Here They Come – Foreclosures Are Rising (But Not In NYC)
Posted by Jonathan J. Miller -Monday, March 19, 2012, 12:10 PM
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Catching up on from late last week…RealtyTrac released their February 2012 US Foreclosure Report which showed:
Foreclosure Activity Dips Nationally, But 21 States and DC Post Annual Increases Judicial Activity Up 24 Percent Annually, Non-Judicial Activity Down 23 Percent
It is interesting that there was a pronounced overall difference between judicial and non-judicial states. The recent mortgage servicer settlement with the US State Attorney Generals had resulted in a larger backlog in judicial states (foreclosures go through the court system).
The other big item in the report was the fact that half of the nation’s largest cities saw an increase in foreclosure activity.
The metro areas with the highest foreclosure rates among the 20 largest were Riverside-San Bernardino in California (one in 166 housing units), Atlanta (one in 244), Phoenix (one in 259), Miami (one in 264) and Chicago (one in 302).
I thought it was telling that two of the best housing markets in the country performed very differently – NYC v. DC. Rules and regulations play a key role in determining how quickly a market clears itself of excess distressed housing stock.
New York City metro had the smallest foreclosure rate by far with 1 foreclosure in 3,439 housing units, about 1/3 the rate of Washington, DC’s 1,198. Of course it probably only means that DC will be rid of its foreclosure housing stock much faster than NYC since New York state takes longer (over 1,000) days to process a foreclosure than any other state.
- Foreclosure Laws and Procedures By State [RealtyTrac
]
- February 2012 U.S. Foreclosure Market Report [RealtyTrac]
