Foreclosure activity declining in US but Florida is seeing second surge

By Dennis Norman, on October 11th, 2012

According to a report released by RealtyTrac this morning, foreclosure activity in the U.S. fell in the third quarter of this year to the lowest level in five years which is great news for the housing market.? However, as I often mention, real estate is local, so not all markets are created equal.? According to the report, some states are not having the good fortune the U.S. as a whole is experiencing in terms of declining foreclosure activity.? Most notable are the states of Florida, Arizona and California, all of which saw both month over month, as well as year-over-year, increases in foreclosure activity in September.?

September 2012 RealtyTrac Foreclosure Report Highlights

• The national decrease in September and the third quarter was driven mostly by sizable decreases in the non-judicial foreclosure states such as California, Georgia, Texas, Arizona and Michigan.
• Several judicial foreclosure states ? including Florida, Illinois, Ohio, New Jersey and New York ? continued to buck the national trend, registering substantial year-over-year increases in foreclosure activity in September and the third quarter.
• U.S. foreclosure starts in the third quarter decreased both from the previous quarter and a year ago, reversing a bump in foreclosure starts in the second quarter.
• California foreclosure starts (NOD) in September decreased 18 percent from the previous month and were down 45 percent from a year ago to a 69-month low, although the state?s foreclosure rate still ranked in the top three for the month and quarter.
• Florida foreclosure starts (LIS) in September increased 24 percent on a year-over-year basis, the 11th consecutive month with an annual increase, and the state?s foreclosure rate ranked highest nationwide for the first time since April 2005.

Related posts:

1. Foreclosure activity falls to lowest level since 2007
2. U.S. Foreclosure Activity Decreases 10 Percent in January
3. U.S. Foreclosure activity decreasing in the west and on the rise in the midwest and east
4. Foreclosure activity is down for first half of year; ?New foreclosures are up
5. Foreclosure Activity Decreases 9 Percent in April

Source: http://realestateconsumernews.com/foreclosures/foreclosure-activity-declining-in-u-s-but-florida-is-seeing-second-surge/

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