[IMGCAP(1)]
IRVINE, CA-Nearly 1.5 million US properties were actively in the foreclosure process or bank-owned in the first quarter of 2013, up 9% from the Q1 2012 but still down 32% from the peak of 2.2 million in December 2010, according to the first-ever US Foreclosure Inventory Analysis by RealtyTrac, a locally based online marketplace for foreclosure properties and real estate data. The report also shows that California had the second-largest decrease in foreclosures among the states during the quarter.
“Delinquent loans that fell into a deep sleep after the robo-signing controversy in late 2010 are gradually coming out of hibernation following the finalization of the national mortgage settlement in April 2012,” said Daren Blomquist, VP at RealtyTrac, in a prepared statement. “The settlement provided some closure regarding accepted foreclosure processing practices, and as a result lenders have been reviving more of these delinquent loans and pushing them into foreclosure over the past 12 months, particularly in states where a lengthy court process has resulted in a bigger backlog of non-performing loans still in snooze mode.”
The inventory of listed foreclosures decreased 43% nationwide from a year ago, but inventory of unlisted foreclosures increased 12%. Government-backed entities Fannie Mae, Freddie Mac and FHA/HUD accounted for the biggest portion of foreclosure inventory, with a combined 12% of the national total, followed by Bank of America with 11%, Wells Fargo with 10% and Chase with 7%.
As GlobeSt.com reported last week, industry veteran Lisa Mackey has joined the company as SVP of the RealtyTrac network. Mackey will spearhead the overall expansion of the licensed network that is now available to leading independent and franchised brokerage companies across the nation.
[IMGCAP(2)]
Check back later today for an update to this story including RealtyTrac's interactive heat map of new foreclosures throughout the country.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
