Foreclosure activity decreases on a year-over-year basis for 22nd ...

Ah, more good news for the real estate industry!? Foreclosure activity in the U.S. in July fell 3 percent from the prior month and 10 percent from a year ago, according to a report released this morning by RealtyTrac.? There were a total of 191,925 properties that received a foreclosure filing during the month according to the report, which works out to one in every 686 U.S. homes with a mortgage receiving a foreclosure notice.

?U.S. foreclosure activity continued its uneven descent in July as the overall numbers declined on an annual basis for the 22nd straight month, but properties starting the foreclosure process increased on an annual basis for the third straight month,? said Daren Blomquist, Vice President of RealtyTrac. ?Recent foreclosure activity patterns vary significantly from state to state, often hinging on the level of dysfunction that exists in each state?s foreclosure process. In states like Florida, Illinois and New Jersey, where processing and procedural issues slowed foreclosure activity to a crawl last year, foreclosure numbers continue to rebound off those artificially low levels. But in states like Texas, Arizona and Virginia, where the average time to foreclose is well below the national average of 378 days, foreclosure activity continues on a long-term downward trend.

Report highlights for July 2012:

• U.S. foreclosure starts in July increased 6 percent on a year-over-year basis, the third straight month with an annual increase in foreclosure starts following 27 consecutive months of decreasing foreclosure starts on an annual basis.
• Overall foreclosure activity decreased on a year-over-year basis for the 22nd consecutive month in July, dropping to its lowest level since April.
• The decline in overall foreclosure activity was driven primarily by a 21 percent year-over-year decrease in bank repossessions, or REOs.
• Thirty-eight states and the District of Columbia posted annual decreases in REO activity, but there were some notable exceptions where REO activity increased annually, including Florida (38 percent), Ohio (25 percent), Illinois (22 percent), and New Jersey (21 percent) ? all judicial foreclosure states where foreclosures are processed through the court system.
• Foreclosure starts increased on a year-over-year basis in 27 states, led by Connecticut (201 percent), New Jersey (164 percent), Pennsylvania (139 percent), Indiana (83 percent), and Massachusetts (65 percent) ? all judicial foreclosure states.

Top 20 Metro Foreclosure Rates ? July 2012

----------------------------------------------------------------------------                                         July 2012                                         Properties              %       %                                            with    1/every X  Change  Change                                        Foreclosure  Housing    from    from Rank MSA Name                            Filings     Units    Jun 12  Jul 11 ----------------------------------------------------------------------------    1 Stockton, CA                            1,529       153   -5.38  -17.44 ----------------------------------------------------------------------------    2 Vallejo-Fairfield, CA                     824       185   10.01  -23.42 ----------------------------------------------------------------------------      Riverside-San Bernardino-Ontario,    3 CA                                      8,012       187   -5.49  -18.73 ----------------------------------------------------------------------------    4 Modesto, CA                               921       195  -19.49  -26.38 ----------------------------------------------------------------------------    5 Palm Bay-Melbourne-Titusville, FL       1,261       214  286.81  203.13 ----------------------------------------------------------------------------      Sacramento--Arden-Arcade--    6 Roseville, CA                           3,828       228   -4.73  -20.63 ----------------------------------------------------------------------------    7 Visalia-Porterville, CA                   558       254  -10.29  -18.78 ----------------------------------------------------------------------------    8 Oxnard-Thousand Oaks-Ventura, CA        1,059       266   -3.38   -7.75 ----------------------------------------------------------------------------      Tampa-St. Petersburg-Clearwater,    9 FL                                      5,069       267   49.40   84.26 ----------------------------------------------------------------------------   10 Merced, CA                                306       274  -20.52  -41.04 ----------------------------------------------------------------------------      Atlanta-Sandy Springs-Marietta,   11 GA                                      7,649       283   -9.41   -6.45 ----------------------------------------------------------------------------   12 Rockford, IL                              511       286    5.14   49.42 ----------------------------------------------------------------------------   13 Akron, OH                               1,092       286  113.28   66.46 ----------------------------------------------------------------------------   14 Jacksonville, FL                        2,082       287   60.52   28.68 ----------------------------------------------------------------------------   15 Orlando-Kissimmee, FL                   3,219       293    1.16   38.15 ----------------------------------------------------------------------------   16 Lakeland, FL                              946       297    7.50   55.85 ----------------------------------------------------------------------------      Chicago-Naperville-Joliet, IL-IN-   17 WI                                     12,683       299   -9.50   35.00 ----------------------------------------------------------------------------   18 Bakersfield, CA                           948       300  -34.39  -42.37 ----------------------------------------------------------------------------   19 Ocala, FL                                 543       302   -0.37   -9.95 ----------------------------------------------------------------------------   20 Phoenix-Mesa-Scottsdale, AZ             5,795       310  -11.74  -21.74 ----------------------------------------------------------------------------

Related posts:

1. Foreclosure activity in May up 9 percent from month before This morning, RealtyTrac released their U.S. Foreclosure Market Report...
2. Foreclosure activity increases in January; down from a year ago though This morning, RealtyTrac released their U.S. Foreclosure Market Report...
3. U.S. Foreclosure activity decreasing in the west and on the rise in the midwest and east This morning, RealtyTrac released their U.S. Foreclosure Market Report...
4. Foreclosure activity is down for first half of year; ?New foreclosures are up This morning RealtyTrac? released its Midyear 2012 Foreclosure Market Report,...
5. Foreclosure activity falls to lowest level since 2007 This morning, RealtyTrac released their U.S. Foreclosure Market Report...

Related posts brought to you by Yet Another Related Posts Plugin.

Source: http://www.realestateindustrynews.com/foreclosures/foreclosure-activity-decreases-on-a-year-over-year-basis-for-22nd-consecutive-month/

academy award nominees 2012 2012 oscar nominations kyle williams florida debate rand paul mark kirk drew peterson