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RealtyTrac: Illinois foreclosures average 817 days

by Joe Zekas on 7/11/13

RealtyTrac released its Midyear 2013 U.S. Foreclosure Market Report today.

Some relevant excerpts:

Florida posted the nation’s highest state foreclosure rate in the first half of the year: 1.74 percent of housing units with a foreclosure filing (one in every 58) during the six-month period — nearly three times the national average. A total of 155,264 Florida properties had a foreclosure filing in the first six months of the year, the most of any state and up 12 percent from a year ago. In June Florida foreclosure starts (LIS) decreased 23 percent from a year ago but scheduled foreclosure auctions increased 100 percent and bank repossessions increased 14 percent during the same time period.

Despite a 58 percent month-over-month drop in foreclosure activity in June, Nevada posted the nation’s second highest foreclosure rate in the first half of 2013: 1.40 percent of housing units with a foreclosure filing (one in every 71) during the six-month period. A total of 16,291 Nevada properties had a foreclosure filing in the first half of 2013, up 12 percent from the previous six months but down 21 percent from a year ago. New state legislation (AB 300) that changes the foreclosure process in Nevada took effect in June.

Illinois foreclosure activity in the first half of 2013 decreased from the previous six months and a year ago, but the state still posted the nation’s third highest foreclosure rate: 1.20 percent of housing units with a foreclosure filing (one in 83) during the six-month period. In June Illinois foreclosure starts (LIS) decreased 68 percent from a year ago and bank repossessions were down 49 percent from a year ago, but scheduled foreclosure auctions increased 65 percent during the same time period to the highest monthly level since July 2010.

Miami posted the highest foreclosure rate in the first half of 2013 among metropolitan statistical areas with a population of 200,000 or more: 2.35 percent of housing units with a foreclosure filing (one in every 43) during the six-month period — nearly four times the national average.

Four other Florida cities joined Miami to round out the top five metro foreclosure rates in the first half of 2013: Orlando at No. 2 (1.94 percent of housing units with a foreclosure filing); Jacksonville at No. 3 (1.91 percent); Ocala at No. 4 (1.85 percent); and Tampa at No. 5 (1.74 percent). Florida cities accounted for a total of 12 of the top 20 metro foreclosure rates.

Metros outside of Florida with foreclosure rates in the 20 highest nationwide were Rockford, Ill., at No. 6 (1.73 percent of housing units with a foreclosure filing); Las Vegas at No. 8 (1.59 percent); Chicago at No. 9 (1.52 percent); Akron, Ohio at No. 12 (1.32 percent); Columbus, Ohio at No. 14 (1.22 percent); Stockton, Calif., at No. 17 (1.16 percent); Atlanta at No. 18 (1.11 percent); and Cleveland at No. 19 (1.09 percent).

U.S. properties foreclosed in the second quarter of 2013 were in the foreclosure process an average of 526 days from the initial public foreclosure notice to the completed foreclosure, up 10 percent from 477 days in the first quarter.

The average time to foreclose was 1,033 days in both New York and New Jersey — the longest among the states. New York’s timeline was down 2 percent from the previous quarter while New Jersey’s timeline increased 3 percent. Other states with the longest average foreclosure timelines were Florida (907 days), Hawaii (824 days) and Illinois (817 days).

The average time to foreclose was 184 days in Virginia, the shortest of any state. Other states with average foreclosure timelines below the national average included Texas (209 days), Minnesota (239 days), Georgia (240 days), and Arizona (255 days).

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{ 1 comment… read it below or add one }

Pedro July 11, 2013 at 2:37 PM

Sounds like massive improvement with foreclosure starts down 68% in IL.

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