More than half of the nation’s largest metros witnessed year-to-year increases in foreclosure activity during the third quarter. According to a market report from RealtyTrac, foreclosure filings — default notices, scheduled auctions and bank repossessions — were up annually in 11 large metros, with eight of these markets experiencing double- or triple-digit increases.

  • A rise in the volume of bank repossessions is a major contributor to the overall increase in foreclosure filings.
  • Metros that saw year-over-year increases are spread throughout the nation.
  • California markets appear to be seeing the biggest reduced in foreclosure activity.

More than half of the nation’s largest metros witnessed year-to-year increases in foreclosure activity during the third quarter.

According to a market report from RealtyTrac, foreclosure filings — default notices, scheduled auctions and bank repossessions — were up annually in 11 large metros, with eight of these markets experiencing double- or triple-digit increases:

  • St. Louis (113 percent)
  • Boston (55 percent)
  • Dallas (39 percent)
  • Detroit (39 percent)
  • New York (33 percent)
  • Seattle (14 percent)
  • Houston (12 percent)
  • Minneapolis-St. Paul (11 percent)

“It’s no surprise that foreclosure activity is up from a year ago as banks slowly but surely, work their way through their pipeline of foreclosed inventory,” said Matthew Gardner, chief economist at Windermere Real Estate.

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Some large metros did post year-to-year decreases in foreclosure activity during the third quarter including three in California – Riverside-San Bernardino, Los Angeles and San Diego. In each market, activity declined by roughly 20 percent. Miami also saw a 16 percent dip in filings.

With one in every 97 housing units with a foreclosure filing in the third quarter, Atlantic City, New Jersey, posted the nation’s highest foreclosure rate among metros with a population of at least 200,000.

In Trenton, New Jersey one in every 172 homes had a foreclosure filing during the quarter, ranking the market as the sixth-highest for activity.

These filing volumes are one reason why New Jersey has the highest foreclosure rate of any state — one in every 171 homes. Bank repossessions in the state were up 351 percent year-over-year.

Five Florida cities posted third quarter foreclosure rates that were among the highest nationally: Jacksonville, Deltona Beach, Tampa, Miami, Lakeland and Ocala.

No surprise, Florida ranked as having the second-highest foreclosure rate of any state during the quarter, despite a 17 percent year-over-year drop in filings.

Nevada, Maryland and Illinois were cited as having the nation’s third-, fourth- and fifth-highest foreclosure rates.

Email Erik Pisor.

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