Newly started foreclosures head higher in 19 states | Bedford Hills Real Estate
While national trends for troubled properties are improving, there are 19 states where newly started foreclosures are heading higher, according to data released Thursday.
In March, there were foreclosure filings on about 117,000 properties throughout the country, up 4% from February, but down 23% from a year earlier, online foreclosure marketplace RealtyTrac said. Such filings include default notices, scheduled auctions and bank repossessions. In addition, trends show national improvement: For the first quarter, there were about 342,000 properties with foreclosure filings, also down 23% from a year earlier.
Looking nationally, the pipeline of foreclosures has narrowed since the housing bubble burst. The past year in particular has seen a rebound for the U.S. housing market, with rapidly rising prices enabling many troubled borrowers to gain equity. But at the state level, the foreclosure news is somewhat darker, with 19 states posting annual growth in foreclosure starts for the first quarter. A start is the first public notice of a foreclosure, such as notices for default or a trustee’s sale. Check to see whether your state is among the 19 where foreclosures are headed higher.
“Now that the foreclosure deluge has dried up, banks are turning their attention back to properties that have been sitting in foreclosure limbo for some time,” said Daren Blomquist, a vice president at RealtyTrac. “Banks will also now be able to devote more resources to dealing with the lingering inventory of nearly half a million already-foreclosed homes that still need to be sold.”
In New Jersey, foreclosure starts in the first quarter were up 83% from a year earlier, while starts in Maryland rose 43%, and California posted its first annual growth since the second quarter of 2012. Starts trends are rising in states where lenders must go through the court system to move a borrower into foreclosure, as well as in non-judicial states, Blomquist said.
http://blogs.marketwatch.com/capitolreport/2014/04/10/newly-started-foreclosures-head-higher-in-19-states/
In March, there were foreclosure filings on about 117,000 properties throughout the country, up 4% from February, but down 23% from a year earlier, online foreclosure marketplace RealtyTrac said. Such filings include default notices, scheduled auctions and bank repossessions. In addition, trends show national improvement: For the first quarter, there were about 342,000 properties with foreclosure filings, also down 23% from a year earlier.
Looking nationally, the pipeline of foreclosures has narrowed since the housing bubble burst. The past year in particular has seen a rebound for the U.S. housing market, with rapidly rising prices enabling many troubled borrowers to gain equity. But at the state level, the foreclosure news is somewhat darker, with 19 states posting annual growth in foreclosure starts for the first quarter. A start is the first public notice of a foreclosure, such as notices for default or a trustee’s sale. Check to see whether your state is among the 19 where foreclosures are headed higher.
In New Jersey, foreclosure starts in the first quarter were up 83% from a year earlier, while starts in Maryland rose 43%, and California posted its first annual growth since the second quarter of 2012. Starts trends are rising in states where lenders must go through the court system to move a borrower into foreclosure, as well as in non-judicial states, Blomquist said.
http://blogs.marketwatch.com/capitolreport/2014/04/10/newly-started-foreclosures-head-higher-in-19-states/
Comments