Foreclosure filings fall in half of states

The numbers were up 6% in judicial states, but down 44% in nonjudicial states, compared with the first quarter of 2012.

By Teresa at MSN Real Estate Apr 11, 2013 12:22PM

© Ariel Skelley/Getty ImagesThe number of foreclosure filings fell to a six-year low in the first quarter of 2013, but the story was different in states where proceedings once stalled by the robo-signing scandal are now moving through the courts.

 

Nationwide, one of every 859 housing units in March was the subject of a foreclosure filing -- a default notice, auction or bank repossession, according to the latest data from RealtyTrac. The numbers ranged from one in 306 homes in Nevada to only one in every 78,879 in North Dakota.

 

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The number of foreclosure filings in the first quarter was down 12% from the previous quarter and down 23% from the first quarter of 2012.

 

The numbers bore out the difference between the way the foreclosure story has unfolded in judicial and nonjudicial foreclosure states. In the 26 judicial or quasi-judicial states, foreclosure activity was up 6% compared with the first quarter of 2012. In the nonjudicial states, it was down 44%.

"Although the overall national foreclosure trend continues to head lower, late-blooming foreclosures are bolting higher in some local markets where aggressive foreclosure-prevention efforts in previous years are wearing off," Daren Blomquist, vice president at RealtyTrac, said in a news release. "Meanwhile, more recent foreclosure-prevention efforts in other states have drastically increased the average time to foreclose, which could result in a similar outbreak of delayed foreclosures down the road in those states."

While the number of foreclosures is rising in Florida, in most cities the demand for homes is still greater than the supply, and prices have continued to rise.

"It’s flying off the shelves," Doug DeWitt, a broker who works with lender-owned properties in Miami, told The Miami Herald. "If there is shadow inventory, it’s not bogging down the system."

 

He told the newspaper that his company listed a 1,253-square-foot bank-owned house in a working-class Miami suburb for sale for $109,900 on Tuesday and had 16 offers by Wednesday.

 

Looking at the first-quarter data, the states with the greatest increases in foreclosure filings compared with the first quarter of 2012 were:

  • Maine: 327.27%
  • Arkansas: 150.5%
  • Washington: 125.94%
  • Maryland: 123.37%
  • New York: 114.22%

The states with the greatest decreases from the first quarter of 2012 were:

  • Montana: 66.97%
  • North Dakota: 66.67%
  • California: 61.56%
  • Mississippi: 56.78%
  • Massachusetts: 55.57%

Nationwide, one in 296 homes nationwide had a foreclosure filing in the first quarter of 2013. The states with the highest percentage of homes receiving a foreclosure filing and the comparison with the first quarter of 2012 were:

  • Florida: one in 104, up 16.81%
  • Nevada: one in 115, 18.09%
  • Illinois: one in 147, down 4.52%
  • Ohio: one in 188, up 14.76%
  • Georgia: one in 200, down 40.73%
  • Arizona: one in 202, down 48.22%

 

 
15Comments
Apr 22, 2013 9:54PM
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Mostly because it is a sham. My home has decreased in value by $110,00 since 2008, and there has not been 1 program out there that is willing to help. BOFA is the worst, I own my home, and would tell ANYONE not to use them. I CAN live in my home, and afford it by being completely broke,while still eating. I would NEVER advise a younger person to use BOFA.
Apr 22, 2013 8:17PM
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"...While the number of foreclosures is rising in Florida, in most cities the demand for homes is still greater than the supply, and prices have continued to rise...."

BULL!!! 

The only reason is that there is a low supply is that the banks are hiding out some of the foreclosed house so that they inflate the market price so they (the banks) can make money off the homes in some way.

If the banks actually let all of their foreclosed homes onto the market, the supply would easily exceed the demand and prices would plummet. 

Just another way the banks are out to screw-over the average American who would like to own a home.....


Apr 22, 2013 7:31PM
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"foreclousrs fall"    yea.....when everyone has been foreclosed on and that makes all the homeowners there is no one else to foreclose on....so of couse it's going to fall.
Apr 22, 2013 7:17PM
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Yup.  Most of the scum has been scrape off.  Just m opnion btmost of tose foreclosed on the past six years were not worthy of ownin when things wre conventional/traditional.  I liked the plummeting prices though  Ibought five properties for less than they cost in 99. Now if only assault rifles andammo would go down to 1999 prices.
Apr 22, 2013 4:48PM
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That's not good news.  It just means they are twisting the stats to prove something that is false. Millions of homes in foreclosure and it has to slow down sometime.  It's been non-stop foreclosure for years now.  Are there any homes left that haven't gone thru foreclosure.  Typical misleading article by the scumbag realtors.  
Apr 22, 2013 4:47PM
Apr 22, 2013 4:12PM
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Can't be true for Bank of America as they will not modify a loan.  They will have mibe soon
Apr 22, 2013 4:04PM
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....and next month they will be up.
Apr 22, 2013 3:31PM
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 The "American Dream" is outdated. Home ownership has become an "anchor" for people that see opportunites beyond the neighborhood they reside in. Society has become mobile and should be able adopt to changing work environments and social change. We do not live in the year 1950. Access to people and informaton is in the palm of your hand with wireless devices available to all. No need to wait at home by the phone for that "important"phone call. Not many people own or operate farms, no need to have five children to raise at home.Learn to bend and twist with the everchanging landscape that we all face. There is an American dream for all of us out there, let you be the one to define it and not allow the social media and/or government to define it for you.
Apr 22, 2013 3:23PM
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That was yesterday..... overall up for the last 7 years....
Apr 22, 2013 3:13PM
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Does it mean that filings are actually rising in half of the the states?  

Apr 22, 2013 2:59PM
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You have to hit bottom eventually.

 

I had 10 apples and ate 4 the first week.

I ate 4 the second week.

Two the third week, therefor my rate fell to 50% the third week.

Get the picture?

 

Apr 22, 2013 1:54PM
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Bank of America are most dishonest Bank envolved in  these foreclosures.
Apr 22, 2013 12:58PM
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Who is left to foreclose on?  Duh.
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