• Arizona, California, Nevada, and Oregon have seen the fastest declines in foreclosure rates in the ongoing recovery, down respectively from 30.7%, 33.4%, 44.9%, and 24.2% entering 2012 to 11.9%, 12.4%, 15.3%, and 7.2% by Q2 2013. At 3.2% of total home sales, the District of Columbia has the lowest foreclosure rate.
• States with continued high foreclosure rates include Alabama, Illinois, Michigan, Ohio, Rhode Island, South Carolina, and Tennessee. More notably, foreclosure rates in Alabama, Illinois, Indiana, and Kentucky are trending steadily upward in recent months, dampening home prices.
• Among the largest housing markets (MSAs), New York, Boston, Portland, San Francisco, and Washington D.C. have the lowest foreclosure rates at 4.3%, 5.4%, 6.8%, 7.0%, and 8.3%, respectively, compared to a national average of 14.8% in Q2 2013. In contrast, Detroit, Chicago, Cleveland, Atlanta, and Cincinnati have the highest foreclosure rates at 34.7%, 27.1%, 24.3%, 19.4%, and 19.3%, respectively.
• Of the cities identified by the Federal Reserve Board as the largest REO inventory markets entering 2012, Los Angeles, Phoenix, and Riverside, CA., have since improved and are in strong recovery. The recovery in Atlanta is on par with the national trend and in the 18-month period, home prices are up 9.8%; foreclosure rates are down from 32.0% to 19.4%; and the foreclosure price discount is down from 18.8% to 8.7%. Conditions in Detroit are improving despite continued high foreclosure rates. Chicago, however, lags behind the rest of the country in the ongoing recovery – foreclosure rates are elevated at about 27%, contributing to the continued weakness of home prices.
For more information visit http://www.fncrpi.com.
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com