Foreclosure rate continues to decline | Real Estate Consumer News

By Dennis Norman, on August 9th, 2012

Foreclosure activity in the U.S. continues to decline, signaling some welcome relief for battered home prices, according to a report just released by RealtyTrac this morning.? According to the report, in July there were foreclosure filings on 191,925 properties in the U.S., 3 percent fewer than the month before and a decrease of 10 percent from a year ago.

Highlights from the report:

• Overall foreclosure activity decreased on a year-over-year basis for the 22nd consecutive month in July, dropping to its lowest level since April.
• The decline in overall foreclosure activity was driven primarily by a 21 percent year-over-year decrease in bank repossessions, or REOs.
• Thirty-eight states and the District of Columbia posted annual decreases in REO activity, but there were some notable exceptions where REO activity increased annually, including Florida (38 percent), Ohio (25 percent), Illinois (22 percent), and New Jersey (21 percent) ? all judicial foreclosure states where foreclosures are processed through the court system.
• U.S. foreclosure starts in July increased 6 percent on a year-over-year basis, the third straight month with an annual increase in foreclosure starts following 27 consecutive months of decreasing foreclosure starts on an annual basis.
• Foreclosure starts increased on a year-over-year basis in 27 states, led by Connecticut (201 percent), New Jersey (164 percent), Pennsylvania (139 percent), Indiana (83 percent), and Massachusetts (65 percent) ? all judicial foreclosure states.

Top 20 Metro Foreclosure Rates - July 2012                   ----------------------------------------------------------------------------                                         July 2012                                         Properties              %       %                                            with    1/every X  Change  Change                                        Foreclosure  Housing    from    from Rank MSA Name                            Filings     Units    Jun 12  Jul 11 ----------------------------------------------------------------------------    1 Stockton, CA                            1,529       153   -5.38  -17.44 ----------------------------------------------------------------------------    2 Vallejo-Fairfield, CA                     824       185   10.01  -23.42 ----------------------------------------------------------------------------      Riverside-San Bernardino-Ontario,    3 CA                                      8,012       187   -5.49  -18.73 ----------------------------------------------------------------------------    4 Modesto, CA                               921       195  -19.49  -26.38 ----------------------------------------------------------------------------    5 Palm Bay-Melbourne-Titusville, FL       1,261       214  286.81  203.13 ----------------------------------------------------------------------------      Sacramento--Arden-Arcade--    6 Roseville, CA                           3,828       228   -4.73  -20.63 ----------------------------------------------------------------------------    7 Visalia-Porterville, CA                   558       254  -10.29  -18.78 ----------------------------------------------------------------------------    8 Oxnard-Thousand Oaks-Ventura, CA        1,059       266   -3.38   -7.75 ----------------------------------------------------------------------------      Tampa-St. Petersburg-Clearwater,    9 FL                                      5,069       267   49.40   84.26 ----------------------------------------------------------------------------   10 Merced, CA                                306       274  -20.52  -41.04 ----------------------------------------------------------------------------      Atlanta-Sandy Springs-Marietta,   11 GA                                      7,649       283   -9.41   -6.45 ----------------------------------------------------------------------------   12 Rockford, IL                              511       286    5.14   49.42 ----------------------------------------------------------------------------   13 Akron, OH                               1,092       286  113.28   66.46 ----------------------------------------------------------------------------   14 Jacksonville, FL                        2,082       287   60.52   28.68 ----------------------------------------------------------------------------   15 Orlando-Kissimmee, FL                   3,219       293    1.16   38.15 ----------------------------------------------------------------------------   16 Lakeland, FL                              946       297    7.50   55.85 ----------------------------------------------------------------------------      Chicago-Naperville-Joliet, IL-IN-   17 WI                                     12,683       299   -9.50   35.00 ----------------------------------------------------------------------------   18 Bakersfield, CA                           948       300  -34.39  -42.37 ----------------------------------------------------------------------------   19 Ocala, FL                                 543       302   -0.37   -9.95 ----------------------------------------------------------------------------   20 Phoenix-Mesa-Scottsdale, AZ             5,795       310  -11.74  -21.74 ----------------------------------------------------------------------------

Related posts:

1. US Foreclosure Rate and Mortgage Delinquency Rate Continues to Rise
2. U.S. Foreclosure Rate Declines to 40-Month Low in April
3. Foreclosure report shows mixed signals; rate down in U.S. but half of large metros up from a year ago
4. U.S. Foreclosure activity decreasing in the west and on the rise in the midwest and east
5. Foreclosure activity in May up 9 percent from month before

Source: http://realestateconsumernews.com/foreclosures/foreclosure-rate-continues-to-decline/

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