Foreclosures Fall in Most U.S. Cities | San Diego Coastal Homes ...

Foreclosures Fall in Most U.S. Cities

CNNMoney New York says that foreclosures fell in about 2/3 among the nation?s biggest metro area in the third quarter of the year. The report is made by RealtyTrac Thursday. About 62% of the largest markets these days see a decreased foreclosure activity over the past few months. This is yet another indication that the housing industry is starting to stabilize again.

Foreclosure Problems are Long Gone

In September of 2012, the foreclosure activity in almost all areas is 58%, this is even below the September 2007 levels, which had shown significantly low numbers of foreclosures. According to Darem Blomquist, the RealtyTrac?s President, the numbers currently available somehow shows that the market is already past the worst of the foreclosure problems.

Some of the major cities in the U.S.are seeing double-digit percentage decrease in the foreclosures, amounting to 26% or more. The cities include Detroit, Los Angeles, Phoenix, San Diego, as well as San Francisco.

In Stockton,California, 21% decline of foreclosures has been noted.Stockton is considered as the place where the highest foreclosure rate is seen. But as Blomquist said, the foreclosures are still high in the country, which is a proof that the problem was indeed severe.

Decline in Foreclosures All Over California

Some of the cities in California that posted annual decline in foreclosure rates are Bakersfield, Merced, Modesto, Riverside, Sacramento and Vallejo. The decrease in rates is between 22% to about 34%. But there are still some areas that are in trouble, specifically in Florida

As for Miami, this is where the 10^th highest foreclosure rate can be found, which rose up to 11%. In Jacksonville, 32% were noted, while Palm Bay shows a 65% increase. The rates increase in Tampa and Orlando too, with 45% and 15% jump respectively.

Why Florida?s Foreclosure Rates are Unstable

Blomquist regarded Florida?s problems with the after effects of what is known as the robo-signing scandal. As you know, Florida is a judicial state, which means that the foreclosures are processed through the courts. The lenders are quite hesitant to bring these foreclosure cases in front of a judge, until they are 100% sure that their paperwork is clean and ready for any scrutiny. But now, there is a new law that will soon be used, hopefully, Florida will be able to catch up.

Top 20 Metro Areas with Highest Foreclosure Rates

Among the 20 highest foreclosure rates in the U.S., all of these can be found in Arizona, California, Florida and Nevada, except for Chicago and Atlanta. The said two areas noted a jump over the previous year?s report. Chicago ranked 9^th, while Atlanta is on the 15^th spot. But the good news is, most of these places already have 20% decrease in foreclosures.

But major improvements can be seen in Las Vegas, Nevada. The filings definitely dropped dramatically, which amounts to 71%. The said huge fall is mainly because of the state legislation that requires lenders to file affidavits regarding foreclosure action against a particular borrower. That?s why most of the lenders bypass the foreclosure process in Nevada and ?they work with the problematic borrowers before filing a case against them.

Related posts:

1. Western States See Big Decline in Foreclosures
2. Older Americans Face Increased Foreclosure Risks
3. Increasing Home Prices May Signal Turnaround
4. ?Robo-Signing? Agreement Assists Homeowners
5. Report Indicates Lenders Approving More Short Sales

Related posts:

1. Western States See Big Decline in Foreclosures
2. Older Americans Face Increased Foreclosure Risks
3. Increasing Home Prices May Signal Turnaround
4. ?Robo-Signing? Agreement Assists Homeowners
5. Report Indicates Lenders Approving More Short Sales

Source: http://noviproperty.com/foreclosures-fall-in-most-u-s-cities/?utm_source=rss&utm_medium=rss&utm_campaign=foreclosures-fall-in-most-u-s-cities

modeselektor gran torino gloria steinem war of the worlds rock and roll hall of fame severe weather wichita