Lenders filed 1,121 foreclosure starts in Sarasota, Manatee and Charlotte counties during the first half of 2015. It was down about 1 percent from a year ago.
Advertisement
The number of homes in the foreclosure process in the Toledo area dropped 69 percent in June from the same month a year ago, and they fell 12 percent from May, according to RealtyTrac Inc.
That was down 69 percent from a year ago when there were 823 properties in the foreclosure process.
Foreclosure starts in the first half of 2015 were at or below their pre-crisis levels of 2006 in 19 states, including California, Florida, Arizona, Georgia and Illinois, the report says.
On a 12-month rolling average, a measure that smooths out monthly turbulence, foreclosure activity was down in two of the three local counties. This is down 8 percent from previous month but 9 percent higher than previous year. That ranked 34th among Florida’s 67 counties. One out of every 95 homes in the sunshine state started foreclosure proceedings this year.
Connecticut ranked 22nd highest among all states for foreclosure activity in June, compared with 10th highest a year earlier. “However, our current robust market has muted the remnant REO (bank owned properties) noise”.
Connecticut’s home foreclosure troubles receded again in June, with foreclosure starts reaching a 10-year low, a new report shows.
Among the nation’s 20 largest metro areas, those posting the biggest decreases in foreclosure activity in the first half of 2015 compared to a year ago were Miami (down 30 percent), Riverside-San Bernardino in Southern California (down 15 percent), Seattle (down 14 percent), Los Angeles (down 14 percent), and Phoenix (down 14 percent).
What does that mean for the housing market in the Bay area and Florida?
Atlantic City, New Jersey’s financially distressed gambling hub, experienced the top metro foreclosure rate in the first half, with a foreclosure filing for 1.70 percent of housing units, or one in every 59.
The housing bubble may have burst years ago, but there are signs the U.S.is still feeling the effects. This is the longest average time since the company started tracking the data in 2007.
States with the biggest increase in foreclosure starts in June compared to a year ago included Massachusetts (up 141%), Colorado (up 83%), New York (up 45%), Virginia (up 41%), Texas (up 37%), Nevada (up 28%), Indiana (up 21%), Missouri (up 21%), and New Jersey (up 19%). And, New Jersey has the longest timeline for foreclosure completion at 1,206 days on average. Despite the year-over-year increase, June foreclosure starts were still below their pre-crisis average of 52,000 a month in 2005 and 2006.
Advertisement
And the third state on the list, Maryland, had the same rate as New Jersey with one in every 109 homes, but that state’s rate isn’t increasing.
