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. 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 Die...
- 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.