Investing in Foreclosed Properties
U.S. Nationwide Trends
Foreclosure starts drop in Arizona
BY INMAN NEWS, WEDNESDAY, AUGUST 15, 2012.
In Arizona, foreclosure starts fell 28.2 percent year over year in July, to 4,433. Foreclosure cancellations were down 4.4 percent annually, to 3,575. The number of properties that went back to the bank as REOs decreased 33.8 percent year over year, to 2,191. Those sold to third parties rose 3 percent on an annual basis, to 1,630.
Arizona’s REO inventory fell 38.1 percent last month, to 14,784. While the time to foreclose declined to an average 136 days from 175 days in July 2011, the time between when the bank took back the property and the property was resold rose a whopping 64.9 percent, to an average 244 days in July. Third parties resold properties in less than half that time, 107 days, up from 94 days a year ago.
10 States Still Battling High Foreclosure Rates
DAILY REAL ESTATE NEWS | MONDAY, AUGUST 13, 2012
Several states continue to be plagued with high foreclosure rates. RealtyTrac reported last week that foreclosure starts rose 6 percent year-over-year, which is the third consecutive month for increases following what had been more than a year of declines.
California has the highest foreclosure rate in the country, according to RealtyTrac, with one in every 325 housing units receiving a foreclosure filing in July (more than twice the national average). California had the highest foreclosure rate in the country despite an 11 percent decline month-over-month and a 25 percent drop year-over-year, according to RealtyTrac.
The states with the highest foreclosure rates in JulyRealtyTrac’s most recent data–are:
- California: 1 in every 325 housing units
- Arizona: 1 in every 346 housing units
- Florida: 1 in every 352 housing units
- Georgia: 1 in every 376 housing units
- Illinois: 1 in every 385 housing units
- Nevada: 1 in every 415 housing units
- Michigan: 1 in every 518 housing units
- Ohio: 1 in every 528 housing units
- South Carolina: 1 in every 536 housing units
- Indiana: 1 in every 665 housing units
Arizona was home to No. 10 of the top 10 markets with most activity in first 6 months of 2012
BY INMAN NEWS, FRIDAY, JULY 13, 2012.
Las Vegas-Paradise, Nev. ranked No. 10 of the top 10 nationwide metros with the highest foreclosure activity during the first half of 2012.