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.
The 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%
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?