Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.
But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter’s foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.
A “foreclosure filing” is defined as a default notice, scheduled auction, or bank repossession.
On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.
The RealtyTrac report features other interesting figures, too:
- California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures
- Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL
- Foreclosure activity dropped 1 percent from Q3 2009 in the nation’s 20 most-populated cities
And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation — 1 for every 8,003 households. The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.
Foreclosures, like everything in real estate, are local. And buying them is “different” from buying a typical home resale. If you’re planning to buy a foreclosed home, speak with a real estate agent with specific experience with homes in foreclosure. Professional advice is helpful, and our team at CENTURY 21 Advantage Gold is trained to help you in that area. After 22 years of selling REO properties, we can help you through the process painlessly. Look for foreclosure listings here.
