|By Marketwired .||
|June 10, 2014 12:01 AM EDT||
IRVINE, CA -- (Marketwired) -- 06/10/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released its U.S. Foreclosure Market Report for May 2014, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 109,824 U.S. properties in May, a 5 percent decrease from the previous month and a 26 percent decrease from May 2013 to the lowest monthly level since December 2006. The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.
Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.
States with annual increases in foreclosure activity included Massachusetts: up 58 percent from a year ago to an 18-month high; New Jersey: up 37 percent from a year ago, making May the 23rd month out of the last 27 where New Jersey foreclosure activity has increased annually; New York: up 18 percent from a year ago to a 14-month high; and Indiana: up 12 percent from a year ago, marking the third consecutive month with an annual increase.
Among the nation's 20 largest metropolitan statistical areas, four posted year-over-year increases in foreclosure activity:
- Boston-Cambridge-Quincy: up 44 percent from a year ago to an 18-month high following 21 consecutive months of year-over-year decreases
- New York-Northern New Jersey-Long Island: up 23 percent, marking the 24th month out of the last 27 with an annual increase
- Washington-Arlington-Alexandria: up 8 percent, marking the 13th month out of the last 15 with an annual increase
- Philadelphia-Camden-Wilmington: up 5 percent, marking the 14th month out of the last 15 with an annual increase
"It's not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows," said Daren Blomquist, vice president at RealtyTrac. "On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well."
Bank repossessions at lowest level since July 2007, up in NY, NJ, CT, MD, OR, CA
Lenders repossessed 28,373 U.S. properties in May, down 6 percent from the previous month and down 27 percent from May 2013 to the lowest monthly level since July 2007 -- an 82-month low.
Despite the decrease nationally, bank repossessions (REO) increased from the previous month in 25 states and were up from a year ago in 14 states, including the following:
- New York: up 117 percent, the 16th month out of the last 20 with an annual increase
- New Jersey: up 96 percent, the 11th of the last 12 months with an annual increase
- Connecticut: up 85 percent, the 15th consecutive month with an annual increase
- Maryland: up 40 percent, the 15th consecutive month with an annual increase
- Oregon: up 29 percent, the sixth consecutive month with an annual increase
- California: up 26 percent, the second consecutive month with an annual increase after 28 consecutive months with annual decreases
- Illinois: up 20 percent, the second consecutive month with an annual increase after 12 consecutive months with annual decreases.
"We continue to see a decline in distressed properties through the Southern California market," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market. "As the market continues to stabilize, foreclosure activity is being replaced by traditional equity sellers, who continue to replace distressed inventory, especially in the foreclosure and REO markets."
U.S. foreclosure auctions at lowest level since December 2006, up in 16 states
Lenders scheduled foreclosure auctions for 47,085 U.S. properties in May, down 4 percent from the previous month and down 22 percent from a year ago to the lowest level since December 2006 -- an 89-month low.
Despite the national decrease, scheduled foreclosure auctions increased from the previous month in 27 states and was up from a year ago in 16 states, including the following:
- Utah: up 199 percent, the 12th consecutive month with an annual increase
- Oregon: up 157 percent, the 11th consecutive month with an annual increase
- New Jersey: up 70 percent to the highest level since July 2010 -- a 46-month high
- Massachusetts: up 43 percent to an eight-month high
U.S. foreclosure starts at lowest level since December 2005, up in 12 states
Lenders started the public foreclosure process on 49,240 U.S. properties in May, down 10 percent from the previous month and down 32 percent from a year ago to the lowest level since December 2005 -- a 101-month low.
Despite the national decrease, foreclosure starts -- which can be the scheduled public foreclosure auction in some states -- increased from the previous month in 17 states and was up from a year ago in 12 states, including the following:
- Massachusetts: up 178 percent to a 15-month high
- Indiana: up 67 percent, marking the third consecutive month with an annual increase
- Delaware: up 26 percent, the 12th out of the last 15 months with an annual increase
- New Jersey: up 15 percent, the 25th out of the last 27 months with an annual increase
- New York: up 14 percent to a 14-month high
Florida, Maryland, Nevada, Illinois, Ohio post top state foreclosure rates
Florida foreclosure activity decreased 30 percent on a year-over-year basis in May -- the 10th consecutive month with an annual decrease -- but the state still posted the nation's highest state foreclosure rate for the eighth consecutive month. One in every 436 Florida housing units had a foreclosure filing in May, nearly three times the national average.
Maryland foreclosure activity decreased 5 percent on a year-over-year basis in May -- following 22 consecutive months of annual increases -- but the state still posted the nation's second highest foreclosure rate for the month: one in every 621 housing units with a foreclosure filing.
Nevada foreclosure activity decreased 57 percent on a year-over-year basis in May -- the eighth consecutive month with an annual decrease -- but the state's foreclosure rate still ranked third highest for the month. One in every 717 Nevada housing units had a foreclosure filing in May.
Illinois foreclosure activity decreased 23 percent on a year-over-year basis in May, but two consecutive months with annual increases in REO activity boosted the state's foreclosure rate to fourth highest nationwide in May. One in every 790 Illinois housing units had a foreclosure filing for the month.
Ohio foreclosure activity decreased 27 percent on a year-over-year basis in May -- the ninth consecutive month with an annual increase -- but the state still posted the nation's fifth highest foreclosure rate for the month: one in every 805 housing units with a foreclosure filing.
Other states with foreclosure rates among the nation's 10 highest in May were New Jersey at No. 6 (one in every 815 housing units with a foreclosure filing); Delaware at No. 7 (one in every 818 housing units); Indiana at No. 8 (one in every 823 housing units); Connecticut at No. 9 (one in every 835 housing units); and South Carolina at No. 10 (one in every 851 housing units).
"May 2014 delivered further noticeable evidence of a growing economy throughout Ohio," said Michael Mahon, executive vice president/broker at HER Realtors, covering the Cincinnati, Columbus and Dayton, Ohio markets. "As property values continue to increase, homeowners are taking advantage of restored equity by placing their homes for sale. This recent activity is assisting in balancing the overall listing inventory across much of Ohio, lessening the year over year foreclosure activity."
Top 20 metro foreclosure rates in FL, IL, PA, NJ, SC, OH, NV, CA
Florida accounted for the eight highest foreclosure rates among metropolitan statistical areas with a population of 200,000 or more, led by Palm Bay-Melbourne-Titusville at No. 1, with one in every 303 housing units with a foreclosure filing -- nearly four times the national average.
The other Florida cities in the top 10 were Deltona-Daytona Beach-Ormond Beach at No. 2 (one in every 314 housing units with a foreclosure filing); Orlando-Kissimmee at No. 3 (one in every 336 housing units); Lakeland at No. 4 (one in every 379 housing units); Port St. Lucie at No. 5 (one every 381 housing units); Ocala at No. 6 (one in every 384 housing units); Tampa-St. Petersburg-Clearwater at No. 7 (one in every 386 housing units); and Miami-Fort Lauderdale-Pompano Beach at No. 8 (one in every 405 housing units).
Other cities with foreclosure rates in the top 10 were Rockford, Ill., at No. 9 with one in every 450 housing units with a foreclosure filing, and York-Hanover, Pa., at No. 10 with one in every 478 housing units with a foreclosure filing.
Cities with foreclosure rates ranking among the top 20 highest included Atlantic City, N.J. at No. 11 (one in every 495 housing units with a foreclosure filing); Columbia, S.C., at No. 15 (one in every 544 housing units); Chicago-Naperville-Joliet at No. 16 (one in every 573 housing units); Cleveland-Elyria-Mentor at No. 17 (one in every 605 housing units); Las Vegas-Paradise at No. 18 (one in every 618 housing units); and Riverside-San Bernardino-Ontario at No. 19 (one in every 622 housing units).
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].
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.
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
Mar. 24, 2017 08:30 AM EDT Reads: 4,170
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
Mar. 24, 2017 08:30 AM EDT Reads: 1,809
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 24, 2017 08:15 AM EDT Reads: 762
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
Mar. 24, 2017 08:15 AM EDT Reads: 2,801
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 24, 2017 08:00 AM EDT Reads: 3,819
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Mar. 24, 2017 08:00 AM EDT Reads: 3,885
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Mar. 24, 2017 08:00 AM EDT Reads: 7,243
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 24, 2017 06:45 AM EDT Reads: 3,158
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Mar. 24, 2017 06:00 AM EDT Reads: 8,373
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Mar. 24, 2017 05:45 AM EDT Reads: 4,910
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 24, 2017 04:30 AM EDT Reads: 2,495
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 24, 2017 04:15 AM EDT Reads: 1,227
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 24, 2017 04:15 AM EDT Reads: 1,151
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Mar. 24, 2017 03:30 AM EDT Reads: 3,179
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Mar. 24, 2017 03:15 AM EDT Reads: 7,926