New Homes Section: Housing, the Worst May Be Over in Many Markets
Foreclosures are down in 62% of metro areas with a population of 200,000 or more, and positive statistics continue to provide hope for a stronger housing market, and economy.
Gilbert, AZ (PRWEB) October 29, 2012
According to RealtyTrac's October 25th Metropolitan Market Report, third quarter year-over-year foreclosure activity nationwide declined in 62% of the 212 metropolitan areas with populations of 200,000 or more. Among the 62% were 12 of the nation's top 20 metropolitan areas; cities with the largest annual decrease included San Francisco (36%), Detroit (31%), Los Angeles (29%), Phoenix (27%), San Diego (26%), Washington DC (23%), and Atlanta (20%).
New York had the largest year-over-year increase in foreclosures (69%) followed by Tampa, Philadelphia, and Chicago. Increases, such as New York's, highlight the inefficiencies of the judicial foreclosure process used in some states that require court approval for each foreclosure.
Florida and California both have multiple cities with high third quarter foreclosure rates, and although annual activity is down in a majority of large cities, some cities like Phoenix are still among the 20 worst metro areas in the nation. The Riverside-San Bernardino areas of California had the highest third quarter foreclosure rate in the nation.
The overall positive data led RealtyTrac to announce, “(M)ost of the nation's housing markets are past the worst of the foreclosure problem…”
A decrease in foreclosures isn't the only positive news...
Bloomberg news recently reported that home sales are at a two-year high, and in a housing market update published on the 24th, Stephen Percoco reported that home builder stocks, single-family permits, and single-family housing starts are all up. Stephen also mentioned how the much talked about shadow inventory of foreclosures will likely keep the increase in new home sales “at a measured pace.”
At the end of the day, the decrease in foreclosures is welcomed evidence that increases in home sales, home prices, confidence among home builders, and new housing starts will likely continue in many markets throughout the United States.
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