(Mark Your Calendars: RealShareDISTRESSED ASSETS, May 3-4 in Dallas, TX).
IRVINE, CA-Locally based RealtyTrac justrecently released its Q1 2012 Metropolitan Foreclosure MarketReport, which shows first quarter foreclosureactivity increased from the previous quarter in 114 out ofthe nation’s 212 metropolitan areas with a population of 200,000 ormore.
“First quarter metro foreclosure trends were a mixed bag,”explains Brandon Moore, CEO of RealtyTrac. “Whilethe majority of metro areas continued to show foreclosure activitydown from a year ago, more than half reported increasingforeclosure activity from the previous quarter — an early sign thatlong-dormant foreclosures are coming out of hibernation in manylocal markets.”
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According to the firm, first quarter foreclosure activityincreased from the previous quarter in 26 out of the nation’s 50largest metro areas, led by Pittsburgh (up 49%), Indianapolis (up37%), Philadelphia (up 30%), New York (up 24%), Raleigh, NC (up23%), and Virginia Beach, VA (up 22%). |
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The biggest quarterly decreases in foreclosure activity amongthe 50 largest metro areas were in Portland, OR (down 28%), LasVegas (down 26%), Providence, R.I. (down 24%), Salt Lake City (down22%), Boston (down 21%), and San Jose, CA (down 21%). Despite the quarterly increase in more than half of the metroareas tracked in the report, first quarter foreclosure activity wasstill down compared to the first quarter of 2011 in 135 out of the212 metro areas (64%). Thirty-three of the nation’s 50 largest metro areas postedyear-over-year decreases in foreclosure activity, led by Las Vegas(down 61%), Seattle (down 53%), Austin, TX (down 51%), Salt LakeCity (down 49%), and Buffalo, NY (down 47%). |
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The biggest annual increases in foreclosure activity among the50 largest metro areas were in Orlando (up 52%), Indianapolis (up41%), Hartford, CT. (up 38%), Miami (up 37%), and Philadelphia (up33%). Stockton, CA, posted the nation’s highest metropolitanforeclosure rate in the first quarter. One in every 60 housingunits in the Stockton metro area had a foreclosure filing duringthe quarter — more than three times the national average, accordingto RealtyTrac. There were a total of 3,912 Stockton properties withforeclosure filings in the first quarter, down 13% from the fourthquarter of 2011 and down 19 percent from the first quarter of2011. Nearby Modesto, CA, posted a foreclosure rate that wasfractionally lower than the foreclosure rate in Stockton—givingModesto the nation’s second highest metro foreclosure rate. Tenother California cities joined Stockton and Modesto among thenation’s Top 20 metro foreclosure rates: Riverside-San Bernardino(No. 3), Vallejo-Fairfield (No. 4), Merced (No. 5), Sacramento (No.6), Bakersfield (No. 7), Visalia-Porterville (No. 10), Fresno (No.12), Oxnard-Thousand Oaks (No. 14), Chico (No. 18), and SantaRosa-Petaluma (No. 20). |
Reporting one in every 82 housing units with a foreclosurefiling in the first quarter, the foreclosure rate in the LasVegas-Paradise metro area dropped to eighth highest nationwidethanks to a substantial drop-off in foreclosure activity. A totalof 10,192 Las Vegas properties had a foreclosure filing during thequarter, down 26% from the fourth quarter and down 61% from thefirst quarter of 2011.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
