Tag Archives: RealtyTrac

Foreclosure activity slowed in January with an especially notable drop in foreclosure starts, which hit a 79-month low, according to a recent foreclosure report from RealtyTrac. Foreclosure filings--default notices, scheduled auctions, and bank repossessions--were down monthly and yearly by 7 percent and 28 percent, respectively. Data from RealtyTrac also revealed a steep drop in foreclosure starts as starts fell 11 percent from the December and 28 percent from January 2012. Foreclosure starts are now at the lowest level since June 2006.

More than half of the nation's largest metros experienced an upturn in foreclosure activity in 2012 compared to 2011, according to a report from RealtyTrac. RealtyTrac observed foreclosure trends in 212 markets with a population of 200,000 or more and found 120 markets, or 57 percent, displayed an increase in foreclosure activity from 2011. Meanwhile, out of the 20 largest metros, 12 experienced a slowdown in foreclosure activity.

While the national trend shows home prices are rising and the supply of foreclosures is shrinking, on a more microscopic level, there are still metros where investors can find foreclosures at steep discounts and in greater abundance. RealtyTrac compiled a list of the 20 best (and worst) metro areas to buy foreclosures in 2013. RealtyTrac ranked Palm Bay, Florida as the No. 1 metro for foreclosure purchases. From 2011 to 2012, the metro saw foreclosure activity increase 308 percent, and it has a 34 months' supply of foreclosure inventory. Five other Florida metros were represented on the top 20 list.

Foreclosures declined in 2012 compared with the previous year, but RealtyTrac expects this year to be ""book-ended by two discrete jumps in foreclosure activity,"" according to the firm’s latest report released Thursday. Foreclosure filings were doled out to 1.84 million homes in 2012, which is 3 percent fewer homes than in 2011 and 36 percent below the foreclosure peak in 2010 when 2.9 million properties received foreclosure filings. In December, foreclosure activity fell 10 percent month-over-month to a 68-month low.

Foreclosure inventory may be decreasing, but certain metros showed high levels of foreclosure activity in 2012, which means they might also be places where foreclosure listings-short sales or REOs--could increase, according to an article from RealtyTrac. After assessing foreclosure activity across the country, the foreclosure data provider released a list of 20 metros where for-sale foreclosures are expected to rise in 2013. Among the list of 20 metros, eight were based in Florida.

Some level of certainty and stability returned to the U.S. housing market in 2012, providing a solid foundation for the market to build on in 2013. But there are still significant risks that threaten this hard-won stability and could trip up some local markets trying to make the tricky transition from stability to strength. RealtyTrac expects 2013 to be bookended by two discrete increases in foreclosure activity: a jump in bank repossessions (REOs) near the beginning of the year and a jump in foreclosure starts near the end of the year.

A significant drop in foreclosure starts brought down foreclosure activity in November, according to a foreclosure report from RealtyTrac. Foreclosure starts were filed on 77,494 U.S. properties in November, a 71-month low and the lowest level since December 2006, RealtyTrac reported Thursday. The decrease represents a 13 percent drop from October and a 28 percent decline from November 2011. While foreclosure starts fell, bank repossessions rose annually for the first time in 25 months.

Although short sales continue to be utilized more and more as an alternative to foreclosure, RealtyTrac suggested the trend may change if the Mortgage Debt Relief Act of 2007 does not get extended. According to RealtyTrac's Q3 foreclosure and short sales report, short sales increased quarterly and yearly by 15 percent and 17 percent, respectively. ""However, the scheduled expiration of the Mortgage Forgiveness Debt Relief Act at the end of this year could stifle this trend toward short sales,"" said Daren Blomquist, VP of RealtyTrac. Pre-foreclosure sales--properties in default or scheduled for auction--were also up in Q3 and increased by 22 percent both quarterly and yearly.

Foreclosure rates increased on a monthly basis in October but remain well below last year's levels, according to the latest U.S. Foreclosure Market Report from RealtyTrac. Taking a closer look at market-level data, RealtyTrac found vast disparities in foreclosure activity across the nation. At a national level, foreclosures increased 3 percent in October, but they remain 19 percent lower than they were last October. In fact, despite the monthly increase, October is the third consecutive month in which an annual decrease in foreclosure starts took place.

From the second quarter to the third quarter of this year, 62 percent of metropolitan areas with a population of 200,000 or more saw a decrease in foreclosure activity, or 134 out of 212 metro areas. Year-over-year, foreclosure activity was down in 131 out of 212 metro areas, representing 62 percent of the metros tracked. RealtyTrac VP Daren Blomquist explained the decrease indicates ""most of the nation's housing markets are past the worst of the foreclosure problem.""