"Nationwide, one in every 3,547 housing units had a foreclosure filing in January. States with the highest foreclosure rates were Delaware, with one in every 1,612 housing units affected; Nevada, at one in every 1,983; Florida, at one in every 2,067; South Carolina, at one in every 2,351; and Maryland, at one in every 2,430. Among metropolitan areas with populations of at least 200,000, Trenton, New Jersey, posted the highest foreclosure rate, with one filing for every 1,087 housing units."
"Lenders initiated the foreclosure process on 26,369 properties nationwide in January, down 7% from the previous month but up 26% from a year earlier. Florida recorded the highest number of foreclosure starts with 3,523, followed by Texas (3,116), California (2,790), Georgia (1,351) and New York (1,304). Among metro areas with populations above 200,000, New York City had the most foreclosure starts at 1,295, followed by Chicago (1,053), Houston (1,040), Miami (851) and Los Angeles (781)."
Foreclosure activity increased in January for the eleventh consecutive year-over-year month, with foreclosure starts up 26% and completed foreclosures up nearly 59%. Nationwide, one in every 3,547 housing units had a foreclosure filing in January, while certain states and metro areas showed much higher rates. Delaware, Nevada, Florida, South Carolina and Maryland recorded the highest state rates. Trenton, New Jersey, topped metro rates among areas of at least 200,000 population. Lenders initiated foreclosures on 26,369 properties in January, led by Florida, Texas and California. Mortgage servicers will need to adjust operating models as volumes rise, even though overall levels remain below historic peaks.
Read at www.housingwire.com
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