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RealtyTrac – Foreclosure Report: January 2014

By on February 17, 2014 in Market Updates

There was a spike in foreclosure numbers interpreted in the most recent report released by RealtyTrac (the nation’s leading source of comprehensive housing data). The U.S. saw an 8 percent increase in January and double digit increases in several states.

There were a total of 124,419 reported U.S. properties, one in every 1,058 housing units filed for foreclosure during the month of January, despite the monthly increase, foreclosure numbers for the nation is still 18 percent lower than a year ago. This 8 percent increase is the biggest month-over-month jump in foreclosure numbers that we have seen since nearly two years ago in May 2012.

Possibly driven by double digits in other states causing this nationwide increase, Florida, Nevada, Maryland, Illinois, and New Jersey are January’s top 5 states with the highest foreclosure filings. The following stats shown below represents 1 in every housing unit with a foreclosure filing:

1) Florida – 1 in every 346
2) Nevada – 1 in every 533
3) Maryland – 1 in every 543
4) Illinois – 1 in every 603
5) New Jersey – 1 in every 619

Florida – 1 in every 346

Florida’s chances of a foreclosure filing per housing unit in January increased by 63 in comparison with December’s foreclosure report. The number of properties to receive a foreclosure filing in FL was 19% higher than the previous month, and 13% lower than a year ago. Home Sales were up by 14% and dropped by 4% when compared to a report from a year ago. The average sales price for a non-distressed property in Florida is currently $145,000 while a foreclosure home would cost $104,000 (29% lower). Florida’s city with the highest foreclosure count was Port Saint Lucie, with a total of 5,014 properties currently in some stage of foreclosure (auction, bank owned or default). Foreclosure filings for Port Saint Lucie, FL was 195% higher than a month ago and 89% higher than a year ago.

Nevada – 1 in every 533

Nevada’s foreclosure filings was as frequent as 1 in every 533 housing units, since December it has increased by 144. Foreclosure filings was 28% higher than the previous month and 35% lower than a year ago. Home sales in Nevada were up 16% in December compared to November and down by 23% when compared to a year ago. Average sales price for a non-distressed home in Nevada was $168,000, for 17% lower; a foreclosure home was priced at $140,000. Nevada’s highest foreclosure city Pahrump had a total recorded count of 510 properties currently in some stage of foreclosure. Pahrump’s foreclosure filings was 5% higher than the previous month and 68% higher than a year ago.

Maryland – 1 in every 543

Maryland saw a 56 housing unit increase since a month ago, foreclosure filings was 10% higher than the previous month and 98% higher than a year ago. Home sales were also up by 1% compared to a month ago and down 2% compared to the same time a year ago. The average sales price for a non-distressed property was $240,000, but for 40% lower, a foreclosure home was $145,000. Maryland’s highest foreclosure city was Baltimore, with foreclosure filings of 42% higher than a previous month and 96% higher than a year ago.

Illinois – 1 in every 603

Foreclosure filings in Illinois did not get any higher or lower for the state compared to a month ago, however it was 38% lower than the previous year. The home sales price declined by 4% in comparison with the prior month and was also down by 3% compared to a year ago. The average sales price for a non-distressed home was $169,000, while a foreclosure property was $100,000 (41% lower). The highest foreclosure city in Illinois was Plano, with currently 217 properties in some stage of foreclosure. The city of Plano’s foreclosure filing was 7% higher than a month ago, and 51% lower than the same time a year ago.

New Jersey – 1 in every 619

New Jersey’s foreclosure filing was 44% higher than a month ago and 66% higher than a year ago. Home sales were up by 3% compared to the prior month, but 3% down compared with the same time last year. Average sales price for a non-distressed property in New Jersey was $270,000, while a foreclosure property was $169,000 (37% lower than non-distressed property). The city of Layton, NJ was considered to be the highest foreclosure city of the state with currently 3 properties in some stage of foreclosure. The city, however, did not receive any additional foreclosure filings to determine an increase or decrease to compare with the previous month’s or previous year’s filing.

“The monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust,” said Daren Blomquist, vice president at RealtyTrac. “The foreclosure rebound pattern is not only showing up in judicial states like New Jersey, where foreclosure activity reached a 40-month high in January, but also some non-judicial states like California, where foreclosure starts jumped 57 percent from a year ago, following 17 consecutive months of annual decreases.”

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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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