IRVINE, CA, Sept. 12, 2013 — RealtyTrac® (www.realtytrac.com), the nation’s leading source
for comprehensive housing data, today released its U.S. Foreclosure Market Report™
for August 2013, which shows foreclosure filings — default notices, scheduled
auctions and bank repossessions — were reported on 128,560 U.S. properties in
August, a decrease of 2 percent from the previous month and down 34 percent
from August 2012 — the 35th consecutive month where foreclosure activity has
decreased on an annual basis.
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| Daren Blomquist |
The report also shows one in every 1,019 U.S.
housing units with a foreclosure filing during the month.
High-level findings from the report:
· The
decrease in overall foreclosure activity was driven largely by falling
foreclosure starts in August. A total of 55,775 U.S. properties started the
foreclosure process during the month, down 44 percent from a year ago to the
lowest level since December 2005.
· Foreclosure
starts in August decreased from a year ago in 38 states, including both
non-judicial states such as Colorado (down 80 percent), Arizona (down 65
percent), Washington (down 65 percent), California (down 57 percent), and
Michigan (down 55 percent), and also judicial states such as Illinois (down 66
percent), Massachusetts (down 66 percent), Florida (down 65 percent), Indiana
(down 43 percent), and Wisconsin (down 39 percent).
· Foreclosure
starts did increase from the previous month in 17 states, including Nevada (up
226 percent), Ohio (up 44 percent), Maryland (up 24 percent), California (up 12
percent), and New York (up 8 percent).
· Bank
repossessions (REO) in August increased 6 percent from the previous month but
were still down 25 percent from a year ago. REO activity nationwide has
increased on a month-to-month basis in three of the last four months, reaching
a five-month high in August.
· REO
activity increased from the previous month in 26 states and was up from a year
ago in 23 states, including New York (up 123 percent to a 34-month high), New
Jersey (up 63 percent to a 31-month high), Florida (up 48 percent to a
seven-month high), Ohio (up 46 percent to an eight-month high), and Indiana (up
41 percent to a 9-month high).
· Nevada’s
foreclosure rate ranked highest nationwide, supplanting Florida at the No. 1
spot. Florida’s foreclosure rate fell to second highest, followed by Ohio,
Maryland and Delaware.
· Florida
cities accounted for six of the 10 highest metropolitan foreclosure rates, down
from nine of the top 10 in the previous month. Also in the top 10 metro
foreclosure rates were Las Vegas and three Ohio cities: Toledo, Cleveland and
Akron.
“The foreclosure floodwaters have receded in most parts of
the country, but lenders and communities continue to clean up the damage left
behind, which means the recent uptick in bank repossessions is a trend that
will likely continue into next year,” said Daren Blomquist, vice
president at RealtyTrac.
“Meanwhile foreclosure flash floods will continue to hit
some markets over the next few months as delayed foreclosure starts are quickly
pushed into the pipeline. This was the case with the jump in Nevada foreclosure
starts in August.”
For a complete copy of the company’s news release, please
contact:
Jennifer Von Pohlmann
949.502.8300, ext. 139
Ginny Walker
949.502.8300, ext. 268
Data and Report Licensing:
800.462.5193
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