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RealtyTrac: U.S. foreclosure activity decreases 5% in May

 

IRVINE, Calif. – June 10, 2014 – RealtyTrac's U.S. Foreclosure Market Report for May 2014 shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 109,824 U.S. properties in May, a 5 percent decrease from the previous month and a 26 percent decrease from May 2013. It's the lowest monthly level since December 2006.

The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.

Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.

States with annual increases in foreclosure activity included Massachusetts: up 58 percent from a year ago to an 18-month high; New Jersey: up 37 percent from a year ago, making May the 23rd month out of the last 27 where New Jersey foreclosure activity has increased annually; New York: up 18 percent from a year ago to a 14-month high; and Indiana: up 12 percent from a year ago, marking the third consecutive month with an annual increase.

Among the nation's 20 largest metropolitan statistical areas, four posted year-over-year increases in foreclosure activity:

  • Boston-Cambridge-Quincy: up 44 percent from a year ago to an 18-month high following 21 consecutive months of year-over-year decreases
  • New York-Northern New Jersey-Long Island: up 23 percent, marking the 24th month out of the last 27 with an annual increase
  • Washington-Arlington-Alexandria: up 8 percent, marking the 13th month out of the last 15 with an annual increase
  • Philadelphia-Camden-Wilmington: up 5 percent, marking the 14th month out of the last 15 with an annual increase

"It's not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows," said Daren Blomquist, vice president at RealtyTrac. "On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well."

Bank repossessions at lowest level since July 2007, but up in New York, New Jersey, Connecticut, Maryland, Oregon and California. Lenders repossessed 28,373 U.S. properties in May, down 6 percent from the previous month and down 27 percent from May 2013 to the lowest monthly level since July 2007 -- an 82-month low.

Lenders scheduled foreclosure auctions for 47,085 U.S. properties in May, down 4 percent from the previous month and down 22 percent from a year ago to the lowest level since December 2006 – an 89-month low.

Despite the national decrease, scheduled foreclosure auctions increased from the previous month in 27 states and was up from a year ago in 16 states.

Lenders started the public foreclosure process on 49,240 U.S. properties in May, down 10 percent from the previous month and down 32 percent from a year ago to the lowest level since December 2005 – a 101-month low.

Despite the national decrease, foreclosure starts – which can be the scheduled public foreclosure auction in some states – increased from the previous month in 17 states and was up from a year ago in 12 states.

Florida, Maryland, Nevada, Illinois, Ohio post top state foreclosure rates
Florida foreclosure activity decreased 30 percent on a year-over-year basis in May – the 10th consecutive month with an annual decrease – but the state still posted the nation's highest state foreclosure rate for the eighth consecutive month. One in every 436 Florida housing units had a foreclosure filing in May, nearly three times the national average.

States with the foreclosure rates among the nation's 10 highest in May included Maryland at No. 2 (one in every 621 housing units with a foreclosure filing), followed by Nevada, at No. 3 (one in every 717 housing units with a foreclosure filing); Illinois, at No. 4 (one in every 790 housing units with a foreclosure filing); Ohio, at No. 5 (one in every 805 housing units with a foreclosure filing); New Jersey, at No. 6 (one in every 815 housing units with a foreclosure filing); Delaware, at No. 7 (one in every 818 housing units); Indiana at No. 8 (one in every 823 housing units); Connecticut at No. 9 (one in every 835 housing units); and South Carolina at No. 10 (one in every 851 housing units).

Top 20 metro foreclosure rates in Florida
Florida accounted for the eight highest foreclosure rates among metropolitan statistical areas with a population of 200,000 or more, led by Palm Bay-Melbourne-Titusville at No. 1, with one in every 303 housing units with a foreclosure filing – nearly four times the national average.

The other Florida cities in the top 10 were Deltona-Daytona Beach-Ormond Beach at No. 2 (one in every 314 housing units with a foreclosure filing); Orlando-Kissimmee at No. 3 (one in every 336 housing units); Lakeland at No. 4 (one in every 379 housing units); Port St. Lucie at No. 5 (one every 381 housing units); Ocala at No. 6 (one in every 384 housing units); Tampa-St. Petersburg-Clearwater at No. 7 (one in every 386 housing units); and Miami-Fort Lauderdale-Pompano Beach at No. 8 (one in every 405 housing units).

Other cities with foreclosure rates in the top 10 were Rockford, Ill., at No. 9 with one in every 450 housing units with a foreclosure filing, and York-Hanover, Pa., at No. 10 with one in every 478 housing units with a foreclosure filing.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month -- broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population.

© 2014 Florida Realtors®

 

Related Topics: Foreclosures