Last year, the foreclosure crisis began dissipating. Foreclosure filings — including default notices, scheduled auctions, and bank repossessions — were down 26 percent in 2013 compared to 2012, and were down 53 percent from the peak in 2010, according to RealtyTrac’s Year-End 2013 Foreclosure Market report.
The 1.4 million properties with foreclosure filings in 2013 marked the lowest amount since 2007.
During the year, one in every 96 homes — or about 1.04 percent of U.S. housing units — received a foreclosure filing. That’s down from a peak of 2.23 percent of housing units in 2010.
The following states had the highest foreclosure filing rates in 2013:
- Florida: 3.01% of all housing units received a foreclosure filing
- Nevada: 2.16%
- Illinois: 1.89%
- Maryland: 1.57%
- Ohio: 1.53%
The average estimated value of a property receiving a foreclosure filing in 2013 was $191,693 at the time of the foreclosure filing — a 1 percent increase from the average value in 2012, according to the RealtyTrac report. What’s more, the average estimated value of properties that received foreclosure filings in 2013 rose 10 percent since the foreclosure notice was filed.
The national average time to complete a foreclosure rose 3 percent in the fourth quarter of 2013 to a record high of 564 days. The states that face the longest times to foreclose are New York (1,029 days), New Jersey (999 days), and Florida (944 days), according to the RealtyTrac report.
“Millions of home owners are still living in the shadow of the massive foreclosure crisis that the country experienced over the past eight years since the housing price bubble burst — both in the form of homes lost to directly to foreclosure as well as home equity lost as a result of a flood of discounted distressed sales,” says Daren Blomquist, vice president at RealtyTrac. “But the shadow cast by the foreclosure crisis is shrinking as fewer distressed properties enter foreclosure and properties already in foreclosure are poised to exit in greater numbers in 2014 given the greater numbers of scheduled foreclosure auctions in 2013 in judicial states — which account for the bulk of U.S. foreclosure inventory.”
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