A decrease in foreclosures has been a continuing all over the country, as the real estate market gradually recovers from one of the worst housing crises ever.
The January Property Intelligence Report from DataQuick reveals that 31 of the 42 counties evaluated had fewer foreclosures compared with the prior month, quarter and year.
The most significant decrease in foreclosure activity took place in Maricopa County, Ariz., where Phoenix is located, which was down 61 % compared to a year ago. Foreclosures fell by more than 50 % on a yearly basis in Tuscon, Ariz., Denver, Fairfax County, Va. (outside Washington), and nine California counties, including the markets of Los Angeles, San Diego, Richmond and Sacramento.
“Although most markets are seeing month-to-month declines in foreclosures, those counties where foreclosure activity is really growing, are experiencing fast foreclosure increases. For instance, the counties of Long Island, N.Y., and Portland, Ore., have seen a roughly 100 % increase in foreclosure activity over the past year,” says Gordon Crawford, vice president of analytics of DataQuick. Most of these areas are dealing with judicial foreclosures, which have been slower to resolve than foreclosures in trustee foreclosure states.
Despite the fact that home price growth was positive in 41 of the 42 reported counties since January 2013, the Dataquick report exposed property value appreciation has leveled-off in most markets as well as transformed negative in others. For instance, the average annualized home value rise throughout all 42 markets in the report fell from 9.9 % in December to 8.9 % in January.