U.S. Foreclosure Activity Shifting Eastward According to RealtyTrac(R) U.S. Foreclosure Market Report

SOURCE: RealtyTrac

RealtyTrac

May 17, 2012 00:01 ET

U.S. Foreclosure Activity Shifting Eastward According to RealtyTrac® U.S. Foreclosure Market Report

11 of 20 Largest U.S. Metros Post Increases, All in Midwest, South and East Coast; Non-Judicial Activity Down 29 Percent Annually, Judicial Activity Up 15 Percent

IRVINE, CA–(Marketwire – May 17, 2012) – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its U.S. Foreclosure Market Report™ for April 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 188,780 U.S. properties in April, the lowest monthly total since July 2007.

April foreclosure activity decreased 5 percent from the previous month and was down 14 percent from April 2011. One in every 698 U.S. housing units had a foreclosure filing during the month.

“Rising foreclosure activity in many state and local markets in April was masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada,” said Brandon Moore, CEO of RealtyTrac. “Those three states, and several other non-judicial foreclosure states like them, more efficiently processed foreclosures last year, resulting in fewer catch-up foreclosures this year.

“In addition, more distressed loans are being diverted into short sales rather than becoming completed foreclosures,” Moore continued. “Our preliminary first quarter sales data shows that pre-foreclosure sales — typically short sales — are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.”

Non-judicial foreclosure activity down, judicial foreclosure activity up
Combined foreclosure activity in the 24 states with a non-judicial foreclosure process and the District of Columbia decreased 7 percent from the previous month and was down 29 percent from April 2011. More populous states like Arizona, California and Nevada drove the overall decreases in non-judicial foreclosure activity, but 14 of the 24 states and the District of Columbia posted month-over-month increases in foreclosure activity. Still, only seven of the non-judicial foreclosure states posted annual increases, including Georgia, Tennessee and Minnesota.

Combined foreclosure activity in the 26 states with a judicial foreclosure process decreased 3 percent from the previous month but was still up 15 percent from April 2011. Foreclosure activity decreased on a month-over-month basis in 14 of the judicial foreclosure states but increased on a year-over-year basis in 15 of the judicial foreclosure states.

Foreclosure starts down nationwide, but up in more than half of states
After three straight monthly increases, U.S. foreclosure starts — default notices or scheduled foreclosure auctions, depending on the state — decreased 4 percent from March to April. A total of 97,665 properties started the foreclosure process for the first time during the month, down 2 percent from April 2011.

Despite the overall decrease in foreclosure starts, 26 states posted monthly increases in foreclosure starts, and 27 states posted year-over-year increases in foreclosure starts. States with the biggest annual increases in foreclosure starts included New Jersey (180 percent), Utah (179 percent), Indiana (49 percent), Pennsylvania (44 percent), Florida (43 percent), and Michigan (42 percent).

Bank repossessions decrease for third straight month
Bank repossessions (REOs) decreased on a monthly basis for the third straight month in April, down 7 percent from March. Lenders completed the foreclosure process on 51,415 U.S. properties during the month, down 26 percent from April 2011 — the 18th consecutive month with a year-over-year decrease in REOs.

REO activity decreased on an annual basis in 37 states and the District of Columbia, while 28 states posted monthly drops in foreclosure activity. States with the biggest year-over-year decreases in REO activity included Nevada (71 percent), Arizona (70 percent), Washington (67 percent), California (52 percent), Virginia (47 percent), and Maryland (47 percent).

11 of 20 largest metros post annual increases in foreclosure activity
Eleven of the nation’s 20 largest metro areas based on population documented annual increases in foreclosure activity, led by the Florida cities of Tampa (59 percent) and Miami (38 percent). Other cities with increases included St. Louis (29 percent), Chicago (26 percent), Philadelphia (24 percent), and Atlanta (21 percent).

Among the 20 largest metros areas, cities posting the biggest annual drops in foreclosure activity included Seattle (54 percent), Phoenix (44 percent), San Francisco (34 percent), Washington, D.C. (30 percent), Riverside-San Bernardino, Calif., (30 percent), and Los Angeles (28 percent).

The metro areas with the highest foreclosure rates among the 20 largest were Riverside-San Bernardino (one in every 213 housing units with a foreclosure filing), Miami (one in every 273 housing units), Atlanta (one in every 298 housing units), Phoenix (one in every 313 housing units), and Tampa (one in every 315 housing units).

The 11 cities with annual increases in foreclosure activity were all in the Midwest, South or on the East Coast, while six of the nine cities with annual decreases were in the western states of California, Arizona and Washington.

Foreclosure Activity in 20 Largest U.S. Metros – April 2012

MSA Name April 2012 Properties with Foreclosure Filings 1/every X Housing Units % Change from Mar 12 % Change from Apr 11
Riverside-San Bernardino, CA 7,049 213 -10.81 -29.97
Miami 9,031 273 -9.18 38.43
Atlanta 7,271 298 -11.07 21.30
Phoenix 5,755 313 -22.64 -44.44
Tampa 4,295 315 18.19 59.02
Chicago 11,840 321 -7.63 25.52
Detroit 5,201 363 3.90 -32.22**
San Diego 2,960 394 -6.12 -18.68
Los Angeles 10,906 412 -10.85 -28.26
San Francisco 3,391 514 -18.88 -33.68
Minneapolis 2,497 543 17.29 3.44
St. Louis 1,793 696 -0.33 28.53
Dallas 3,376 741 11.68 17.84
Houston 2,741 842 -0.72 -2.46
Boston 1,961 960 46.67 2.35
Philadelphia 2,444 996 -11.96 24.31
Seattle 1,172 1,249 -8.58 -54.24
Washington, D.C. 1,530 1,447 -7.89 -30.23
Baltimore 637 1,777 9.64 20.42
New York 2,812 2,677 -7.62 7.25

Nevada, California, Florida post top state foreclosure rates
A 15 percent month-over-month increase in foreclosure starts helped Nevada post the nation’s highest state foreclosure rate in April: one in every 300 housing units with a foreclosure filing. Despite the monthly increase in foreclosure starts, overall Nevada foreclosure activity decreased 67 percent from April 2011.

California foreclosure activity decreased 30 percent from April 2011, but the state still posted the nation’s second highest foreclosure rate: one in every 351 housing units with a foreclosure filing.

Florida foreclosure activity increased 26 percent from April 2011, boosting the state’s foreclosure rate to third highest in the nation. One in every 364 Florida housing units had a foreclosure filing during the month.

The top 10 foreclosure rates among metropolitan statistical areas with a population of 200,000 or more were all in Nevada, California and Florida. Stockton, Calif., led the way, with one in every 213 housing units with a foreclosure filing during the month. Seven other California cities had foreclosure rates in the top 10, along with Las Vegas at No. 7 and Miami at No. 9.

A 44 percent year-over-year decrease in foreclosure activity dropped Arizona’s foreclosure rate — one in every 377 housing units with a foreclosure filing — to fourth highest among the states, while a 21 percent year-over-year increase in foreclosure activity helped Georgia maintain the nation’s fifth highest state foreclosure rate — one in every 398 housing units with a foreclosure filing.

Other states with foreclosure rates ranking among the top 10 were Illinois (one in 418 housing units with a foreclosure filing), Utah (one in 419), Michigan (one in 487), Ohio (one in 525), and Wisconsin (one in 547).

Click here for more details on foreclosure activity across the nation and to learn about RealtyTrac’s report methodology.

Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.

Order Customized Reports
Detailed and historical foreclosure data used to create the above report may be purchased through the RealtyTrac Data Licensing Department at 949.502.8300 Ext. 158. Aggregate data is available at the state, metro, county and zip code levels dating back to 2005, and address-level foreclosure records are also available historically.

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting millions of unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments, private companies and academic institutions to help evaluate foreclosure trends and address policy issues related to foreclosures.

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