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.