A recent study showed a nation wide decrease in foreclosure listings, however that is only half the story. It seems that even though foreclosures on a national level are down, there is a rise in foreclosure inventory in Judicial States. States including New Jersey, Utah, Indiana, Pennsylvania, Florida, and Michigan have reported annual increases of 42%-179%.
Just over one half of the states in the US has reported an increase in foreclosure starts, both monthly and year-over-year starts. Nevada was number one when it came to increase reports. In Nevada 1 in 300 homes were filed as foreclosure in the month of April, causing a month-over-month increase in 15%. However, even with those numbers in April, Nevada as an overall state has actually seen a 67% decrease in foreclosure activity since 2007. This is just one example of how even though the national average numbers show a decrease, if you look at the individual states and cities you have find surprising increases in foreclosure listings.
Out of the 20 of the nations top Metro areas, 11 have seen an increase in foreclosure activity. According to the RealtyTrac U.S. Foreclosure Market Report, Florida rides the top of this list with the major Metros of Tampa and Miami. Other Metro areas that show this increase include St. Louis, Chicago, Philadelphia, and Atlanta. On the flip side, some major Metro areas that reported a decrease in foreclosure activity includes Los Angeles, Phoenix, Seattle, and Washington, DC.
If you are interested in where to find the metro area with the highest concentration of current foreclosure activity, look no further than Riverside-San Bernardino where 1 out of every 213 homes has a foreclosure filing. This is followed closely by Miami where 1 in 273 houses have a similar filing. Of the major cities covered in this report, the 11 that showed an increase in foreclosure activity are all found in the South, the Midwest, East-Coast.
The information in this article was taken from a study conducted by RealtyTrac, which is considered a subject authority by various government and official organizations. If you are interested in learning more about foreclosures and foreclosure activities there is a wide variety of articles and published studies that you can find online, however for best results we suggest that you consult with a professional Realtor. The foreclosure market is always fluctuating and is at times full of speculation but there are many ways to prepare and educate yourself before diving into this particular realm of the real estate market.
