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March RealtyTrac Report: Nation’s Top 5 Foreclosure States

By on April 14, 2014 in Market Updates

According to the most recent RealtyTrac report, there are currently 1,162,056 properties in some stage of foreclosure across the nation as of March 2014. Filings for foreclosure in the U.S. was 4% higher than the month prior and 23% lower than the previous year.

The top five states within the highest foreclosure filing in March are:

1) Florida
2) Maryland
3) Indiana
4) Ohio
5) Illinois

Florida – Foreclosure filings for FL was 9% lower than a month ago and 22% lower than a year ago. Home sales for the state was up 5% compared with a month ago and dropped 5% compared within the previous year. The average home sales for a foreclosure property in Florida is $102,000, which is 29% lower than a non-distressed property of $144,000.

Maryland – Maryland’s foreclosure filing was reported to be 6% higher than a month ago and 20% higher than the same time a year ago. Home sales for the state was down by 24% compared within the previous month and 16% lower than a year ago. A distressed property in MD is reported to be an average price of 140,252, whereas a non-distressed property is priced 40% higher at $235,000.

Indiana – The state of Indiana’s foreclosure filing for March was 63% higher compared with a month ago. When compared with a year ago, the filings were 12% higher. Indiana’s home sales were 24% lower compared with the prior month’s report and 46% lower than the same time a year ago. Distressed properties are priced at an average of $90,000 which is 27% lower than a non-distressed property at a price of $123,000.

Ohio – Ohio’s foreclosure filings were 42% higher than the previous month and 28% lower than a year ago in March. Home sales were down by 22% compared with the month before and 28% lower than the same time last year. The average sales price for a foreclosed property is $49,500 and $107,000 for a non-distressed property which is a difference of 54%.

Illinois – Foreclosure filings for IL was 19% higher than a month ago and 35% lower than last March. The home sales for the state was down by 22% compared with the prior month and down by 8% when compared with the year prior. The average sales price of a distressed property is $95,500 and $169,500, this is a 44% difference between the two types of properties.

This is the first time that Indiana has showed up on the list as one of the nation’s top five states with the highest foreclosures reported on RealtyTrac. Replacing the state of Nevada for third place in February’s report and Ohio replacing the state of New Jersey for fourth.

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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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