57% of metro areas saw more foreclosures in 2012
Florida and inland California continued to show the highest rates of foreclosure activity, while coastal California saw foreclosures decline, according to RealtyTrac.
The real-estate market may be improving, but the foreclosure crisis is not over, as new data from RealtyTrac remind us.
Foreclosure activity increased last year in 57% of the 212 largest U.S. metro areas, including eight of the 20 largest metro areas.
While foreclosure activity decreased 37% in Phoenix, it increased 80% in Tampa, Fla., demonstrating the great disparity of how the recovery is playing out in different U.S. cities.
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Most of the areas where foreclosure activity increased use the judicial-foreclosure process, which was stalled for a time as lenders scrambled to replace bad documents filed during the “robo-signing" scandal. The 2012 figures reflect the fact that foreclosures are under way again in these areas.
Of the 20 largest metro areas, those that showed the greatest decrease in foreclosure activity, after Phoenix, were San Francisco (down 30%), Detroit (down 26%), Los Angeles and San Diego (both down 24%).
But significant increases in foreclosure activity were reported in Tampa, Fla., followed by Miami (up 36%), Baltimore (up 34%), Chicago (up 30%) and New York (up 28%).
Florida and California continued to dominate the list of the cities with the highest rate of foreclosure, led by Stockton, Calif., with 3.98% of housing units -- one in 25 -- receiving a foreclosure filing during 2012. Next on the list were Riverside-San Bernardino-Ontario, Modesto and Vallejo-Fairfield, all in California, followed by the Florida cities of Miami and Palm Bay-Melbourne-Titusville.
Also in the 20 cities with the highest rate of foreclosure filings in 2012 were the California cities of Merced, Bakersfield and Sacramento, the Florida cities of Orlando, Tampa, Lakeland, Jacksonville, Cape Coral-Fort Myers and Ocala, plus Atlanta; Chicago; Rockford, Ill.; Las Vegas; and Phoenix.
"Markets with increasing foreclosure activity in 2012 took the first step in finally purging delayed distress left over from the bursting housing bubble," Daren Blomquist, vice president at RealtyTrac, said in a news release. "Meanwhile, the underlying fundamentals in many of those markets are slowly improving, making it an opportune time to absorb additional foreclosure inventory this year — and that is particularly good news for buyers and investors hungry for more inventory to purchase in those markets."
RealtyTrac also published a list of the best and worst cities in which to buy foreclosures. You can see the list here.
But real-estate agents in South Florida, which was listed as a top market for buying foreclosures, were skeptical, noting that good foreclosure properties were in such demand it was hard to buy one.
"Any foreclosure that comes on the market is gone immediately," Judy Trudel of Balistreri Realty in Lighthouse Point, north of Fort Lauderdale, told The Sun-Sentinel.
Just put all the defaulted mortgages in the oh my god whos going to pay for it pile,and watch the banks become gazillionaires as the us governments funds go deeper into the toilet and then listen to them threatening to reduce food stamps to the needy...mabye we should ask the banks to be our government instead, at least they know how to buld wealth and capital!!!
I think it is sick that so many people are benefitting off of other's loss. Hope you can live with yourselves! Karma!
Saturday, February 23, 2013
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Los Angeles, California, USA. Noticed long long lines at some of the few open houses today. Agents said first day of showing, multiple offers. Investors are purchasing block of properties, to repair and flip for profit. Strict State legislation has slowed down the foreclosures in Socal. We were spared the foreclosures, compared to the 50’s and late 80’s, Construction is still hard hit.
Amazing how America is going bankrupt and All The President can talk about is letting the Illegal Aliens have amnesty.
The Big Banks break the Law and nobody goes to Jail. The Illegal Aliens break the Law and nobody goes to Jail. Why do we even have Laws?
11 Million American homes are under water!?!. Still foreclosing? Who is leading this? The TOP 5 US Banks ? Here are the Data based on public information:
1. Handful of homes were modified? mainly in Phoenix, AZ.
2. Rest of the modifications had THOUSANDS of dollars in Attorney's Fees, whopping interest charges, and late fees back into the loan. Basically restructuring the loan to pick up the federal BONUS! Even with all that ONLY 70000 homes were modified, in 2012.
3. Nearly TWO MILLION homes were foreclosed just alone in 2012, causing the market to tank destroying $ Billions of home equity collected over years!
4. Are the loans sold back to Investors? Banks no longer even own the homes? Paperwork get lost in the shuffle? No end on site? Where is the money allocated save homes?
The problem with Detroit: NOT EVERYBODY CAN OR WANTS TO DO CARS FOR A LIVING.
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.