Foreclosure Picture Brighter

According to the Year-End 2013 U.S. Foreclosure Market Report™ just released by RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were reported on 1,361,795 properties in the U.S. last year.

This paints a brighter picture relative to foreclosures nationally in that this figure is 26 percent lower than foreclosure filings in 2012, and 53 percent lower than at the peak of the foreclosure meltdown in 2010 when there were 2.9 million foreclosure filings. The report shows that the approximate 1.4 million total foreclosure filings for last year (2013) was the lowest annual total since 2007, when there were 1.3 million properties with foreclosure filings.

Additionally the report also shows that, “1.04 percent of U.S. housing units (one in every 96) had at least one foreclosure filing during the year, down from 1.39 percent of housing units in 2012 and down from a peak of 2.23 percent of housing units in 2010.”

The report notes that the five states with the highest foreclosure rates were Florida, with 3.01 percent of all housing units showing a foreclosure filing, Nevada (with 2.16 percent), Illinois (1.89 percent), Maryland (1.57 percent) and Ohio (1.53 percent).

Though overall foreclosure activity was down nationally, there were 10 states that saw an increase in 2013 compared to one year earlier, these included “Maryland (up 117 percent), New Jersey (up 44 percent), New York (up 34 percent), Connecticut (up 20 percent), Washington (up 13 percent), and Pennsylvania (up 13 percent).”

According to the report, the estimated value of property receiving a foreclosure filing in 2013 was $191,693 at the time of the filing; this was up 1.0 percent over the average estimated value in 2012.  Also the report shows that those properties that did receive a foreclosure filing in 2013, the average estimated market value of that property increased 10 percent since the foreclosure notice was filed.

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