Trouble looms, even as U.S. foreclosures fall

Miami /
Aug.August 09, 2012 03:00 PM

Foreclosures decreased year-over-year for the 22nd consecutive month in July, but the housing market isn’t out in the clear just yet. While filings — which include default notices, scheduled auctions and bank repossessions — fell 10 percent since last July, foreclosure starts in the U.S. rose 6 percent in the last 12 months, marking the third straight month of annual increases in that category, according to a report released today by RealtyTrac. Prior to the last three months, foreclosure starts had tumbled for 27 consecutive months.

The divergent trends likely result from a combination of many banks putting their foreclosure processes on hold in anticipation of negotiations for a robo-signing settlement — which turned out to be worth $25 billion — and states that use the lengthier judicial process to sort through foreclosures, including Florida, first getting to a backlog of distressed loans. For example, RealtyTrac noted that Oregon, which recently began to offer borrowers a mediation option to avoid foreclosure, saw activity fall 42 percent between June and July. Daren Blomquist, a vice president of the firm, said he expected Oregon’s numbers to rebound sharply in the future, based on patterns in states with similar legislation.

Florida ranked third among the states in terms of foreclosure filings, with foreclosure filings attached to one out of every 352 homes. That’s 14 percent more than June’s rate and a 14 percent increase over the rate in July 2011. Only California and Arizona posted higher state foreclosure rates. — Adam Fusfeld and Christopher Cameron


Related Articles

arrow_forward_ios
Terreno Realty's W. Blake Baird with 8050 Northwest 90th Street (LinkedIn, Google Maps)
Lender sells foreclosed aviation maintenance site in Medley for $20M
Lender sells foreclosed aviation maintenance site in Medley for $20M
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Vivian Dimond with 230 Lincoln Road (iStock)
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender
Raz Ofer with 1568 Drexel Avenue (Dade County, Google Maps)
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
Miami Beach apartments mired in ownership dispute slapped with $1M foreclosure
(Apartments.com, iStock/Illustration by Steven Dilakian for The Real Deal)
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Little Havana apartment building targeted in $15M mortgage foreclosure suit
Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...