Here’s a paradox. Foreclosures are down but banks are taking back more homes. The latest news from RealtyTrac found that in August 2013 foreclosure filings decreased 2 percent from the previous month and were down 34 percent from August 2012.
That’s great news for many families and the economy. But repossessions in August increased 6 percent from the previous month. A little good news here is that they while they increased they were still down 25 percent from a year ago.
Bank reposessions, or REO’s, increased from the previous month in 26 states and were up from a year ago in 23 states. In New York they were up 123 percent to a 34-month high. Emmett Laffey, CEO of Laffey Fine Homes International, covering Long Island and New York City, said, “It is surprising that the number of default notices has risen so sharply… Some of the increase could be caused by a late ripple effect from Hurricane Sandy.”
In New Jersey bank repossessions were up 63 percent to a 31-month high. In Florida they were up 48 percent to a seven-month high. In Ohio they were up 46 percent to an eight-month high and in Indiana, up 41 percent to a 9-month high.
The RealtyTrac data shows that Nevada now tops Florida for the sad distinction of having the highest foreclosure rate in the nation. Florida comes in second with Ohio, Maryland and Delaware following close behind.
Miami, Port St. Lucie, Jacksonville, Ocala, Tampa and Orlando are the Florida cities with the highest foreclosure rates. Riverside-San Bernandino, California, Las Vegas, Chicago, Baltimore, Philadelphia, New York and Washington, D.C. had more foreclosures so far in 2013 than in 2012.
Banks are selling those foreclosed properties and our video and free guide tell you what you need to know to How Do I Find a Foreclosure