Friday, October 16, 2015

RealtyTrac Reports Third Quarter Foreclosure Starts Down 14 Percent From Year Ago to 10-Year Low


Daren Blomquist
IRVINE, CA — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q3 and September 2015 U.S. Foreclosure Market Report™, which shows a total of 327,258 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the third quarter of 2015, down 5 percent from the previous quarter but up 3 percent from the third quarter of 2014.

 “The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place,” said Daren Blomquist, vice president at RealtyTrac.

“In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years.

“That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices, creating a drag on overall home values.

“On the other hand, in states such as Texas, Michigan and Washington, the third quarter increases are a sign that the foreclosure market has settled into a normalized pattern close to or even below pre-crisis levels, and in those states the overall housing market should easily absorb the additional foreclosure activity with little impact on home values.”

For a complete copy of the company’s news release, please contact:

Jennifer von Pohlmann
Sr. Data PR Manager
 Office: 949.502.8300 ext 139

No comments:

Post a Comment