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Banks accelerated Fla. home repossessions in Nov.

IRVINE, Calif. – Dec. 10, 2015 – RealtyTrac’s U.S. Foreclosure Market Report for November 2015 finds that lenders took back twice the number of Florida homes than they did in runner-up state Texas. But overall the state ranked No. 3 in a look at all foreclosure activity – default notices, scheduled auctions and bank repossessions.
The drop to No. 3 is a positive sign. Even though Florida has been in RealtyTrac’s top 5 list for foreclosure activity every month in 2015, it landed in the top position for most of them.
FloridaIn Florida 6,435 homes became REOs (real estate owned) as banks completed the foreclosure process. Second-spot Texas created 3,107 REOs, California 2,567 REOs, Illinois 2,338 REOs and Georgia 2,302 REOs. The U.S. has had nine months of increases in final bank takeovers, according to the latest RealtyTrac report.
However, the number of new scheduled auctions in Florida dropped 58 percent year-to-year in November as the foreclosure crisis cleanup continues, compared to a 22 percent decrease nationally month-to-month and 27 percent year-to-year. It’s Florida’s 12th consecutive month for a decrease.
And while Florida had the highest total number of final bank foreclosures, it ranked third when analyzed as a percentage of all homes somewhere in the foreclosure process – one in every 662 Florida housing units received a foreclosure filing in November. Maryland and New Jersey took the top two spots.
Overall Florida foreclosure activity decreased 13 percent month-to-month and 30 percent year-to-year.
RealtyTrac’s numbers also suggest a drop in future Florida foreclosures. State foreclosure starts decreased 36 percent year-to-year – the state’s fourth consecutive month of annual decreases.
Florida metrosTwo New Jersey cities led RealtyTrac’s list for top foreclosure rates – Atlantic City and Trenton – but four of the top U.S. 10 are found in the Sunshine State. Foreclosure activity increased year-to-year in No. 3 Ocala (one in every 449 housing units with a foreclosure filing), No. 6 Tampa (one in every 512), No. 9 Jacksonville (one in every 552) and No. 10 Daytona Beach (one in every 567).
National foreclosure numbers
REOs increased from a year ago in 41 states, led by Tennessee (up 608 percent), Mississippi (up 341 percent), Texas (298 percent), Nebraska (up 295 percent), New York (up 270 percent) and New Jersey (up 205 percent).
Scheduled foreclosure auctions — which can be foreclosure starts in some states — decreased from a year ago in 31 states.
Foreclosure filings saw a decrease of nearly 10 percent from the previous month and more than 7 percent from a year ago.
A 15 percent monthly drop in foreclosure starts largely caused a 10 percent monthly decrease in overall foreclosure activity. November was the fifth consecutive month where national foreclosure starts decreased on a year-over year basis.
“Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term, even as foreclosure starts drop to new lows,” says Daren Blomquist, vice president of RealtyTrac. “This also means the share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008. While that is still a disproportionate share of active foreclosures, it continues to decrease from 61 percent earlier this year and 75 percent two years ago.”
© 2015 Florida Realtors®  
Source: Florida Realtors Feed

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