Wednesday, October 22, 2014

Foreclosure Auctions Still on the Rise in Some Areas

Although the current upswing in the real estate market is nationwide there are still some areas of the country experiencing a huge increase in the numbers of scheduled foreclosure auctions. In the 3rd quarter of this year there were 139,721 auctions scheduled throughout the U.S. This represents an increase of 7% as compared to the second quarter of 2014 but a 1% decrease as compared to the same quarter last year.

Even though short sales have declined considerably, 32 states have experienced an increase in foreclosure auctions according to the latest stats. The good news is that actual repossessions have decreased 12% as compared to the 2nd quarter of this year and 38% when compared to the 3rd quarter of last year. All of these numbers may seem a bit confusing but the bottom line is that even though the market seems to be improving steadily nationwide, there are still some areas experiencing a high volume of foreclosed upon properties. As always in real estate, it’s all about location.

The chart below represents the 10 states that are experiencing the highest increase in foreclosure auctions:

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