Report: Dropping Foreclosure Rates Have Become A ‘Constant Occurrence’

Posted by Patrick Barnard on March 07, 2014 No Comments
Categories : Mortgage Servicing

As sales price growth continues to slow, foreclosures have decreased in most markets, according to DataQuick's monthly Property Intelligence Report (PIR) for January.

According to the report, foreclosures have decreased in 31 of the 42 reporting markets over the last month, quarter and year. DataQuick shows the most significant decrease in foreclosure activity coming from Maricopa County, Ariz. (Phoenix), which has seen more than a 61% drop in foreclosures over the past year.

Eleven other counties across the country have experienced foreclosure decreases of more than 50% since a year ago, including the markets of Los Angeles, Denver and Washington, D.C.

"While indicators such as home price growth have fluctuated somewhat with each report, decreased foreclosure numbers have become a constant occurrence as the market slowly recovers," says Gordon Crawford, DataQuick's vice president of analytics.

"However, though most markets are a seeing month-to-month decline in foreclosures, those counties where foreclosure activity is actually growing are experiencing rapid foreclosure increases." Crawford notes, for example, Long Island, N.Y., and Portland, Ore., have seen about a 100% increase in foreclosure activity over the year.Â

Along with general decreases in foreclosure numbers across the country, the PIR also shows that home price growth continued to level off in January as price growth slowed in nearly all markets and even turned negative in others. The average annualized home price growth across all 42 reporting markets dropped from 9.9% in December to 8.9% in January.

DataQuick's other key findings for January include the following:

á Home price growth was positive in 41 of the 42 reported counties over the last year;

á Sales increased in 11 of the 42 reported counties over the last month;

á Sales increased in 2 of the 42 reported counties over the last quarter; and

á Sales increased in 9 of the 42 reported counties over the last year.

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