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Foreclosures – new wave: To Worry or Not To Worry?

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Seems that a new foreclosure wave is approaching! RealtyTrac points to an increase in the foreclosures scheduled for public auction, in October. This is the biggest month-to-month increase since August 2007.

The good news: here in North Texas, we do not have to worry! For now.

Scheduled foreclosure auctions post biggest monthly increase since January 2006

A total of 43,815 U.S. properties in October were scheduled for a future public foreclosure auction (which in some states are foreclosure starts), up 30 percent from the previous month but still down 6 percent from a year ago. October was the 16th consecutive month with an annual decrease in scheduled foreclosure auctions, but the monthly increase in October was the biggest monthly increase since January 2006.

Counter to the national trend, 25 states and the District of Columbia posted year-over-year increases in scheduled foreclosure auctions in October, including New York (up 12 percent), Illinois (up 34 percent), Pennsylvania (up 66 percent), New Jersey (up 6 percent), and Indiana (up 37 percent).

York (PA), Atlantic City, Rockford, post highest metro foreclosure rates in October.

Among 216 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October were York-Hanover, Pennsylvania (one in every 274 housing units with a foreclosure filing during the month); Atlantic City, New Jersey (one in every 301 housing units); Rockford, Illinois (one in every 481 housing units); Columbia, South Carolina (one in every 498 housing units); and Trenton, New Jersey (one in every 499 housing units.

Other metro areas with foreclosure rates ranking among the top 10 highest in October were Reading, Pennsylvania (one in every 542 housing units with a foreclosure filing during the month); Chicago, Illinois (one in every 571 housing units); Dayton, Ohio (one in every 573 housing units); Philadelphia, Pennsylvania (one in every 597 housing units); and Salisbury, Maryland (one in every 625 housing units).

You can read the full article here: realtytrac.com

To keep in touch, and receive up-to-date information about North Texas real estate market, contact George Milos @ Nord Realty.

 

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