Foreclosure report shows mixed signals; rate down in U.S. but half of ...

By Dennis Norman,on March 15th,2012

This morning,RealtyTrac released their U.S. Foreclosure Market Report for February 2012 which shows that foreclosure filings (default notices,scheduled auctions and bank repossessions) we?re reported on 206,900 properties in the U.S. during the month,a 2 percent decrease from the previous month and a decrease of 8 percent from the year before. During the month,1 out of every 637 homes in the U.S. had a foreclosure filing.

Highlights from the U.S. Foreclosure Market Report for February,2012:

• Default notices (NOD,LIS) were filed for the first time on a total of 58,886 U.S. properties in February,up 1 percent from the previous month but still down 7 percent from February 2011.
• Default notices increased at least 20 percent on a year-over-year basis in a dozen states,all states primarily employing a judicial or quasi-judicial foreclosure process. Those states included Hawaii (321 percent increase),Maryland (157 percent increase),Connecticut (64 percent increase),South Carolina (58 percent increase),Indiana (37 percent increase),Pennsylvania (35 percent increase),Florida (33 percent increase),and Massachusetts (20 percent increase).
• Default notices were still down on a year-over-year basis in several states, including Nevada (89 percent decrease),Michigan (72 percent decrease),New York (44 percent decrease),Iowa (28 percent decrease),Kentucky (25 percent decrease),and California (11 percent decrease). State legislation impacted the default numbers in Nevada,where a law requiring lenders to file an extra affidavit before initiating the foreclosure process took effect in October 2011,and in Michigan,where a 2009 law that required notices of default to be publicly recorded recently expired. In addition,state attorneys general in New York,California and Nevada have filed lawsuits against major lenders in recent months.
• Foreclosure auctions were scheduled for the first time on 84,180 U.S. properties in February,down 2 percent from January and down 13 percent from February 2011.
• Scheduled auctions increased at least 25 percent on a year-over-year basis in 13 states,including Kentucky (190 percent increase),Illinois (170 percent increase),Iowa (98 percent increase),Pennsylvania (95 percent increase),Indiana (92 percent increase),Minnesota (88 percent increase),Maryland (66 percent increase),South Carolina (27 percent increase),and Oklahoma (25 percent increase).
• Lenders repossessed a total of 63,834 U.S. properties in February,a 4 percent decrease from January and down 1 percent from February 2011.
• REO activity increased at least 20 percent on a year-over-year basis in 17 states,including Massachusetts (114 percent increase),North Carolina (95 percent increase),Florida (90 percent increase),South Carolina (87 percent increase),Georgia (76 percent increase),Connecticut (66 percent increase),New York (48 percent increase),and Illinois (42 percent increase).
• Foreclosure activity in Nevada reached a 58-month low in February,but the state still posted the nation?s highest state foreclosure rate for the 62^nd straight month. One in every 278 Nevada housing units had a foreclosure filing during the month,more than twice the national average.
• California posted the nation?s second highest state foreclosure rate in February although the state?s foreclosure activity hit a 51-month low. A total of 48,422 California properties had a foreclosure filing during the month,one in every 283 housing units.
• Arizona foreclosure activity increased on a monthly basis for the second month in a row boosted by a 33 percent jump in scheduled foreclosure auctions. One in every 312 Arizona housing units had a foreclosure filing during the month,the nation?s third highest state foreclosure rate.
• Other states with foreclosure rates ranking among the top 10 were Illinois (one in 398 housing units),Michigan (one in 433),South Carolina (one in 489),Ohio (one in 543) and Wisconsin (one in 596).

Foreclosure Market Data by Metro Area ? February 2012

MSA Name	Feb 2012 Properties with Foreclosure Filings	1/every X Housing Units	%? from Jan 12	%? from Feb 11
Atlanta	8,859	244	2.46	-4.50
Baltimore	698	1,622	32.45	41.01
Boston	1,342	1,403	-15.70	20.47
Chicago	12,587	302	-8.46	43.23
Dallas	3,457	724	4.06	-13.85
Detroit	5,687	332	-17.11	-27.66
Houston	3,351	689	9.62	1.42
Los Angeles	12,731	353	-8.88	-17.89
Miami	9,333	264	9.92	52.75
Minneapolis	2,335	580	-13.84	23.28
New York	2,189	3,439	-11.38	-40.50
Philadelphia	2,940	828	-6.10	47.15
Phoenix	6,951	259	4.35	-42.88
Riverside-San Bernardino	9,057	166	-1.14	-10.89
San Diego	3,403	342	-10.40	-8.84
San Francisco	4,489	388	-1.25	-7.94
Seattle	1,191	1,229	-16.54	-58.75
St. Louis	1,866	669	20.54	17.58
Tampa	4,295	315	37.53	64.12
Washington	1,848	1,198	2.50	6.57

Source:RealtyTrac

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Source: http://realestateinvestordaily.com/foreclosures/foreclosure-report-shows-mixed-signals-rate-down-in-u-s-but-half-of-large-metros-up-from-a-year-ago/

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