RealtyTrac recently reported that foreclosure filings in May had dropped 5% from the previous month and 26% from May of 2013, reaching their lowest level since December of 2006. While the overall trend was positive, RealtyTrac noted that 21 states reported an increase in filings from the previous month and 11 states were up from one year ago. States reporting large increases last month from May of 2013 included Massachusetts (up 58%), New Jersey (+37%) New York (+18%) and Indiana (+12%).
Amongst the nation’s 20 MSAs (metropolitan statistical areas), the largest increase in foreclosure filings from the same month one year ago were Boston-Cambridge-Quincy (+44%), New York-Northern New Jersey-Long Island (+23%), Washington-Arlington-Alexandria (+8%) and Philadelphia-Camden-Wilmington (+5%).
RealtyTrac reported that bank repossessions (REOs) were down 6% in May from the previous month and 27% from May of 2013. RealtyTrac noted that bank repossessions had now reached their lowest level since July of 2007. Notwithstanding this national trend, 25 states reported an increase in REOs from the previous month with 14 states showing an increase from the same month last year.
Notable increases were seen from May of 2013 to May 2014 in New York (+117%), New Jersey (+96%), Connecticut (+85%), Maryland (+40%), Oregon (+29%), California (+26%) and Illinois (+20%).
For all your Residential and Commercial Real Estate Appraisal needs please contact:James M. Hanson Associates, Inc.Phone: (609) 884-9185Email: Info@AppraiseNewJersey.com
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