Foreclosures skyrocket in Northeast, West Coast
Nationwide foreclosure activity lowest since December 2006
Foreclosures of all types were filed on 109,824 residential properties in May, a 5% decrease from the previous month and a 26% decrease from May 2013, which brought it to the lowest monthly level since the early days of the housing bubble and crash in December 2006.
The quick read – Northeastern and West Coast markets are having the most trouble with rising foreclosure activity, along with Chicago. The healthiest markets are in the flyover states, the sand states and the Sunbelt. Florida is still healing but still hurting.
The monthly RealtyTrac report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.
Foreclosure activity recorded includes all default notices, scheduled auction and bank repossessions.
Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.
The four major metros with the biggest increases are all northeastern and seaboard cities – Boston, New York City, Washington D.C, and Philadelphia. Boston increased 44%, New York 23%, and Washington D.C. and Philadelphia both 15% year-over-year.
“It’s not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows,” said Daren Blomquist, vice president at RealtyTrac. “On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.”
States with annual increases in foreclosure activity included Massachusetts: up 58% from a year ago to an 18-month high; New Jersey: up 37% from a year ago, making May the 23rd month out of the last 27 where New Jersey foreclosure activity has increased annually; New York: up 18% from a year ago to a 14-month high; and Indiana: up 12% from a year ago, marking the third consecutive month with an annual increase.
Click below for page 2