There were a total of 327,258 foreclosure filings in the third quarter of 2015 according to a recent report.
The annual increase in the third quarter was the second consecutive quarter where US foreclosure activity rose on a year-over-year basis following 19 consecutive quarters of year-over-year decreases.
A total of 133,811 properties began the process of foreclosure in the third quarter – a 12 percent drop from the previous quarter and down 14 percent from a year ago to the lowest level since the third quarter of 2005.
There were 123,040 U.S. properties repossess by the lender in the third quarter, down less than 1 percent from the quarter before but up 66 percent from a year ago, the biggest year-over-year increase in bank repossessions since RealtyTrac started stracking quarterly foreclosure activity in 2008.
“The widespread rise in foreclosure activity in the third quarter compared to a year ago is the result of two starkly different trends taking place,” reports Daren Blomquist, VP at RealtyTrac. “In states such a 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 some foreclosure activity for years. That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices creating a drag on overall home values. On the other hand, in states such as Texas, Michigan and Washington the third quarter increases re a sign that the foreclosure market has settled into a normalized pattern close to or even below pre-crisis level, and in those states the overall housing market should easily absorb the additional foreclosure activity with little impact of home values.”
New Jersey posts top state foreclosure rate, Florida rate drops to second highest.
New Jersey foreclosure activity rose 27 percent from a year ago, boosting their foreclosure rate to the highest in the US – 1 in every 171 homes filed for foreclosure during the quarter, twice the national average (one in 404). NJ starts were down 28 percent from a year ago however the foreclosure auctions increased 61 percent while bank repossessions shot 351 percent.
Florida foreclosures decreased 17 percent from a year ago in the third quarter of 2015. However, the state still has the second highest foreclosure rate: 1 in 186. Florida foreclosures starts dropped 28 percent since a year ago and scheduled foreclosure auctions were down 46 percent year over year – however bank repossessions in Florida increased 34 percent from a year ago in the third quarter.
Atlantic City reports top foreclosure rate among metros
With one in every 97 housing units posting a foreclosure in the third quarter, Atlantic City, New Jersey reported the highest foreclosure rate among metropolitan statistical areas with a population of 200,00 or more.
Five Florida cities posted third quarter foreclosure rates among the 10 highest: Jacksonville at number two (1 in 1553); Deltona Beach, FL at number3 (1 in 155); Tampa, FL at number 4 (1 in 162); Miami, FL at number 5 (one in 162); Lakeland Florida (1 in 176) Ocala, FL at number eight ( 1 in 179).
Trenton NJ posted the sixth highest foreclosure rate (1 in 172). Albuquerque NM (1 in 181) and Las Vegas (1 in 187) are the two highest.
US Foreclosure activity increased slightly in September
A total of 109,130 US properties had foreclosures in September 2015, down less than 1 percent from the month before but up 2 percent from a year ago.
43,358 properties began foreclosing in September, the lowest level since November 2005.
Lenders repossessed a total of 40,308 properties in September, a 10 percent rise from the month before and a 76 percent jump from a year ago.
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