Lenders completed the foreclosure process on 59,134 U.S. properties in November, an 11 percent increase from the previous month and a 5 percent increase from November 2011 — the first year-over-year increase in bank repossessions since October 2010, when the practice of robo-signing foreclosure documents came to light and caused a sharp slowdown in foreclosure activity in the following months.
REO activity increased annually in 29 states and the District of Columbia. Some of the biggest increases were in Indiana (96 percent), Arkansas (88 percent), Missouri (87 percent), New Jersey (84 percent), and Connecticut (60 percent).
REO activity decreased annually in 21 states, including Nevada (64 percent), Oregon (58 percent), Massachusetts (49 percent), Utah (47 percent), and Tennessee (22 percent).
Florida, Nevada, Illinois post highest state foreclosure rates
The Florida foreclosure rate ranked highest among the states for the third month in a row. One in every 304 Florida housing units had a foreclosure filing in November — more than twice the national average. A total of 29,612 Florida properties had a foreclosure filing in November, up 3 percent from the previous month and up 20 percent from November 2011.
Despite a 54 percent year-over-year decrease in foreclosure activity, Nevada posted the nation’s second highest state foreclosure rate for the second month in a row in November. One in every 390 Nevada housing units had a foreclosure filing during the month.
One in every 392 Illinois housing units had a foreclosure filing in November, the nation’s third highest state foreclosure rate. A total of 13,520 Illinois properties had a foreclosure filing during the month, down 9 percent from the previous month to a seven-month low, but still up 9 percent from November 2011 — the 11th straight month where Illinois foreclosure activity has increased on a year-over-year basis.
Other states with foreclosure rates among the nation’s 10 highest were California (one in 430 housing units with a foreclosure filing), South Carolina (one in 455 housing units), Ohio (one in 458 housing units), Arizona (one in 468 housing units), Georgia (one in 494 housing units), Michigan (one in 621 housing units), and Indiana (one in every 684 housing units).
Florida cities account for seven of top 10 metro foreclosure rates
Florida cities accounted for seven of the top 10 foreclosure rates among metropolitan statistical areas with a population of 200,000 or more. The Florida metro of Palm Bay-Melbourne-Titusville led the way, with one in every 158 housing units with a foreclosure filing in November — more than four times the national average.
Other Florida cities with top 10 metro foreclosure rates were Ocala at No. 2 (one in 210 housing units with a foreclosure filing); Jacksonville at No. 4 (one in 253 housing units); Miami-Fort Lauderdale-Pompano Beach at No. 5 (one in 260 housing units); Sarasota-Bradenton-Venice at No. 8 (one in 277 housing units); Port St. Lucie at No. 9 (one in 278 housing units); and Gainesville at No. 10 (one in 283 housing units).
The remaining three cities with top 10 metro foreclosure rates were in California: Riverside-San Bernardino-Ontario at No. 3 (one in 248 housing units with a foreclosure filing); Stockton at No. 6 (one in every 265 housing units); and Modesto at No. 7 (one in every 270 housing units).
The three California metro areas in the top 10 all posted annual decreases in foreclosure activity while the seven Florida metro areas in the top 10 all posted annual increases in foreclosure activity.
Florida and California metro areas accounted for 16 of the top 20 highest metro foreclosure rates. Other cities with foreclosure rates in the top 20 were Rockford, Ill., at No. 11 (one in 290 housing units with a foreclosure filing); Chicago at No. 13 (one in 306 housing units); Las Vegas at No. 16 (one in 336 housing units); and Dayton, Ohio, at No. 18 (one in 338 housing units).