National Mortgage Professional Magazine |
“RealtyTrac 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 five 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 eight percent, marking the 13th month out of the last 15 with an annual increase
►Philadelphia-Camden-Wilmington: up five 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 six 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.
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 four 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 increase — 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.”