Q1 2016 Foreclosure Activity Below Pre-Recession Levels in 36 Percent of U.S. Housing Markets
IRVINE, Calif. – April 14, 2016 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q1 and March 2016 U.S. Foreclosure Market Report™, which shows first quarter foreclosure activity was below pre-recession levels in 78 out of 216 U.S. metropolitan statistical areas (36 percent) analyzed in the report.
Maryland, New Jersey, Nevada post highest state foreclosure rates in Q1 2016
One in every 459 U.S. housing units had a foreclosure filing in the first quarter of 2016. States with the top five highest rates were Maryland (one in every 194 housing units with a foreclosure filing);
New Jersey (one in every 216 housing units); Nevada (one in every 236 housing units); Delaware (one in every 240 housing units); and Florida (one in every 274 housing units.
Atlantic City, Trenton, Baltimore post highest metro foreclosure rates in Q1 2016
Among the 216 metropolitan statistical areas with a population of at least 200,000, those with the five highest foreclosure rates in the first quarter of 2016 were Atlantic City, New Jersey (one in every 106 housing units with a foreclosure filing); Trenton, New Jersey (one in every 168 housing units); Baltimore, Maryland (one in every 183 housing units); Lakeland-Winter Haven, Florida (one in every 196 housing units); and Rockford, Illinois (one in every 211 housing units).
Average time to foreclose decreases for second consecutive quarter
Properties foreclosed on during the first quarter of 2016 were in the process an average of 625 days, down 1 percent from 629 days in the previous quarter, but still up 1 percent from 620 days in the first quarter of 2015. The 1 percent quarter-over-quarter decline in the average time to foreclose in Q1 2016 was the second consecutive quarterly decline nationwide.
There were six states with an average time to foreclose of more than 1,000 days in the first quarter of 2016: New Jersey (1,234); Hawaii (1,110); New York (1,061); Utah (1,059); Florida (1,018); and Connecticut (1,007).
States with the shortest average time to foreclose in the first quarter of 2016 were Virginia (195 days); Mississippi (261 days); Wyoming (268 days); Tennessee (269 days); and Texas (272 days).
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