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December 2013 RealtyTrac Report: Top 5 Foreclosure States

By on January 28, 2014 in Market Updates

RealtyTrac (the leading online marketplace of foreclosure properties) recently released their most recent data report for the top five states with the most foreclosures as of December 2013. There was quite a bit of shifting of states since the last report in November, this time adding Utah and Nevada to the list and leaving South Carolina and Delaware out of the picture.

The top five states are as follows:

1) Florida – 1 in every 409

Florida’s foreclosure filings (as of December) was 4% lower than previous month and 18% lower than the same time last year. With FL being such a large state, it is understandable why this state is among the top five states in each foreclosure report. A significant amount of HARP Refinances have been filed in Florida, in the most recent FHFA (Federal Housing Finance Agency) report covering HARP Refinance activities there were a total of 5,202 HARP Refinances filed in the state as of October 2013, which is the most recent report released by the FHFA, we can only imagine how many more may have turned to HARP since.

2) Maryland – 1 in every 487

Maryland has shifted up one spot on the list since the last top five foreclosure states report, data analysis in the previous month had Maryland in third place with 1 in every 618 housing units to file for a foreclosure. Maryland’s foreclosure filings (as of December) was 2% higher than the previous month and 29% lower than the same time last year. The most recent HARP refinance activity showed that Maryland had a total of 1,356 underwater borrowers to file for a HARP Refinance The average sales price for a foreclosure home in MD was $110,000 which is 38% lower than a non-distressed property in this state.

3) Illinois – 1 in every 605

Illinois has made its way towards the top of the list in this foreclosure update, moving from fifth place to third is quite a jump, with foreclosure filings of 16% higher than the previous month and 24% lower than the same time last year (as of December). The average sales price for IL was $102,000 for a foreclosed property which is 41% lower than a non-distressed property. (as of October 2013) Illinois had a total of 2,780 underwater homeowners apply for a HARP Refinance according to the most recent FHFA HARP Refinance report.

4) Nevada – 1 in every 677

Nevada not making it on the list in the previous foreclosure report, is one of the states new to the list of top five, taking the place of South Carolina. NV made it in the list due to its recorded foreclosure filings of 27% higher than previous month, yet 50% lower than the same time last year with its ratio of 1 in every 677 housing units to file a foreclosure report. The FHFA’s most recent HARP Refinance activity report showed a total of 924 underwater borrowers to apply for a Refi with HARP. Perhaps more HARP refinances will occur in Nevada, helping to keep this state off of the next foreclosure report. The average sales price for a foreclosed property in Nevada was $140,000, which is 17% lower than a non-distressed home.

5) Utah – 1 in every 718

Utah along with Nevada is new to this month’s foreclosure report, with a recorded foreclosure filing of 24% higher than the previous month and 23% higher than the same time last year, this state has now earned its spot on number 5, bumping Illinois to number 3. UT did not have too many HARP Refinances filed according to FHFA’s (Federal Housing Finance Agency) (as of October) HARP Activity report, with a total of 389 HARP Refinances. Utah’s foreclosed properties was set at an average sales price of $157,000, which is only 4% lower than a non-distressed property in Utah, this average price for a foreclosed property is highest when compared to the rest of the top 5 foreclosure states.

Looking back at the most recent report and comparing the collected data analysis for each state, it is without reasonable doubt that more HARP Refinances filed in each would help with its foreclosure dilemma. Hopefully instead of moving up, these states can improve and stay off of the next month’s list of top 5 foreclosure states.

About The HARP Refinance Program

The HARP (Home Affordable Refinance Program) has certainly been a great success since its revision in 2011, with the removal of LTV limitations, in which allows for underwater homeowners who currently owe more than 125% of their home’s value to refinance their mortgage to prevent defaults and foreclosures today. The HARP program was established by the Obama Administration and set forth by the FHFA (Federal Housing Finance Agency) to help save responsible underwater homeowners from losing their homes and helping to relieve them of their mortgages by helping them refinance to a better or shorter loan term best suitable for their financial situation.

Click Here To Read More About The HARP Program

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About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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