News & trendsMarket conditions

Bank repossessions rise 44 percent in Illinois

by Joe Zekas on 6/13/13

The following arrived via email from RealtyTrac:

RealtyTrac today released its U.S. Foreclosure Market Report™ for May 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 75-month low in April but still down 28 percent from May 2012. The report also shows one in every 885 U.S. housing units with a foreclosure filing during the month.

High-level findings from the report
The monthly increase in overall foreclosure activity was caused largely by an 11 percent month-over-month increase in bank repossessions (REOs), although REO activity was still down 29 percent from a year ago.

REO activity increased from the previous month in 33 states — including North Carolina (up 60 percent), Oregon (up 57 percent), Wisconsin (up 44 percent), Illinois (up 44 percent), Colorado (up 23 percent), and Michigan (up 19 percent). REO activity increased 9 percent from the previous month in non-judicial states and was up 13 percent from the previous month in judicial states.

Among the five lenders involved in last year’s national mortgage settlement, all but one (Citi) posted monthly increases in REO activity, indicating that temporary stoppages of foreclosure sales announced during the month by some of the lenders involved in the settlement had little lasting impact on the number of completed foreclosures for the month.

U.S. foreclosure starts increased 4 percent from the previous month but were still down 33 percent from a year ago. Foreclosure starts increased from the previous month in 26 states and were up from a year ago in 14 states, including Maryland (up 229 percent), Connecticut (up 122 percent), Hawaii (up 108 percent), Arkansas (up 84 percent), New Jersey (up 82 percent), Nevada (up 81 percent), Washington (up 53 percent), Pennsylvania (up 26 percent) and New York (up 13 percent).

The foreclosure problem continued to shift away from non-judicial states and toward judicial states. Judicial states accounted for five of the top six foreclosure rates nationwide: Florida, Ohio, Maryland, South Carolina and Illinois. At No. 2, Nevada’s foreclosure rate was the highest ranked among non-judicial states.

Among the nation’s 20 largest metros, those with the biggest increases in median home prices tended to be in states where a non-judicial foreclosure process has allowed foreclosures to be absorbed by the market more quickly. Seven of the 10 metros with the biggest jumps in median home prices from a year ago were in non-judicial states, while all five metros with flat or declining median prices were in states with a judicial foreclosure process.

“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” said Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

You can access the full report at RealyTrac.

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{ 1 comment… read it below or add one }

Pedro June 14, 2013 at 1:14 PM

Foreclosure activity was down in May in the Chicago metro.

“A total of 7,582 homes here had a foreclosure-related filing in May, plummeting 22.2 percent from April and 49.7 percent from a year earlier, according to Irvine, Calif.-based RealtyTrac Inc., an online marketplace for foreclosed properties.

With one filing for every 500 homes, the city and surrounding suburbs dropped to the 26th-highest metro foreclosure rate in the U.S. The region, which includes 12 counties from northwestern Indiana to southern Wisconsin, had the 10th-highest rate in April.”

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