Saturday, December 14, 2013

RealtyTrac® Reports U.S. Foreclosure Activity Decreases 15 Percent in November Driven by 95-Month Low in Foreclosure Starts




IRVINE, CA— RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, released its U.S. Foreclosure Market Report™ for November, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 113,454 U.S. properties in November, a 15 percent decrease from the previous month and a 37 percent decrease from a year ago.

Daren Blomquist
The report also shows one in every 1,155 U.S. housing units with a foreclosure filing during the month.

The 15 percent monthly decrease in November was the biggest month-over-month decrease since November 2010 when U.S. foreclosure activity plummeted 21 percent in one month following the revelation of the so-called robo-signing scandal in October 2010.

“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac.


Bob Parks Realty
 “While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.”

“The Middle Tennessee housing market continues on a stable path maintaining overall market stability,” said Bob Parks, CEO of Bob Parks Realty, covering the Nashville and middle Tennessee market. 

  “We are enjoying a decline in foreclosure rates in line with the national average, which has allowed for an increase in home values, stabilization of home prices, and positive, consistent housing numbers we haven’t seen in five years.”

Michael Mahon
“The foreclosure trends in the Northern Utah housing market are aligned with, if not a little better, than what we’re experiencing on a national level,” said Steve Roney, CEO of Prudential Utah Real Estate, covering the Salt Lake City and Park City, Utah, markets. 

  “Foreclosures continue to decline and it’s beginning to feel like a ‘normal’ housing market again.”

“Most of the shadow inventory has been worked through in the Ohio housing market, and this inventory is being absorbed quickly,” said Michael Mahon, Executive Vice President/Broker at HER Realtors, covering the Dayton, Columbus and Cincinnati, Ohio markets. 

  “The decreasing amount of time it’s taking for properties to go through the foreclosure process is enabling lenders to keep properties in more stabilized conditions, which attracts higher prices and has assisted in creating moderate increases in appraised home values throughout the state.”

Sheldon Detrick
“Foreclosures continue to steadily decrease every month as the banks are catching up with their ghost and zombie foreclosure properties,” said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla., markets. 

  “There will always be defaults, but it’s clear that we are working our way back towards a normal housing market.”

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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