Comment: Wait a minute! I just said they were up, now they’re down. Sand states still lead the way in REO and shorts.
On the front end of the foreclosure process, however, things continue to improve. Bank repossessions dropped 34 percent, to 281, from 430 a year ago.
The recent trend marks a stark reversal from the first half of the year, when foreclosure activity across the US fell 13 percent from the previous six months, according to RealtyTrac. Most of the repossessions are in states, including Ohio, that require judicial approval of foreclosures, which significantly lengthens the foreclosure process.
Ralph Mantica, a local Realtor and president of the Dayton Area Board of Realtors, said the long-term trend in reduced foreclosure activity has helped stabilize state and local housing markets, where home prices are no longer dragged down as much by distressed or foreclosed properties, and demand remains high for available housing inventory.
But Blomquist said increases in other states, like Texas, Michigan and Washington, are a sign of a foreclosure market that “has settled into a normalized pattern close to or even below pre-crisis levels” and that additional activity should not have a significant impact on home values.
Check it out below from lowest foreclosure rate to highest. Each state also includes the change in foreclosure activity from the third quarter a year ago and the total number of properties involved in foreclosure. New Jersey foreclosure starts were down 28% from a year ago, but scheduled foreclosure auctions increased 61%, and bank repossessions jumped 351%.
According to the real-estate information company RealtyTrac, foreclosures rose in the third quarter from this time previous year, and many states are seeing significant increases.
Based on third-quarter data, Florida posted the nation’s second-highest foreclosure rate, with one in every 186 housing units with a few type of foreclosure filing during the quarter, RealtyTrac said.
Charlotte recorded 195 filings, a 19 percent decline, with one in every 516 homes in foreclosure. In Passaic, one in every 139 households faced a foreclosure filing, up 25 percent from a year earlier. Among the nation’s 20 largest metro areas, those posting the biggest decreases in foreclosure activity in the third quarter of 2015 compared to a year ago were Riverside-San Bernardino in Southern California (down 21 percent), Los Angeles, California (down 21 percent), San Diego, California (down 20 percent) and Miami, Florida (down 16 percent).
For the same period, one in 399 homes saw a foreclosure filing in Collier County, ranking it 84th out of the 213 metro areas tracked nationwide. Albuquerque, New Mexico (one in every 181) and Las Vegas, Nevada (one in every 187) take the final two top spots.