Foreclosure Activity Rises 15% In October Driven By 17-Month High In Scheduled Foreclosure Auctions

RealtyTrac® , released its October 2014 U.S. Foreclosure Market Report™ showing foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 123,109 U.S. properties in October, an increase of 15% from the previous month but still down 8% from a year ago. The 15% monthly increase was the largest month-over-month increase since U.S. foreclosure activity peaked in March 2010. The report also shows one in every 1,069 U.S. housing units with a foreclosure filing during the month.

A total of 59,869 U.S. properties were scheduled for foreclosure auction during the month, up 24% from the previous month and up 7% from a year ago to the highest level since May 2013. Scheduled foreclosure auctions in judicial foreclosure states, where foreclosures are processed through the court system, increased 21% from the previous month and were up 3% from a year ago and. Scheduled foreclosure auctions in non-judicial states increased 27% from the previous month and were up 14% from a year ago.

The numbers were larger than expected, but mostly reflected a continuation of working down the backlog.  At the same time, institutional investor activity in foreclosures continues.

Scheduled foreclosure auctions increased from a year ago in 29 states, including Oregon (up 399%), North Carolina (up 288%), New Jersey (up 118%), New York (up 89%), Connecticut (up 60%), Nevada (up 53%), Alabama (up 41%), Washington (up 36%), Indiana (up 36%), California (up 19%) and South Carolina (up 18%).

Other findings from the report:

  • Lenders repossessed 27,914 U.S. properties via foreclosure (REO) in October, up 22% from the previous month but down 26% from a year ago. October posted the largest monthly increase in REOs since June 2009.
  • REOs increased from a year ago in 16 states, including Maryland (up 190%), Pennsylvania (up 25%), New Jersey (up 22%), Oregon (up 20%) and New York (up 18%).
  • Overall foreclosure activity increased from a year ago in 10 of the nation’s 20 largest metropolitan statistical areas in terms of population, including Washington, D.C. (26% increase), Philadelphia (13% increase), Baltimore (13% increase), Riverside-San Bernardino in Southern California (8% increase), and New York (7% increase).
  • Among the nation’s 20 largest metros, those with the five highest foreclosure rates were Miami (one in every 363 housing units with a foreclosure filing); Tampa (one in every 395 housing units); Baltimore (one in every 435 housing units); Riverside-San Bernardino in Southern California (one in every 495 housing units); and Chicago (one in every 553 housing units).
  • A total of 56,452 U.S. properties started the foreclosure process in October, up 12% from previous month but down 4% from a year ago. This was the largest monthly increase in U.S. foreclosure starts since August 2011.

 

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