Tuesday
July 22, 2014

Foreclosures Jump in Northeast, West

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Foreclosures Jump in Northeast, West

Nationwide, foreclosures dropped 26 percent in May compared to year-ago levels, reaching the lowest monthly level since December 2006. However, that does not reflect the recent foreclosure activity in Northeastern and West Coast markets, according to the latest report from RealtyTrac.

The four metros with the largest increases in foreclosures year-over-year are located in the Northeast: Boston (up 44 percent); New York (up 23 percent); Washington, D.C. (up 15 percent); and Philadelphia (up 15 percent).

“It’s not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows,” says Daren Blomquist, vice president at RealtyTrac. “On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.”

Bank repossessions were up by the largest amounts year-over-year in New York (up 117 percent), New Jersey (up 96 percent), Connecticut (up 85 percent), Maryland (up 40 percent), Oregon (up 29 percent), and California (up 26 percent). Foreclosure starts were up by the highest amounts from year-ago levels in Massachusetts (up 178 percent), Indiana (up 67 percent), Delaware (up 26 percent), New Jersey (up 15 percent), and New York (up 14 percent).

The healthiest markets for foreclosure activity tend to mostly be centered in the Midwest, sand states and the Sunbelt, according to RealtyTrac’s analysis. 

Source: “Foreclosures Skyrocket in Northeast, West Coast,” HousingWire (June 10, 2014)

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Average Days to Complete Foreclosure: 572