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.

By Teresa at MSN Real Estate Jan 31, 2013 2:28PM

© Tetra Images/SuperstockThe 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.

 
43Comments
Feb 23, 2013 10:18PM
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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!!!

 

Feb 23, 2013 8:40PM
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wow the banks have really scored gauranteed money 100 percent to pay off all and any defaulted mortgages plus they get to keep all of the properties including the ones people spent all their time and money renovating and deleading and now the banks own them outright with no mortgage on them score its like the end of a monopoly game....nobody wants to play monopoly any more all of the homes and values have been extorted with the exception of the 11 million home due for the forclosure process and the government will pay for ithem too right but how they dont have money for that do they?
Feb 23, 2013 6:27PM
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Well, I see  Modesto, California has made another "worst" list! Good God, that city will never learn as long as the people and incompetent pols there remain ignorant.....
Feb 23, 2013 6:27PM
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Everyone is getting out of California.Run into the ground by liberals.Riots soon.Watch the news,its coming.


Feb 23, 2013 6:07PM
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I think it is sick that so many people are benefitting off of other's loss.  Hope you can live with yourselves! Karma!

 

Feb 23, 2013 4:59PM
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Saturday, February 23, 2013

Gardeningcrew.com   |   Facebook.com/Gardeingcrew

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.

Feb 23, 2013 2:18PM
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Don't worry.... Our leader is going to creat more jobs by raising the minimum wage, and then taxing the hell out of all of those who decided to work.  No really, it will work, just ask the President.  The telepromter told him so.....
Feb 23, 2013 11:27AM
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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?

 

Feb 23, 2013 11:22AM
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Citimortgage is the worst. That place should be shut down.

Feb 23, 2013 10:35AM
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next election clean hyouse and tell the lobbist to stayout of washington.  this is the only way i can see to turn our country around.
Feb 23, 2013 7:34AM
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The housing market, like SS, state pension funds etc, are all one big Ponzi scheme. Florida is a perfect example of this, its housing market was feed by NYers etc retiring and move where it is cheaper and warmer. Once there was no one left to buy the NYers home, the Florida market went into the tank. So my advice is if you looking to buy a home in Fl, just hold off a little longer, becuase contrary to what the lame stream media and the Dumbocrats tell you. Things are going to get worse, much worse, so hold on this ride is going to get really scary.
Feb 23, 2013 7:00AM
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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?   

 

  

 

 

  

Feb 23, 2013 5:34AM
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I managed to unload my home in FL five years ago.  It was a gorgeous house, but I could see home values dropping and then I lost my job.  My house was on the market for two years and then my neighbor's sister wanted to move from up north to FL and she bought my home - right next to her sister.  A few years later I was working in another state and bought a fixer upper 4 br house.  I did a lot of fixing every weekend and the place looks fantastic.  I lost my job last fall and am now renting 3 bedrooms, which pays the mortgage.  If not for that, I would be in foreclosure.  
Feb 23, 2013 3:31AM
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The government wants to take your house, car, dog and all of your money.

The government needs to prosecute itself for extortion, conversion and RICO conspiracy for taking part in this mortgage scam.

I notice Obama is working as hard on the mortgage crisis as he is on taking away your guns and he should.

The way I figure it, the government was a party in screwing 50 MILLION AMERICANS out of their property.

That means 50 MILLION pissed off armed Americans.
Feb 23, 2013 12:51AM
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Did you read, prime for hungry investors waiting to snap up some one else's home and life.  Just a bunch of voltures for sue.  Our country stand at a very disgraceful threshold and makes me ashame to say that I am an american.  Americans allowing not only americans, but foreigners to prey on other americans, disgusting and revolting and the governmet is sleeping in the same bed with these crooks.  Check out the program in Nevada called Nevada's Hardest Hit program.  They con you into signing papers then through you back to Chase  bank as if they didn't do anything wrong.  They set people up to fail and be foreclosed on the very government that is trying to pretend they are helping people, they ARE NOT.  They are however, probably putting all of that money in their own pockets, Harry Reid do you have anything to say.  Let's hear it then if you are not part of this problem then do something to help the  very people who voted you into office
Feb 15, 2013 1:07PM
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Florida has nice weather,but no jobs. Many of the residents in the foreclosure areas are undesirable as neighbors,and about the only way to purge them is to make welfare a lot easier to get in Atlanta,or Detroit or anywhere but Florida. Its sort of like the movie,build it and they will come.Over in Africa the cities that had free food grew beyond belief,we could use welfare as a carrot on a stick here in America too. Chicago is an example of attracting and housing/feeding cradle to grave generations.If we don't try to seperate the haves from the have nots there will be trouble,hence the need for gun control, the haves need guns more than ever to protect themselves from the shortcomings of our "govt." God bless the working Americans.
Feb 15, 2013 12:42PM
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Crook county is at it again.  Any chance that Obama's house will be foreclosed since he is the one running this country into foreclosure. 
Feb 15, 2013 12:25PM
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The problem with Detroit: NOT EVERYBODY CAN OR WANTS TO DO CARS FOR A LIVING.

Feb 15, 2013 11:39AM
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I have heard that the inner cities in the rust belt such as Detroit and Cleveland  are bulldozing vacant properties that are beyond repair, so there are less foreclosures than there otherwise would be.  Urban centers where there are jobs are just starting to see short sales and foreclosures because people have been able to make payments, but some of the people are just now giving up on underwater homes despite being able to afford them. 
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