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|December Foreclosures Rise as Annual Filings Fall
115,342 filings in December
Jan. 16, 2014
By Mortgage Daily staff
|Foreclosure activity fell to a six-year low in 2013 even as filings turned higher in December. It took longer to complete a foreclosure last year than any of the prior five years. Nearly one-in-five repossessions during 2013 were in Florida.
Last month, 115,342 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were made against U.S. houses.
Activity moved up from the number reported for the previous month, when foreclosure filings were made on 113,454 residential properties.
But mortgage servicers significantly improved on their performance from the same month the previous year, when 162,511 were hit with a filing.
The statistics were reported Thursday by RealtyTrac.
For all of last year, foreclosure filings were made on 1,361,795 U.S. properties, a huge improvement from 2012, when 1,836,634 properties faced foreclosure.
It was the lowest annual total since 2007, when 1.3 million properties were hit with a foreclosure filing.
Foreclosure activity has fallen by more than half from the 2010 peak of 2.9 million filings.
With 269,649 filings during 2013, Florida had the most of any state.
California's 136,042 filings followed, then 99.666 in Illinois, 78,488 in Ohio and 56,693 in Georgia.
With only 110 filings, North Dakota had the fewest foreclosures of any state.
RealtyTrac reported that 747,728 U.S. foreclosures were initiated last year.
As of the end of last month, more than 1.2 million U.S. properties were in some stage of foreclosure. The foreclosure inventory dropped 19 percent from the end of the previous year.
The foreclosure rate made a slight improvement last month to one filing for every 1,136 housing units from a filing on each 1,155 properties a month earlier. A year earlier, the rate was much worse at one-in-810.
There was one foreclosure filed for each 96 housing units during the entire year of 2013. The foreclosure rate improved substantially from one filing made for each 72 homes the prior year.
Last year's rate was worst in Florida, where one-in-33 housing units had a filing. The Sunshine State was home to eight of the worst 10 metropolitan statistical areas. The Miami MSA was No. 1 with a rate of one-in-25.
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