half of all bank-owned properties still occupied
RealtyTrac also included an update of occupied REOs -- bank-owned properties still occupied after the completed foreclosure -- in its first quarter report. Of the 259,783 bank-owned properties with owner-occupancy data available -- out of a total of 483,224 bank-owned homes nationwide -- 51 percent were still occupied by the former homeowner or a tenant. Metros with the highest percentage of occupied REOs included Nashville, Tenn. (80 percent), Richmond, Va. (80 percent), New York (73 percent), Houston (73 percent) and San Jose, Calif., (73 percent).
"There are always going to be homeowners who aren't able to make their house payments, but we are definitely back to a normal foreclosure rate," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla. markets, noting that first quarter foreclosure activity in Oklahoma dropped to its lowest level since the second quarter of 2007. "The distressed listings we're seeing in the Oklahoma market are zombie and vampire foreclosures, where properties have either been lost in litigation or held off of the market until now."
"Foreclosure activity is down 34 percent in the Nashville-Murfreesboro MSA at the end of the first quarter compared to last year," said Bob Parks, CEO of Bob Parks Realty, covering the mid-Tennessee market. "This continued decline in total foreclosure activity mirrors our recovering housing market and return to normalcy."
Average time to complete foreclosure up to 572 days nationwide
U.S. properties foreclosed in the first quarter of 2014 were in the foreclosure process an average of 572 days, up 1 percent from 564 days in previous quarter and up 20 percent from 477 days in first quarter of 2013.
New Jersey overtook New York as the state with the longest average time to foreclose in the first quarter with an average of 1,103 days to complete foreclosure. That was followed by New York (986 days), Florida (935 days), Hawaii (840 days), and Illinois (830 days).
The average time to foreclose was the shortest among all states in Alaska (151 days), followed by Texas (169 days), Delaware (177 days), New Hampshire (190 days), and Alabama (193 days).
"Distressed properties are not a huge part of the Southern California market at this point in time and haven't been for quite a while," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market, where the average time to foreclose decreased slightly in the first quarter. "Since the market has significantly rebounded and home prices have increased, we are seeing banks moving through foreclosures at a faster pace because the current level of housing inventory can support it."
Average time to sell a bank-owned property increases 34 percent
U.S. bank-owned properties sold in the first quarter had been bank-owned for an average of 226 days when they sold, up 34 percent from the average of 168 days in the first quarter of 2013.
States with above-average time to sell REOs included Texas (347 days), Michigan (342 days), Minnesota (313 days), Colorado (305 days), and Georgia (276 days).
Properties in the foreclosure process that sold during the first quarter took an average of 509 days to sell after starting the foreclosure process, up 33 percent from an average of 382 days in the first quarter of 2013.
States with above-average times to sell properties in foreclosure included Massachusetts (1,299 days), New York (854 days), New Jersey (830 days), Ohio (790 days), and Florida (720 days).
"Foreclosure filings have noticeably dropped in the Ohio market, but we have equally noticed lenders taking more properties back at sheriff's auctions and through deed in lieu activities, which has been adding to the REO inventory," said Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets, noting that Ohio has the nation's seventh largest REO inventory. "We believe that lenders are taking in more REO inventory in an attempt to take advantage of increasing equity of homes that has occurred in recent months due to lower available inventory in the overall Ohio markets."
Florida, Maryland, Nevada post top state foreclosure rates
Florida foreclosure activity in the first quarter decreased less than 1 percent from the previous quarter and was down 19 percent from a year ago, but the state still posted the nation's highest state foreclosure rate: one in every 129 housing units with a foreclosure filing during the quarter. Florida foreclosure activity has decreased annually for the past three consecutive quarters, including the first quarter.
Maryland foreclosure activity increased annually in the first quarter for the seventh consecutive quarter, helping it to post the nation's second highest state foreclosure rate: one in every 189 housing units with a foreclosure filing. A total of 12,589 Maryland housing units had a foreclosure filing during the quarter, down 1 percent from the previous quarter but still up 35 percent from the first quarter of 2013.
Nevada foreclosure activity in the first quarter decreased 8 percent from the previous quarter and was down 48 percent from a year ago, but the state still posted the nation's third-highest state foreclosure rate: one in every 224 housing units with a foreclosure filing.
Illinois posted the nation's fourth highest state foreclosure rate (one in every 230 housing units with a foreclosure filing) in the first quarter despite a 36 percent annual decrease in foreclosure activity, and New Jersey posted the nation's fifth highest state foreclosure rate (one in every 273 housing units with a foreclosure filing) in the third quarter, boosted by a 66 percent annual increase in foreclosure activity.
Other states with foreclosure rates ranking in the top 10 in the first quarter were Connecticut (one in every 277 housing units with a foreclosure filing), Ohio (one in every 278 housing units), Delaware (one in every 293 housing units), South Carolina (one in every 294 housing units), and Indiana (one in every 307 housing units).
New Jersey foreclosure activity increased 108 percent annually in February, and the state posted the nation's fourth highest state foreclosure rate -- one in every 739 housing units with a foreclosure filing. The No. 4 ranking was the highest ranking for New Jersey since October 2005.
Florida cities account for 8 of top 10 metro foreclosure rates in the first quarter
With one in every 99 housing units with a foreclosure filing in the first quarter, Port St. Lucie, Fla., posted the highest foreclosure rate among metropolitan statistical areas with a population of 200,000 or more.
Seven other Florida cities posted foreclosure rates in the top 10 highest nationwide: Miami at No. 2 (one in every 106 housing units with a foreclosure filing); Palm Bay-Melbourne-Titusville at No. 3 (one in every 112 housing units); Orlando at No. 4 (one in every 120 housing units); Tampa at No. 5 (one in every 122 housing units); Lakeland at No. 6 (one in every 127 housing units); Ocala at No. 7 (one in every 130 housing units); and Jacksonville at No. 8 (one in every 134 housing units).
Rockford, Ill., posted the ninth highest metro foreclosure rate in the first quarter, with one in every 153 housing units with a foreclosure filing, and Atlantic City, N.J., posted the 10th highest metro foreclosure rate, with one in every 165 housing units with a foreclosure filing.
Among the nation's 20 largest metropolitan areas based on population, the highest foreclosure rates were in Miami, Tampa, Chicago, Riverside, Calif., and Baltimore. Foreclosure activity declined annually in 16 of the 20 largest metros, but it increased in Washington, D.C. (up 28 percent), New York (up 21 percent), Baltimore (up 19 percent), and Philadelphia (up 10 percent).
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.
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 is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports 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.
Embedded Video Available: http://www2.marketwire.com/mw/frame_mw?attachid=2565103
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 8, 2016 12:45 PM EST Reads: 351
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 8, 2016 12:30 PM EST Reads: 226
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 8, 2016 12:30 PM EST Reads: 129
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 8, 2016 12:00 PM EST Reads: 146
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 8, 2016 10:45 AM EST Reads: 377
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 8, 2016 10:15 AM EST Reads: 354
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 8, 2016 09:45 AM EST Reads: 164
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 8, 2016 09:30 AM EST Reads: 148
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
Feb. 8, 2016 09:30 AM EST Reads: 324
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 8, 2016 09:15 AM EST Reads: 193
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Feb. 8, 2016 08:30 AM EST Reads: 270
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 8, 2016 07:45 AM EST
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
Feb. 8, 2016 07:00 AM EST Reads: 135
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 7, 2016 02:00 PM EST Reads: 564
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 7, 2016 01:45 PM EST Reads: 368