Foreclosure Inventory Up 9% From Last Year

Posted by Orb Staff on March 28, 2013 No Comments
Categories : Mortgage Servicing

13554_foreclosedhouse4 Foreclosure Inventory Up 9% From Last Year Irvine, Calif.-based RealtyTrac has released its first U.S. Foreclosure Inventory Analysis, which shows nearly 1.5 million U.S. properties were actively in the foreclosure process or bank-owned in the first quarter of 2013, up 9% from the first quarter of 2012 but down 32% from the peak of 2.2 million in December 2010.

RealtyTrac reports that the annual increase in foreclosure inventory at a national level was caused by a 59% jump in pre-foreclosure inventory, while inventory of homes scheduled for foreclosure auction decreased 25%, and inventory of bank-owned homes decreased 3%. Foreclosure inventory behavior was split nearly down the middle at the state level: 26 states posted annual increases in foreclosure inventory, while 24 states and the District of Columbia posted annual decreases in foreclosure activity.

Among properties actively in the foreclosure process (excluding bank-owned properties), 35% were properties identified as vacant or where the homeowner had moved. The percentage of owner-vacated foreclosure inventory was 50% or higher in several states, including Indiana, Oregon, Washington and Nevada.

Furthermore, RealtyTrac reports that more than 60% of foreclosure inventory in the first quarter of 2013 consisted of properties with loan amounts under $200,000, while homes with outstanding loans between $200,000 to $400,000 represented an additional 30% of all foreclosure inventory.

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