According to foreclosure data firm RealtyTrac, the number of foreclosure filings nationwide rose 9 percent in May as compared to April 2012. Filing topped 200,000 units for the first time in 3 months.
The term “foreclosure filing” is a catch-all term comprising default notices, scheduled auctions, and bank repossessions. On average, 1 in every 639 U.S. homes receiving a foreclosure filing in May.
As in most months, foreclosure activity was concentrated by state. Just 6 states accounted for more than half of the nation’s total filings.
Those six states were :
- California : 13.6% of all repossessions
- Florida : 11.0% of all repossessions
- Georgia : 9.8% of all repossessions
- Illinois : 6.6% of all repossessions
- Michigan : 6.5% of all repossessions
- Arizona : 6.3% of all repossessions
An interesting note, though, is that for the first time since February 2006, Georgia was the country’s most foreclosure-heavy state, displacing Nevada, which has dominated the foreclosure landscape for the last 5 years.
1 in 300 Georgia homes received a foreclosure filing in May. The national average last month was 1 in 639 homes.
At the other end of the foreclosure spectrum is Vermont. There was just 1 foreclosure filing for every 15,539 homes in The Green Mountain State last month.
Meanwhile, distressed homes remain in high demand with today’s home buyers, accounting for 28 percent of April’s overall existing home sales based on data from the National Association of REALTORS®. However, if your home purchase plans call for buying a foreclosed or bank-owned home, make sure you do your research first.
Buying bank-owned property is a different process as compared to buying a non-distressed home. The purchase contracts are different, the buyer-seller negotiations are different, and the homes are sometimes sold with defects. This can make it difficult to get a mortgage — or even impossible.
Before buying “distressed”, therefore, be sure to with a real estate agent. It’s good to have an experienced agent on your side to coach you through the process.
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About Chad Tornabeni
