Rise in Foreclosures Starts Isolated to a Few States
Completed foreclosures in 2013 are projected to be down about 27 percent from last year — the lowest since 2007, RealtyTrac reported Thursday. The projected 490,000 foreclosures this year is a far cry from the peak of 1.05 million foreclosures in 2010.
The country is on track to end the year with the lowest number of homes repossessed by lenders in the last six years, according to RealtyTrac. And the drop in repossessions and foreclosures should help boost home values, the firm said.
Lenders also initiated fewer foreclosures in July, down 38 percent year-over-year, RealtyTrac reports.
“The most visible sign of distress in the market are foreclosures, and many of these markets have the foreclosure problem licked, for the most part,” says Daren Blomquist, a vice president at RealtyTrac.
About a dozen states had foreclosure activity that was at or below the average monthly levels that were last seen before the housing crash. But the states with the largest annual increases, as of July, in foreclosure starts were:
- Maryland: up 275%
- Oregon: up 137%
- New York: up 27%