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New Fla. foreclosure starts increase 13% in Oct.

IRVINE, Calif. – Nov. 12, 2015 – RealtyTrac’s U.S. Foreclosure Market Report for October 2015 found 5,760 completed foreclosures – homes that exited the foreclosure process after banks completed the process – in Florida. The state dramatically led the nation in new REOs with 114 percent more than California, which ranked No. 2 at 2,697. Illinois (2,624 REOs), New Jersey (1,960 REOs) and Texas (1,776 REOs) round out the top five.
October foreclosure starts – homeowners receiving their first notice – increased month-to month in 34 states, though RealtyTrac says an October bump is common. While California (up 21 percent) ranked first, Florida (up 13 percent) came in second. It’s followed by New Jersey (up 15 percent), Illinois (up 20 percent), Maryland (up 300 percent), Washington (up 34 percent) and Michigan (up 37 percent).
Overall, one in every 579 Florida housing units received a foreclosure filing in October, the nation’s third highest state foreclosure rate (all homes somewhere in the foreclosure process). Florida’s foreclosure rate ranked in the top five each month so far in 2015.
Florida foreclosure activity increased 8 percent from the previous month-to month, but it was down 23 percent year-to-year.
While Florida has four metro areas in RealtyTrac’s top 10 for the month of October, none made the top five. Jacksonville ranked No. 6 (one in every 465 housing units in the foreclosure process), Miami at No. 7 (one in every 480 housing units), Palm Bay-Melbourne-Titusville at No. 9 (one in every 514 housing units) and Tampa at No. 10 (one in every 543 housing units).
Atlantic City, N.J., continues to lead metro area foreclosures with one for every 257 housing units. Other metros in the top 10 include No. 2 Columbia, S.C. (one in every 333 units), Rockford, Illinois at No. 8 (one in every 486 units), Baltimore at No. 4 (one in every 429 units) and Fayetteville, N.C., at No. 5 (one in every 460 housing units);
National foreclosure rates
Nationwide, the U.S. saw a foreclosure rate increase of 6 percent month-to-month, but a similar 6 percent drop in a year-to-year comparison. The monthly increase was caused primarily by a 12 percent monthly jump in foreclosure starts – the largest month-over-month increase since August 2011, according to RealtyTrac. However, starts still declined 14 percent year-to-year.
“We’ve seen a seasonal increase in foreclosure starts in October for the past five consecutive years, so it’s not too surprising to see the monthly increase this October,” said Daren Blomquist, vice president at RealtyTrac.
“However, the 12 percent increase this October is more than double the average 5 percent monthly increase in the past five Octobers, and the even more dramatic monthly increases in some states is certainly a concern,” Blomquist adds. “The upward trend in foreclosure starts in those states in some cases could be an indication of fissures in economic fundamentals driving more distress, and in other cases, is more likely an indication of long-term delinquencies finally entering the foreclosure pipeline.”
© 2015 Florida Realtors®
Source: Florida Realtors Feed

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