Tag Archives for " RealtyTrac "

November 17, 2014

Foreclosure Activities Dropped In 10 States

Foreclosure Activities Dropped In 10 States

Although the foreclosure activity in the U.S. had its biggest monthly increase in four years as it jumped by 15 percent from September to October, 10 states still experienced a month-over-month drop in foreclosure in October based on the October 2014 U.S. Foreclosure Market Report released by RealtyTrac last week.

New Jersey tops the list with 41.8 percent, the biggest monthly drop in foreclosure activities including notices of default, scheduled auctions, and bank repossessions/REOs for the month of October. The state was ranked third in the list of highest foreclosure rates nationwide in the third quarter with one foreclosure filing for every 218 homes. However, the decline in the monthly foreclosure activities last month has pushed New Jersey to the 9th place with one foreclosure filing in every 878 housing units.

Other states that experienced a drop in monthly foreclosure filings include Colorado (37.5 percent), Rhode Island (36.12 percent), Maine (33.6 percent), Connecticut (22.1 percent), Massachusetts (12.6 percent), Iowa (5.4 percent), New York (3.2 percent), North Carolina (2.7 percent), and Florida (2.2 percent).

On the other hand, foreclosure filings declined by 8 percent across the nation from October 2013 to 2014. The state seen with the biggest year-over-year drop in foreclosure filings was Rhode Island with 57.2 percent, followed by Colorado with 56.8 percent. According to RealtyTrac, Rhode Island and Colorado were ranked 41st and 44th among the states with the highest foreclosure activities, respectively.

In general, 26 states experienced a year-over-year decline in foreclosure filings in October.

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Distressed Residential Properties Median Sales Price of 37 Percent In September

Distressed Residential Properties Median Sales Price of 37 Percent In September

According to Q3 2014 Residential and Foreclosure Sales Report by RealtyTrac, the median sales price of distressed residential properties last September is 37 percent below the sales price of non-distressed properties across the country.

Distressed residential homes median price, which includes both foreclosures and bank-owned when sold, was $130,000 nationwide compared to the median price of non-distressed properties of $205,000.

“Even as the share of distressed sales decreases, the average discount on distressed properties continues to be substantial because the primary factors driving that discount are still in place,” said Daren Blomquist, RealtyTrac VP. “Distressed properties are typically in poor condition and have a highly motivated seller — whether that seller is the distressed homeowner in foreclosure or the bank that has repossessed the property through foreclosure.”

“Median home prices nationally in September were boosted by a new low in the share of distressed sales during the third quarter, resulting in fewer home sales on the lower end,” he added. “The share of homes selling above $200,000 is up 7 percent from a year ago, and the share of homes selling above $500,000 is up 15 percent from a year ago.”

Distressed homes were most heavily discounted in the following metropolitan areas: Pittsburgh (67 percent), Milwaukee (67 percent), Cleveland (64 percent), and Memphis (59 percent).

Both distressed and non-distressed U.S. residential properties, when combined, have a median sales price of $195,000 in September. This shows an increase of 1 percent from August this year and 15 percent from a year ago. This is actually the biggest year-over-year rise since October 2005.

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