Foreclosure Report: RealtyTrac – Top 5 States November 2013
A most recent foreclosure analysis report released by RealtyTrac (the leading online marketplace of foreclosure properties) for the month of November 2013 showed the number of foreclosure filings in the U.S. was 15% lower than the month of October and 37% lower than November 2012 indicating improvement in foreclosure numbers.
According to RealtyTrac, there are 1,221,329 properties in the U.S. that are in some stage of foreclosure today. The home sale for the month of October 2013 were down 29% when compared to the month of September, and also down 29% in comparison with October 2012’s foreclosure report.
Included in the foreclosure report are the top 5 States in the U.S. with the highest amount of foreclosures filed in the month of November 2013, and the following states are:
1) Florida – 1 in every 392
Florida’s foreclosure filings in November 2013 was 15% lower than October’s and 23% lower than November 2012. The current median sales price for a non-distressed home in FL was $146,500, meanwhile the median sales price of a foreclosure home was $98,000, this is 33% lower than a non-distressed home sales. Even with its continuous decrease in foreclosure rates, FL somehow lands in first place for the fourth consecutive month.
2) Delaware – 1 in every 480
Delaware’s foreclosure filings as of November 2013 was 56% higher than the previous month and 141% higher than the same time last year. The current median sales price for a non-distressed home in DE was $204,500, the foreclosure home price was $115,507. This makes a foreclosure home 44% lower than a non-distressed home in Delaware.
3) Maryland – 1 in every 618
Foreclosure filings for Maryland in November 2013 was 16% lower than the previous month and 42% higher than November 2012. The current median sales price of a non-distressed home was $249,000. While the median sales price for foreclosure homes was $157,500. This is a 37% difference between the two type homes.
4) South Carolina – 1 in every 660
South Carolina’s foreclosure filing in November 2013 was 10% higher than the previous month and 32% lower than November 2012. The current median sales price for a non-distressed home was $140,000 and the median sales price for a foreclosure home was $85,000; a 39% difference between the two type homes.
5) Illinois – 1 in every 700
Foreclosure filings in November 2013 for Illinois was 21% lower than the previous month and 44% lower than November 2012. The current median sales price for Illinois was $179,500 and the median sales price for a foreclosure home was $102,000. A foreclosed home would be 43% lower than a non-distressed home in Illinois.
Among these top 5 states high in foreclosure rates were cities in Florida, such as: Jacksonville, Palm Bay, Miami, and Port Lucie, also another city in one of the states was Rockford, Ill. Jacksonville is considered to be the nation’s highest metro area and more than four times the national average for the month of November 2013 with one in every 288 housing units to file for foreclosure.
Here is what the Vice President at RealtyTrac, Daren Blomquist had to say about November’s foreclosure report,
“While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed. While foreclosures will likely continue to stage a weak rally in certain markets 2014 as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.”
Since the U.S. foreclosure activity took a plunge in November 2010 due to the “robo-signing” scandal a month prior (October 2010), this 15% decrease in November 2013 is considered to be the largest month-by-month decrease that we have seen yet.
