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Foreclosure Rates Slow In First Half of 2011
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Foreclosure Rates Slow In First Half of 2011
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Foreclosure Rates Slow In First Half of 2011
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July 28, 2011 (Chris Moore)

Foreclosure rates decreased on a year-over-year basis in the first half of 2011 according to RealtyTrac’s Midyear 2011 Metropolitan Foreclosure Market Report with 84 percent of the metropolitan areas posting improved foreclosure rates.

Cities in California, Nevada, and Arizona accounted for the top 10 foreclosure rates and 15 out of the top 20. All top 10 metro areas did, however, post decreasing foreclosure rates compared to the first half of 2010.

Unfortunately, the decrease in foreclosure activity was not attributed to an improvement in the housing market, but because of continued delays in the foreclosure process due to paperwork problems.

“Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used,” said James J. Saccacio, chief executive officer of RealtyTrac. “The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes — New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois.

“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings — and sometimes by both.”

The Las Vegas-Paradise metro area continued to post the nation’s highest foreclosure rate in the first half of 2011, with one in every 19 housing units (5.36%) receiving a foreclosure filing, followed by the Phoenix-Mesa-Scottsdale (3.51%) at No. 2; Modesto at No. 3 (3.32%); Stockton at No. 4 (3.24%); Riverside-San Bernardino-Ontario at No. 5 (3.21%); Vallejo-Fairfield at No. 6 (3.09%); Reno Sparks at No. 7 (2.96%); Bakersfield at No. 8 (2.78%); Merced at No. 9 (2.78%); and Sacramento-Arden-Arcade-Roseville at No. 10 (2.53%).

Out of the nation’s 20 most populated areas, only Seattle posted an increase in foreclosure activity in the first half of 2010 of 10 percent. That earned Seattle the biggest jump out of the 211 metro areas in the rankings, jumping from No. 97 to No. 57.

Baltimore had the biggest drop in the ratings among the nation’s 20 largest metro areas with a 74 percent drop in foreclosure activity. Baltimore’s ranking went from No. 83 to No. 182.

Foreclosure activity declined on a year-over-year basis in 178 out of the 211 metropolitan areas with a population over 200,000 or more in the first half of 2011.

Top 20 Metro Foreclosure Rates — 2011 Midyear

Rate Rank

Metro Name

Properties with Filings

%HU

 

1/every X HU

%Chg from Jul-Dec 10

%Chg from Jan-Jun 10

Rate Rank Jan-Jun 10

U.S. Total

1,170,402

0.90

111

-25.49

-29.27

 

1

Las Vegas-Paradise, NV

43,944

5.36

19

-18.10

-17.90

1

2

Phoenix-Mesa-Scottsdale,AZ

60,985

3.51

28

-8.41

-16.86

7

3

Modesto,CA

5,824

3.32

30

-20.90

-27.51

3

4

Stockton,CA

7,422

3.24

31

-18.21

-25.77

6

5

Riverside-San Bernardino-Ontario, CA

46,959

3.21

31

-16.19

-26.30

5

6

Vallejo-Fairfield,CA

4,655

3.09

32

-14.60

-20.90

9

7

Reno-Sparks,NV

5,413

2.96

34

-14.54

-20.44

11

8

Bakersfield,CA

7,633

2.78

36

-20.65

-23.75

12

9

Merced,CA

2,334

2.78

36

-26.35

-37.63

4

10

Sacramento–Arden-Arcade–Roseville,CA

21,721

2.53

39

-17.39

-20.36

14

11

Fresno,CA

7,431

2.40

42

-8.87

-10.80

21

12

CapeCoral-FortMyers, FL

8,699

2.38

42

-44.35

-52.15

2

13

Prescott,AZ

2,475

2.32

43

2.53

-8.60

27

14

Visalia-Porterville,CA

3,199

2.30

43

-14.51

-14.72

19

15

Boise City-Nampa, ID

5,336

2.20

45

-20.43

-16.88

22

16

Atlanta-Sandy Springs-Marietta, GA

44,160

2.04

49

-18.02

-15.69

30

17

Greeley,CO

1,925

2.04

49

-28.25

-17.52

29

18

Oxnard-Thousand Oaks-Ventura, CA

5,192

1.89

53

-13.02

-16.85

32

19

Tucson,AZ

7,939

1.85

54

1.44

-5.16

39

20

Salt Lake City,UT

7,417

1.85

54

-17.30

-10.38

36

Tags: RealtyTrac, Metropolitan Foreclosure Market Report, foreclosure rates, metropolitan areas, foreclosure activity, housing market, paperwork problems

Source:
RealtyTrac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
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With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
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Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
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ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
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Rates

July 28, 2011 (Chris Moore)

Foreclosure rates decreased on a year-over-year basis in the first half of 2011 according to RealtyTrac’s Midyear 2011 Metropolitan Foreclosure Market Report with 84 percent of the metropolitan areas posting improved foreclosure rates.

Cities in California, Nevada, and Arizona accounted for the top 10 foreclosure rates and 15 out of the top 20. All top 10 metro areas did, however, post decreasing foreclosure rates compared to the first half of 2010.

Unfortunately, the decrease in foreclosure activity was not attributed to an improvement in the housing market, but because of continued delays in the foreclosure process due to paperwork problems.

“Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used,” said James J. Saccacio, chief executive officer of RealtyTrac. “The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes — New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois.

“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings — and sometimes by both.”

The Las Vegas-Paradise metro area continued to post the nation’s highest foreclosure rate in the first half of 2011, with one in every 19 housing units (5.36%) receiving a foreclosure filing, followed by the Phoenix-Mesa-Scottsdale (3.51%) at No. 2; Modesto at No. 3 (3.32%); Stockton at No. 4 (3.24%); Riverside-San Bernardino-Ontario at No. 5 (3.21%); Vallejo-Fairfield at No. 6 (3.09%); Reno Sparks at No. 7 (2.96%); Bakersfield at No. 8 (2.78%); Merced at No. 9 (2.78%); and Sacramento-Arden-Arcade-Roseville at No. 10 (2.53%).

Out of the nation’s 20 most populated areas, only Seattle posted an increase in foreclosure activity in the first half of 2010 of 10 percent. That earned Seattle the biggest jump out of the 211 metro areas in the rankings, jumping from No. 97 to No. 57.

Baltimore had the biggest drop in the ratings among the nation’s 20 largest metro areas with a 74 percent drop in foreclosure activity. Baltimore’s ranking went from No. 83 to No. 182.

Foreclosure activity declined on a year-over-year basis in 178 out of the 211 metropolitan areas with a population over 200,000 or more in the first half of 2011.

Top 20 Metro Foreclosure Rates — 2011 Midyear

Rate Rank

Metro Name

Properties with Filings

%HU

 

1/every X HU

%Chg from Jul-Dec 10

%Chg from Jan-Jun 10

Rate Rank Jan-Jun 10

U.S. Total

1,170,402

0.90

111

-25.49

-29.27

 

1

Las Vegas-Paradise, NV

43,944

5.36

19

-18.10

-17.90

1

2

Phoenix-Mesa-Scottsdale,AZ

60,985

3.51

28

-8.41

-16.86

7

3

Modesto,CA

5,824

3.32

30

-20.90

-27.51

3

4

Stockton,CA

7,422

3.24

31

-18.21

-25.77

6

5

Riverside-San Bernardino-Ontario, CA

46,959

3.21

31

-16.19

-26.30

5

6

Vallejo-Fairfield,CA

4,655

3.09

32

-14.60

-20.90

9

7

Reno-Sparks,NV

5,413

2.96

34

-14.54

-20.44

11

8

Bakersfield,CA

7,633

2.78

36

-20.65

-23.75

12

9

Merced,CA

2,334

2.78

36

-26.35

-37.63

4

10

Sacramento–Arden-Arcade–Roseville,CA

21,721

2.53

39

-17.39

-20.36

14

11

Fresno,CA

7,431

2.40

42

-8.87

-10.80

21

12

CapeCoral-FortMyers, FL

8,699

2.38

42

-44.35

-52.15

2

13

Prescott,AZ

2,475

2.32

43

2.53

-8.60

27

14

Visalia-Porterville,CA

3,199

2.30

43

-14.51

-14.72

19

15

Boise City-Nampa, ID

5,336

2.20

45

-20.43

-16.88

22

16

Atlanta-Sandy Springs-Marietta, GA

44,160

2.04

49

-18.02

-15.69

30

17

Greeley,CO

1,925

2.04

49

-28.25

-17.52

29

18

Oxnard-Thousand Oaks-Ventura, CA

5,192

1.89

53

-13.02

-16.85

32

19

Tucson,AZ

7,939

1.85

54

1.44

-5.16

39

20

Salt Lake City,UT

7,417

1.85

54

-17.30

-10.38

36

Tags: RealtyTrac, Metropolitan Foreclosure Market Report, foreclosure rates, metropolitan areas, foreclosure activity, housing market, paperwork problems

Source:
RealtyTrac

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

July 28, 2011 (Chris Moore)

Foreclosure rates decreased on a year-over-year basis in the first half of 2011 according to RealtyTrac’s Midyear 2011 Metropolitan Foreclosure Market Report with 84 percent of the metropolitan areas posting improved foreclosure rates.

Cities in California, Nevada, and Arizona accounted for the top 10 foreclosure rates and 15 out of the top 20. All top 10 metro areas did, however, post decreasing foreclosure rates compared to the first half of 2010.

Unfortunately, the decrease in foreclosure activity was not attributed to an improvement in the housing market, but because of continued delays in the foreclosure process due to paperwork problems.

“Foreclosure activity continued to slow in the first half of 2011, especially in the most foreclosure-saturated markets and in markets where the judicial foreclosure process is used,” said James J. Saccacio, chief executive officer of RealtyTrac. “The 20 metro areas with the biggest year-over-year decreases in foreclosure activity were all in states with judicial foreclosure processes — New York, Maryland, Florida, New Jersey, Connecticut, Massachusetts, and Illinois.

“These dramatic decreases indicate the foreclosure pipeline continues to be clogged in many local markets across the country, sometimes by a glut of already-foreclosed properties that are not selling quickly, sometimes by a mountain of improperly filed foreclosures that are blocking the inflow of new foreclosure filings — and sometimes by both.”

The Las Vegas-Paradise metro area continued to post the nation’s highest foreclosure rate in the first half of 2011, with one in every 19 housing units (5.36%) receiving a foreclosure filing, followed by the Phoenix-Mesa-Scottsdale (3.51%) at No. 2; Modesto at No. 3 (3.32%); Stockton at No. 4 (3.24%); Riverside-San Bernardino-Ontario at No. 5 (3.21%); Vallejo-Fairfield at No. 6 (3.09%); Reno Sparks at No. 7 (2.96%); Bakersfield at No. 8 (2.78%); Merced at No. 9 (2.78%); and Sacramento-Arden-Arcade-Roseville at No. 10 (2.53%).

Out of the nation’s 20 most populated areas, only Seattle posted an increase in foreclosure activity in the first half of 2010 of 10 percent. That earned Seattle the biggest jump out of the 211 metro areas in the rankings, jumping from No. 97 to No. 57.

Baltimore had the biggest drop in the ratings among the nation’s 20 largest metro areas with a 74 percent drop in foreclosure activity. Baltimore’s ranking went from No. 83 to No. 182.

Foreclosure activity declined on a year-over-year basis in 178 out of the 211 metropolitan areas with a population over 200,000 or more in the first half of 2011.

Top 20 Metro Foreclosure Rates — 2011 Midyear

Rate Rank

Metro Name

Properties with Filings

%HU

 

1/every X HU

%Chg from Jul-Dec 10

%Chg from Jan-Jun 10

Rate Rank Jan-Jun 10

U.S. Total

1,170,402

0.90

111

-25.49

-29.27

 

1

Las Vegas-Paradise, NV

43,944

5.36

19

-18.10

-17.90

1

2

Phoenix-Mesa-Scottsdale,AZ

60,985

3.51

28

-8.41

-16.86

7

3

Modesto,CA

5,824

3.32

30

-20.90

-27.51

3

4

Stockton,CA

7,422

3.24

31

-18.21

-25.77

6

5

Riverside-San Bernardino-Ontario, CA

46,959

3.21

31

-16.19

-26.30

5

6

Vallejo-Fairfield,CA

4,655

3.09

32

-14.60

-20.90

9

7

Reno-Sparks,NV

5,413

2.96

34

-14.54

-20.44

11

8

Bakersfield,CA

7,633

2.78

36

-20.65

-23.75

12

9

Merced,CA

2,334

2.78

36

-26.35

-37.63

4

10

Sacramento–Arden-Arcade–Roseville,CA

21,721

2.53

39

-17.39

-20.36

14

11

Fresno,CA

7,431

2.40

42

-8.87

-10.80

21

12

CapeCoral-FortMyers, FL

8,699

2.38

42

-44.35

-52.15

2

13

Prescott,AZ

2,475

2.32

43

2.53

-8.60

27

14

Visalia-Porterville,CA

3,199

2.30

43

-14.51

-14.72

19

15

Boise City-Nampa, ID

5,336

2.20

45

-20.43

-16.88

22

16

Atlanta-Sandy Springs-Marietta, GA

44,160

2.04

49

-18.02

-15.69

30

17

Greeley,CO

1,925

2.04

49

-28.25

-17.52

29

18

Oxnard-Thousand Oaks-Ventura, CA

5,192

1.89

53

-13.02

-16.85

32

19

Tucson,AZ

7,939

1.85

54

1.44

-5.16

39

20

Salt Lake City,UT

7,417

1.85

54

-17.30

-10.38

36

Tags: RealtyTrac, Metropolitan Foreclosure Market Report, foreclosure rates, metropolitan areas, foreclosure activity, housing market, paperwork problems

Source:
RealtyTrac

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.