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| Daren Blomquist |
IRVINE, CA – Oct. 16, 2014 — RealtyTrac® (www.realtytrac.com),
the nation’s leading source for comprehensive housing data, today released its
U.S. Foreclosure Market Report™ for September and the third quarter of 2014,
which shows foreclosure filings — default notices, scheduled auctions and bank
repossessions — were reported on 317,171 U.S. properties in the third quarter,
down 16 percent from a year ago but up 0.42 percent from the previous quarter —
the first quarterly increase since the third quarter of 2011.
“September foreclosure activity was back to pre-housing
bubble levels nationwide, in large part thanks to a continued slide in bank
repossessions,” said Daren Blomquist, vice president at RealtyTrac.
“However, a recent rise in scheduled foreclosure auctions in
many markets across the country shows lenders are continuing to clean house of
lingering delinquent loans. This rise in scheduled auctions foreshadows a
corresponding rise in bank repossessions and auction sales to third party
buyers in the coming months.”
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| Michael Mahon |
States with the five highest foreclosure rates in the third
quarter were Florida, Maryland, New Jersey, Nevada, and Illinois.
Metropolitan statistical areas with the five highest
foreclosure rates in the third quarter were Orlando, Atlantic City, N.J.,
Macon, Ga., Ocala, Fla., and Palm Bay-Melbourne-Titusville, Fla.
“While the Ohio markets have noticed a decline in the
overall number of available foreclosures on the market, we have equally noticed
an increase in activity of lender servicers acquiring properties at sheriff
sales and deed-in-lieu workouts,” said Michael Mahon, executive vice
president/broker of record at HER Realtors, covering the Cincinnati, Columbus
and Dayton, Ohio markets.
“As short sales
have become less popular due to current income tax ramifications of forgiven
debt, many consumers are choosing full foreclosure over alternatives to attempt
to mitigate their circumstances.”
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| Frank Duran |
“The short sale market has definitely minimized from what we
experienced a couple of years ago, however, we are still seeing a steady flow
of homeowners in need of avoiding foreclosure,” said Frank Duran of
RE/MAX Alliance, covering the Denver, Colo., market.
“A couple of years ago, out of every 20 clients I was
serving, 17 to 18 of those clients were people I was helping through a short
sale, and over the last year this ratio has flip-flopped. I am now serving two
to three clients in a short sale for every 20 clients I serve.”
For a complete copy of the company’s news release, please
contact:
Jennifer von Pohlmann
PR Manager
Office: 949.502.8300 ext 139
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