- Dick’s Sporting Goods lays off 478 PGA golf pros
- Senators: Cease-fire must allow Israel to defend against rockets, tunnels
- Sierra Leone doctor fighting Ebola catches disease
- Iraq welcomes Russian fighter jets, helicopter gunships into ISIL fight
- John McCain laments: Obama’s ‘self-pity … is really kind of sad’
- GOP offer to fix VA gives $10 billion in emergency funds
- Paul Ryan offers to repair U.S. economic safety net with a single grant stream
- Kim Jong-un builds bond with Putin: $250M Russia-backed addition to key port opens
- Pope Francis meets Meriam Ibrahim, a Sudanese woman sentenced to death
- Detroit porch shooting trial: Suspect says he didn’t know gun was loaded
Foreclosure rates up from January, down from last year
Question of the Day
The U.S. housing market was hit with mixed foreclosure news Thursday.
In February, the number of homes going into foreclosure saw a slight increase from January, but was down from the same time last year, according to a monthly report from RealtyTrac, a real estate website that tracks foreclosures. Bank repossessions also declined to the lowest level in more than five years.
These rates are down from their peak in the fall of 2010, but are still much higher than they would be in a normal housing market, according to RealtyTrac.
“At the national level, we’re past the worst of the foreclosure crisis,” said Daren Blomquist, vice president of RealtyTrac. “But we’re not completely out of the woods.”
Foreclosure filings, which includes default notices, scheduled auctions and bank repossessions, ticked up 2 percent to 154,281 properties across the country from January, but that number is still down 25 percent from February 2012.
The report found that one in every 849 U.S. homes filed for foreclosure during the month.
After declining for three consecutive months, the number of U.S. foreclosure starts jumped 10 percent from January.
Still, though, it was down 25 percent from the same month in the previous year.
The number of bank repossessions of foreclosed homes, meanwhile, declined 11 percent from January and was down 29 percent from the same month in the previous year.
This pushed bank repossessions to their lowest level since September 2007, a sign that foreclosures are building up as more troubled owners stay in their homes, Mr. Blomquist said.
“If you’re a homeowner who’s not making your payments, the bank will not let you stay in your home forever. It may take them awhile to do so, but eventually, they’re getting around and starting that foreclosure process,” Mr. Blomquist said.
Florida once again was hit the hardest by foreclosures in February. The Sunshine State accounted for 31,726 foreclosure filings during the month, up 6 percent from January and one-fifth of the nation’s total. It also had the nation’s highest foreclosure rate for the sixth consecutive month with 1 in every 282 homes facing foreclosure, which is more than three times higher than the national average.
Cities such as Miami, Orlando, Ocala, Tampa and Palm Bay were the metro areas with the highest foreclosure rates.
Out West, Nevada also still is suffering from the foreclosure crisis. Foreclosures starts for the month increased 334 percent from the previous year. One in every 320 homes there posted a foreclosure filing in February. The state had the nation’s second highest foreclosure rate for the fifth consecutive month.
Mr. Blomquist said the housing markets in these states is working through a glut of foreclosures and called it “necessary medicine that the market needs to get back to health, but, of course, it doesn’t taste very good.”
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Tim Devaney is a national reporter who covers business and international trade for The Washington Times. Previously, he worked for the Detroit News, Grand Rapids Press, Portland Press Herald and Bangor Daily News. Tim can be reached at firstname.lastname@example.org.
- Dysfunction, disarray at Homeland Security management cited in IG's report
- GM's Barra to be first woman to run top American carmaker
- Treasury sells last shares in 'Government Motors'
- U.S. businesses reach out quickly to partners in Iran
- General Motors ending Chevrolet sales in Europe to focus on Opel and Vauxhall
Latest Blog Entries
TWT Video Picks
The subsidies are a hit with patients who don't exist
- Hamas rejects Kerry's call for cease-fire; Fears grow others could join fight against Israel
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- Algerian plane diverted due to storms, second aircraft: 116 missing
- Obama's empty tough-talk: Gun prosecutions plummet on his watch
- House panel OKs resolution to sue president for Obamacare delays
- Conservative groups decry Democrats' 'war on women' tactic
- Obama says public not familiar enough with issues
- Evidence shows Russia firing artillery into Ukraine: Pentagon
- Astronaut shares 'saddest photo' from space: Bombs bursting over Israel, Gaza
- Doctor, 2 others shot at Pennsylvania hospital: reports
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq