Foreclosure starts increased from the previous month in 26 states, including Nevada (54 percent), Tennessee (52 percent), Minnesota (28 percent), North Carolina (26 percent), New York (17 percent) and Georgia (16 percent).
Foreclosure starts increased from a year ago in 15 states, including New Jersey (286 percent), Washington (163 percent), New York (163 percent), Pennsylvania (42 percent), North Carolina (38 percent), and Nevada (20 percent).
Bank repossessions decrease annually for 24th straight month
Lenders completed the foreclosure process on 53,478 U.S. properties in October, down less than 1 percent from the previous month but down 21 percent from October 2011 — the 24th straight month with an annual decrease in REO activity.
REO activity decreased annually in 37 states and the District of Columbia. Some of the biggest decreases were in Oregon (81 percent), Virginia (72 percent), Washington (56 percent), Nevada (50 percent), Texas (41 percent), Michigan (35 percent), Arizona (33 percent), and California (20 percent).
States with some of the biggest annual increases in REO activity included Connecticut (44 percent), Maryland (38 percent), South Carolina (37 percent), New York (33 percent) and Georgia (22 percent).
Florida, Nevada, Illinois post highest state foreclosure rates
Florida registered the nation’s highest state foreclosure rate for the second month in a row. One in every 312 Florida housing units had a foreclosure filing in October — more than twice the national average. A total of 28,783 Florida properties had a foreclosure filing in October, up 2 percent from the previous month and a 12-month high, but the October 2012 total was still 13 percent below the October 2011 total.
A 41 percent monthly increase in overall foreclosure activity helped push the Nevada foreclosure rate to the second highest in the nation in October, up from the nation’s fifth highest foreclosure rate in September. One in every 352 Nevada housing units had a foreclosure filing during the month, twice the national average. Foreclosure starts (NOD) in Nevada increased 54 percent from the previous month and were up 20 percent from a year ago — the first annual increase in Nevada foreclosure starts after 32 consecutive months of annual decreases. Nevada REOs increased 69 percent from the previous month but were still down 50 percent from a year ago.
One in every 356 Illinois housing units had a foreclosure filing in October, the nation’s third highest state foreclosure rate. A total of 14,899 Illinois properties had a foreclosure filing during the month, a 6 percent increase from the previous month and a 19 percent increase from a year ago — the 10th consecutive month where Illinois documented an annual increase in foreclosure activity.
Other states with foreclosure rates among the nation’s 10 highest were California (one in every 379 housing units with a foreclosure filing), Arizona (one in 420 housing units), Georgia (one in every 439 housing units), Ohio (one in every 476 housing units), Colorado (one in 563 housing units), South Carolina (one in every 601 housing units), and Michigan (one in every 607 housing units).
Foreclosure activity increases from previous month in 53 percent of metros
October foreclosure activity increased from the previous month in 113 of the 212 metropolitan statistical areas tracked in the report (53 percent). Six of the metro areas with the 10 highest foreclosure rates documented a monthly increase in foreclosure activity, including Modesto, Calif. (68 percent), Visalia-Porterville, Calif. (58 percent), Palm Bay-Melbourne-Titusville, Fla. (71 percent).
Twenty-six of the metro areas with the 50 highest foreclosure rates documented a monthly increase in foreclosure activity, including Sarasota, Fla. (53 percent), Las Vegas, Nev. (45 percent), Columbus, Ohio (61 percent) and Columbia, S.C. (58 percent).