Last year was a banner year in the fight against foreclosures, with filings hitting their lowest level since 2007.
Total foreclosure filings for 2013, including notices of default,
scheduled auctions and bank repossessions, were reported on 1.36 million
properties, down 26% from 2012, according to RealtyTrac.
With one in every 96 homes reporting at least one foreclosure filing in
2013, the national foreclosure rate has dropped to 1.04% -- close to
the historic norm of just below 1%. During the 2010 peak of the housing
crisis, the national foreclosure rate was 2.23%. Despite the improving market,
the foreclosure threat continues to hang over the heads of many
homeowners. In December, 9.3 million properties, or 19% of all homes,
were reported to be "deeply underwater," meaning borrowers owed at least 25% more on their mortgage than the homes was worth. Related: Million dollar housing markets
"Millions of homeowners are still living in the shadow of the massive
foreclosure crisis" said Daren Blomquist, vice president at RealtyTrac.
"But the shadow cast by the foreclosure crisis is shrinking as fewer
distressed properties enter foreclosure and properties already in
foreclosure are poised to exit in greater numbers in 2014." About 463,000 people lost their homes to bank repossessions in 2013, down 31% from 2012. In 2010, there were more than a million repossessions and 2.9 million foreclosure filings.
While most of the distressed properties from the bleak years have
already been taken back by lenders and resold, the banks are pushing to
get the remaining backlog of foreclosures through the system. Related: America's Best Places to Live And it's coming at a good time as home prices rebound.
"There is unprecedented demand from institutional investors willing to
pay with cash to buy at the foreclosure auction, helping to raise the
value of properties with a foreclosure filing in 2013 by an average of
10% nationwide," said Blomquist. In so-called judicial
foreclosure states, where foreclosures must get approved through the
courts, hefty backlogs of foreclosures are just now getting worked
through. Maryland, for example, saw a 107% increase in scheduled
judicial foreclosure auctions in 2013. Meanwhile, New Jersey and
Connecticut saw increases of 64% and 55%, respectively. Related: 5 biggest housing market comebacks of 2013
Overall, Florida was the foreclosure capital last year with 270,000
properties, or more than 3% of all housing units, with at least one
foreclosure filing last year. That's nearly twice as many as second
place California. "Eight of the top foreclosure cities are in
Florida," said Blomquist. "We used to say that about California, but now
California doesn't have any cities in the top 10." Miami had
96,710 properties in foreclosure, one in every 25 homes. That was the
highest rate of any metro area and was 44% higher than in 2011. Other
Florida cities where foreclosure activity was high, included
Jacksonville and Orlando. Beyond Florida, metro areas making the top 10 foreclosure hotspots included Rockford, Ill. and Las Vegas.
Author:Misty Cordier Phone: 702-802-8454 Dated: January 16th 2014 Views: 6,955 About Misty: Mission: I am committed to creating successful transactions for my clients that will help them achie...
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