Miami Real Estate Miami Homes Miami Condos Miami Beach
17 Apr 2013

Processing of foreclosure reaches new levels

With a 14 percent increase, processing an average foreclosure in America took nearly 16 months during
the first quarter.

From 370 during the first quarter of 2012 and 414 days during late 2012, processing foreclosures
(repossessed properties) took an estimated 477 days. According to RealityTrac, the group that has been
tracking this trend since 2007, the record was the highest number of days to settle a foreclosure since
the first quarter of 2007.

As many as 39 states saw an increase in the average completion time of processing a foreclosure.
Oregon took the lead at 61 percent with Arkansas (42 percent) and Texas (40 percent) closely trailing
behind. Note that these are all non-judicial foreclosure states.

In New York, the 4 percent decrease in the average time still did not make any considerable dent to
its staggering 1,049 days to begin bank repossession. At second, New Jersey with 1,002 days follows
closely. Florida comes up third with 893 days, followed by Hawaii with 824 days, and Illinois at 720 days.

Texas holds the shortest average time to process a foreclosure with just 159 days. This is despite an
increase of over 40 percent from the previous quarter. The second shortest, Virginia, comes with 166
days. This is followed closely by Delaware at 168 days, Maine with 182 and Alabama with 186 days.

Overall, the trend of foreclosure continues to dip. In March, 152,500 foreclosure filings were reported.
This is 1 percent lower than February and as much 23 percent lower from March of 2012. Also, that drop
of 1 percent helped decrease the number of foreclosures during the first quarter at the lowest level
since 2007.

The increase in the average time of foreclosure filing may be due to the aggressive foreclosure
prevention efforts in many states. These efforts also caused a familiar delay of several foreclosures in
affected states.

A 6 percent increase was also seen in the average time for 26 judicial or quasi-judicial states from the
first quarter of 2012. A much large increase of 44 percent, however, was seen on 24 judicial states
during the same period.

In Florida, there were around 85,671 properties on foreclosure during the first quarter. This is nation’s
highest state foreclosure rate and nearly three times more than the national average of one in every 296
properties. Foreclosures in Florida increased by 17 percent from the first quarter of 2012.

Foreclosures in Nevada, on the other hand, noticed a 13 percent increase during the first quarter. As the
nation’s second highest, Nevada has one foreclosure in 115 housing units.

Among the top ten states with high foreclosure rates include Arizona with on in every 202, Washington
at one in 220, Maryland at one in 254, South Carolina at one in 254 and California with one in 266.

In Miami it is found that there is one in every 79 housing units during the first quarter of 2013. This is
more than three time the national average. Also, this number signifies the city as the highest among
metros with a population of 200,000 or more.


Selda Kirkan
phone: +1.954.3056424