Foreclosure woes keep getting worse in certain judicial states
New data from real estate analytics firm RealtyTrac shows November foreclosure filings down 19% from a year earlier, but key judicial foreclosure states continue to experience higher foreclosure-related activity levels.
This data supports the ongoing suggestion from market analysts that nonjudicial foreclosure states are coming back faster when compared to judicial foreclosure jurisdictions.
Nine states posted 12-month highs in foreclosure activity in November, including Florida, New Jersey, New York, Ohio and South Carolina, RealtyTrac said. Likewise, all of those states are listed on RealtyTrac's foreclosure procedures page as judicial foreclosure states with average foreclosure timelines that extend to at least 150 days or more.
Florida alone has 10 metros listed by RealtyTrac as cities with high foreclosure rates. Among them were Ocala with one in 201 housing units facing a foreclosure filing; Jacksonville (one in 253 housing units in distress); Miami-Fort Lauderdale (one in 260 housing units); Sarasota-Bradenton-Venice (one in 227 units); Port St. Lucie (one in 278 in foreclosure); and Gainesville (one in 283 housing units).
In South Carolina, one in 455 housing units is facing a foreclosure filing, while in Ohio one in 458 units is in some state of distress, based on RealtyTrac data.
Foreclosure starts fell more than 50% in the states of Georgia, Arizona, California, Pennsylvania and Oregon, according to RealtyTrac. Of those states, RealtyTrac lists only Pennsylvania as solely a judicial foreclosure state.
Analysts with Capital Economics have been following this trend in recent months and issued a report months ago, suggesting non-judicial foreclosure states are having an easier time stabilizing their local real estate market and home prices.