‘Surprising’ Surges in Foreclosures Here

DAILY REAL ESTATE NEWS | WEDNESDAY, OCTOBER 14, 2015

In September, 327,258 properties had a foreclosure filing, down 5 percent from previous month and up just 3 percent a year over, according to RealtyTrac’s third quarter foreclosure report. Eleven of the nation’s 20 largest market saw a year-over-year increase in activity.

Read more: Foreclosures Down 68% From Peak

But in three markets year-over-year foreclosure activity is particularly climbing dramatically. Those markets are:

1. St. Louis, Mo.: Foreclosure activity has risen 113 percent from year ago, driven by a 143 percent increase in bank repossessions and an 89 percent increase in foreclosure starts.

2. Boston: Foreclosure activity is up 55 percent from a year ago. Following a national trend, bank repossessions are up, increasing 81 percent year-over-year in Boston alone. Also, foreclosure starts are up 70 percent over the past year.

3. Dallas: In the third quarter, Dallas saw a 40 percent increase in foreclosure activity. While foreclosures starts were down 22 percent year-over-year, bank repossession were up 274 percent from a year ago.”

“The recent rise in home prices is likely encouraging lenders in these areas to push older foreclosures through the pipeline,” says Ginny Walker, a spokesperson for RealtyTrac.

Source: “Three Markets With a Surprising Surge in Foreclosure Activity,” RealtyTrac (Oct. 14, 2015)