Foreclosures may be down over a year ago, but new filings were up 3% last month. And even though New York, New Jersey and Connecticut reported the largest annual increases, they didn't even make the top 10 for state foreclosure rates.
Foreclosures may be down over a year ago, but new filings were up 3% last month, according to a new report.
“We continued to see vastly different foreclosure trends across the country in October, depending primarily on how each state’s foreclosing infrastructure was able to handle the high volume of delinquent loans during the worst of the foreclosure crisis in 2010,” Daren Blomquist, vice president of RealtyTrac, said in a statement.
Things are especially bad for New Jersey, New York and Connecticut. These three states were already dealing with the biggest rebound in deferred foreclosure activity, but they also have to handle damage from superstorm Sandy.
“The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery,” Blomquist said.
These three states also reported the largest annual increases in foreclosure activity with New Jersey up 140%, New York up 123% and Connecticut up 43%. However, Florida had the highest foreclosure rate for the second month in a row — one in every 312 housing units filed a foreclosure.
Despite how poorly New York, New Jersey and Connecticut are doing in the wake of Sandy, plenty of other states have worse foreclosure rates. Here are the 10 worst.
(Foreclosure rate is defined as a foreclosure filing for one in every X homes.)
Downtown Grand Rapids
Rate: 1 in every 607 homes
Worst county: Wayne
Compared to a year ago: Down 53.68%
9. South Carolina
Historic Hampton neighborhood, Columbia, South Carolina
Rate: 1 in every 601 homes
Worst county: Richland
Compared to a year ago: Down 2.62%
Rate: 1 in every 563 homes
Worst county: Fremont
Compared to a year ago: Down 16.81%
Rate: 1 in every 476 homes
Worst county: Stark
Compared to a year ago: Up 24%
Inman Park, Atlanta
Rate: 1 in every 439
Worst county: Newton
Compared to a year ago: Down 7%
Rate: 1 in every 420 homes
Worst county: Navajo
Compared to a year ago: Down 36.33%
Painted Ladies in San Francisco
Rate: 1 in every 379 homes
Worst county: Stanislaus
Compared to a year ago: Down 34.82%
Rate: 1 in every 356 homes
Worst county: Will
Compared to a year ago: Up 18.98%
Rate: 1 in every 352 homes
Worst county: Clark
Compared to a year ago: Down 47.14%
Rate: 1 in every 312 homes
Worst county: St. Lucie
Compared to a year ago: Down 12.97%