Foreclosure Rates In June- Lowest Since December 2006!
Foreclosure Rates in the United States decreased 19%. A total of 801,359 U.S. properties had foreclosure filing in the first half of 2013. This includes default notices, scheduled auctions and bank repossessions. This was reported by RealtyTrac, the leading online marketplace for real estate data.
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A 19% decrease from the previous six months and down 23% from the first half of 2012. That’s basically one out of 164 had at least one foreclosure filing in the first six months of the year.
Three states had the highest foreclosure rates for the first half of 2013. Florida, Nevada and Illinois.
Florida, with the nation’s highest state foreclosure rates. Florida saw one in every 58 housing unit file foreclosure. That is nearly three times the national average.
Nevada followed with one in every 71 filings during the first six months.
Illinois had one in 83 housing units with a foreclosure filing.
U.S. foreclosure rates started to drop in June. June saw a 21% drop from May and down 45% from 2012. This is the lowest monthly level since DEC-2005. Notable states that had a June foreclosure decrease were Nevada down by 84%, Colorado down by 62%, New Jersey down 40%, and Illinois down 39%.
Bank repossessions (REO) in June decreased by 9% from May and down 35% from JUN-2012. There were some state exceptions where REO’s were up from a year ago; Arkansas up 143%, Oklahoma up 103%, Maryland up 74%, and Washington up 71%.
The nationwide length of a foreclosure process is an average of 526 days; from initial public foreclosure notice to the completed foreclosure. The highest average times for both New York and New Jersey was 1,033 days. The shortest of any state was Virginia with 184 days.
Although nationally the fist half of 2013 has shown improvement, there are local markets where the recovery is slow. Five Florida cities with the top five metro foreclosure rates are Miami, Orlando, Jacksonville, Ocala, and Tampa.
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