RealtyTrac Vice President: Evidence Indicates Solid Housing Recovery in 2014

IRVINE, Calif.—November’s U.S. Foreclosure Market Report, from RealtyTrac, reports a 15 percent decrease in foreclosure filings from the previous month. This also represents a 37 percent decrease from November 2012. The reported 113,454 U.S. properties with foreclosure filings is the biggest month-over-month decrease since November 2010.

Major findings in the report include:

  • The number of properties starting the foreclosure process (52,826) is down 10 percent from October 2013 and down 32 percent from a year ago.
  • A 76-month low was marked with the total number of U.S. bank repossessions (30,461) in November, which is down 19 percent from the previous month.
  • States with the highest foreclosure rates were Florida, Delaware, Maryland, South Carolina and Illinois.
  • Among the nation’s 20 largest metro areas, those with the highest foreclosure rates were in Miami, Tampa, Chicago, Riverside-San Bernardino in Southern California, and Baltimore.

“While some of the decreases in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac. “While foreclosures will likely continue to stage a weak rally in certain markets next year as the last distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.”

More information about RealtyTrac and its November U.S. Foreclosure Market Report can be found here