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.
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| 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.
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| 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.”
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| 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.”
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| 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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