Foreclosures skyrocket in Northeast, West Coast
Foreclosures skyrocketing back east! Here’s some info on what’s going on in many states around the country as far as foreclosures.
Bank repossessions were at lowest level since July 2007, up only in New York, New Jersey, Connecticut, Maryland, Oregon, and California.
Lenders repossessed 28,373 U.S. properties in May, down 6% from the previous month and down 27% from May 2013 to the lowest monthly level since July 2007 — an 82-month low.
Despite the decrease nationally, bank repossessions increased from the previous month in 25 states and were up from a year ago in 14 states, including the following:
- New York: up 117%, the 16th month out of the last 20 with an annual increase
- New Jersey: up 96%, the 11th of the last 12 months with an annual increase
- Connecticut: up 85%, the 15th consecutive month with an annual increase
- Maryland: up 40%, the 15th consecutive month with an annual increase
- Oregon: up 29%, the sixth consecutive month with an annual increase
- California: up 26%, the second consecutive month with an annual increase after 28 consecutive months with annual decreases
- Illinois: up 20%, the second consecutive month with an annual increase after 12 consecutive months with annual decreases.
Lenders scheduled foreclosure auctions for 47,085 U.S. properties in May, down 4% from the previous month and down 22% from a year ago to the lowest level since December 2006 — an 89-month low.
Despite the national decrease, scheduled foreclosure auctions increased from the previous month in 27 states and was up from a year ago in 16 states.
Lenders started the public foreclosure process on 49,240 U.S. properties in May, down 10% from the previous month and down 32% from a year ago to the lowest level since December 2005 — a 101-month low.
Despite the national decrease, foreclosure starts — which can be the scheduled public foreclosure auction in some states — increased from the previous month in 17 states and was up from a year ago in 12 states reaching record highs, including the following:
- Massachusetts: up 178% to a 15-month high
- Indiana: up 67%, marking the third consecutive month with an annual increase
- Delaware: up 26%, the 12th out of the last 15 months with an annual increase
- New Jersey: up 15%, the 25th out of the last 27 months with an annual increase
- New York: up 14% to a 14-month high
Florida foreclosure activity decreased 30% on a year-over-year basis in May — the 10th consecutive month with an annual increase — but the state still posted the nation’s highest state foreclosure rate for the eighth consecutive month. One in every 436 Florida housing units had a foreclosure filing in May, nearly three times the national average.
Florida accounted for the eight highest foreclosure rates among metropolitan statistical areas with a population of 200,000 or more, led by Palm Bay-Melbourne-Titusville at No. 1, with one in every 303 housing units with a foreclosure filing — nearly four times the national average.
The other Florida cities in the top 10 were Deltona-Daytona Beach-Ormond Beach at No. 2 (one in every 314 housing units with a foreclosure filing); Orlando-Kissimmee at No. 3 (one in every 336 housing units); Lakeland at No. 4 (one in every 379 housing units); Port St. Lucie at No. 5 (one every 381 housing units); Ocala at No. 6 (one in every 384 housing units); Tampa-St. Petersburg-Clearwater at No. 7 (one in every 386 housing units); and Miami-Fort Lauderdale-Pompano Beach at No. 8 (one in every 405 housing units).
