Hopeful homeowners could potentially benefit from the availability of homes at discounted prices, though buying a foreclosed property can be a hard undertaking, and areas with high rates of foreclosure can suffer from depressed home values.
Advertisement
“Those bank repossessions will easily be absorbed into a market where inventory is low and pent up demand for lower priced homes will be welcome relief”, he said in an email.
Here are the states with the highest rate of homes with a foreclosure filing in the third quarter of 2015. In New Jersey, the state with the most foreclosures in the third quarter, one in every 171 housing units was in foreclosure, in Florida one in every 186 and in Nevada one of every 194.
“In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back a few foreclosure activity for years”, Blomquist said in a news release.
Nationwide, foreclosure filings rose 2.1 percent over the year in September and 3 percent on a quarterly basis.
While states like Michigan, Texas and Washington are also seeing increases in foreclosure activity, their numbers are far closer to normal levels. Atlantic City, N.J., was No. 1 in the nation. Albuquerque, New Mexico (one in every 181) and Las Vegas, Nevada (one in every 187) take the final two top spots.
The uptick in foreclosure activity was reflected in the national data, which showed a 3 percent increase year over year.
The ripples from the huge real estate collapse that mostly overlapped the Great Recession are not gone.
Among the nation’s 20 largest metro areas, those posting the biggest decreases in foreclosure activity in the third quarter of 2015 compared to a year ago were Riverside-San Bernardino in Southern California (down 21%), Los Angeles, California (down 21%), San Diego, California (down 20%) and Miami, Florida (down 16%).
On a 12-month rolling basis – a measure that smooths out monthly swings – foreclosure activity was down by 25 percent in Sarasota-Manatee and by 12.5 percent in Charlotte. Foreclosure starts historically speed up between September and November before holiday moratoria set in.
Advertisement
Daren Blomquist, vice president at RealtyTrac, said North Carolina was an exception to the national trend of more foreclosure filings during September.
