Third quarter foreclosure activity decreased from a year ago in nearly two-thirds of the nation's major metropolitan areas, according to new data from Irvine, Calif.-based RealtyTrac.
RealtyTrac reports that 131 out of the nation's 212 metropolitan areas with a population of 200,000 or more – 62% of the total marketplace – saw year-over-year foreclosure activity drop in the third quarter. This represents a slight drop from the previous quarter, when 134 metropolitan areas (63%) posted an annual decrease in foreclosure activities.
Foreclosure activity decreased annually in 12 out of the nation's 20 largest markets, led by San Francisco (36%), Detroit (31%), Los Angeles (29%), Phoenix (27%) and San Diego (26%). The biggest annual increases in foreclosure activity among the nation's 20 largest metro areas were in New York (69%), Tampa (43%), Philadelphia (34%), Chicago (34%) and Seattle (20%).
‘Two-thirds of the nation's largest metros posted decreases in foreclosure activity in the third quarter, indicating that most of the nation's housing markets are past the worst of the foreclosure problem’ says Daren Blomquist, vice president of RealtyTrac. ‘In fact, foreclosure activity in September 2012 was below September 2007 levels in 58 percent of the metro markets we track.
‘Still, rebounding foreclosure activity in some markets remains a threat to home price stability and growth in those markets,’ Blomquist adds. ‘The rebounding foreclosure activity tends to be in markets where the foreclosure process slowed down most dramatically in the last two years, resulting in a build-up of foreclosures in limbo that lenders are finally working through this year.’