The Real Deal New York

5 states still getting slammed by foreclosures

Only one is in the northeast

November 16, 2014 11:00AM
By Business Insider

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There were 123,109 foreclosure filings on homes during October, according to RealtyTrac. Filings were down 8 percent year-on-year, but up 15 percent from the previous month – the highest such increase since March 2010.

Foreclosure filings include notices on defaults, scheduled auctions and bank repossessions.

Banks mostly suspend foreclosures during the holidays, so there’s usually an uptick in foreclosures in October, averaging 8 percent, said Daren Blomquist, vice president of RealtyTrac.

“But the sheer magnitude of the increase this year demonstrates there is more than just a seasonal pattern at work,” Blomquist said in a press release. “Distressed properties that have been in a holding pattern for years are finally being cleared for landing at the foreclosure auction.”

Foreclosure auctions totaled 59,869 properties last month, up 24% from September and the highest level since May 2013. Miami, Orlando, and Tampa were the metros with the highest foreclosure rates.

We drew on RealtyTrac’s report to highlight the 14 states with the highest foreclosure rates last month. Note: The states are ranked by foreclosure rate, i.e., one in every X homes received a foreclosure filing.

5. Illinois

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One in every 712 homes received a foreclosure filing in October 2014.

Properties with foreclosure filings: 7,440

Change from September 2014: 10.95%

Change from October 2013: -22.36%

 

4. Ohio

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One in every 674 homes received a foreclosure filing in October 2014.

Properties with foreclosure filings: 7,603

Change from September 2014: 51.27%

Change from October 2013: -22.08%

 

3. Nevada

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One in every 596 homes received a foreclosure filing in October 2014.

Properties with foreclosure filings: 1,966

Change from September 2014: 33.74%

Change from October 2013: -30.99%

 

2. Florida

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One in every 444 homes received a foreclosure filing in October 2014.

Properties with foreclosure filings: 20,236

Change from September 2014: -2.19%

Change from October 2013: -24.95%

 

1. Maryland

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One in every 400 homes received a foreclosure filing in October 2014.

Properties with foreclosure filings: 5,943

Change from September 2014: 68.21%

Change from October 2013: 29.51%

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