Half of U.S. Metros See Pick up in Foreclosures
Housing analysts have warned that a foreclosure wave is coming, and the signs are starting to show. After several months of declining numbers in foreclosures nationwide, more U.S. metros are seeing a reversal as foreclosure activity begins to increase.
Fifty-four percent of U.S. metros posted increases in foreclosure activity in the first quarter over the previous quarter, RealtyTrac reports.
The metro areas reporting the highest percentage of increases in the first quarter are:
- Pittsburgh: Foreclosure activity is up 49%
- Indianapolis: Up 37%
- Philadelphia: Up 30%
- New York: Up 24%
- Raleigh, N.C.: Up 23%
- Virginia Beach, Va.: Up 22%
While foreclosure activity has increased in several metros, overall foreclosure activity still remains down from a year ago in the majority of metros, according to RealtyTrac’s latest report.
Also, some areas are still seeing foreclosure activity continue to fall. Foreclosure activity during the first quarter declined the most in the following areas:
- Portland, Ore.: Down 28%
- Las Vegas: Down 26%
- Providence, R.I.: Down 24%
- Salt Lake City: Down 22%
- Boston: Down 21%
- San Jose, Calif.: Down 21%
“First quarter metro foreclosure trends were a mixed bag,” says Brandon Moore, RealtyTrac’s CEO. “While the majority of metro areas continued to show foreclosure activity down from a year ago, more than half reported increasing foreclosure activity from the previous quarter — an early sign that long-dormant foreclosures are coming out of hibernation in many local markets.”