Nationwide, foreclosures dropped 26 percent in May compared to year-ago levels, reaching the lowest monthly level since December 2006. However, that does not reflect the recent foreclosure activity in Northeastern and West Coast markets, according to the latest report from RealtyTrac.
“It’s not surprising that some of the states with the longest foreclosure timelines are those with markets still dealing with increasing foreclosure activity even as the country as a whole continues to hit new lows,” says Daren Blomquist, vice president at RealtyTrac. “On the other hand, the increase in bank repossessions in some states with shorter foreclosure timelines like California and Oregon demonstrates there is still some pent-up foreclosure activity in those states as well.”
Bank repossessions were up by the largest amounts year-over-year in New York (up 117 percent), New Jersey (up 96 percent), Connecticut (up 85 percent), Maryland (up 40 percent), Oregon (up 29 percent), and California (up 26 percent).
Source: “Foreclosures Skyrocket in Northeast, West Coast,” HousingWire (June 10, 2014)