Foreclosure filings in the United States dropped 9% in November, compared with October, and 1% compared with November 2013, according to data released Thursday by RealtyTrac. Atlantic City and Miami posted the highest foreclosure rates among the U.S. metro areas with populations greater than 200,000.
Foreclosure activity in five of the country’s largest cities rose year-over-year in November: New York City (up 71%), Houston (70%), Philadelphia (43%), Boston (27%) and Baltimore (22%).
Among the states, Florida continues to lead with one foreclosure in every 462 housing units, a drop of 4% month-over-month and down 15% year-over-year. For 13 of the past 14 months, Florida has led the nation in foreclosures. Ranked second is New Jersey (one foreclosure for every 478 housing units), Maryland (one in 581), Delaware (one in 693) and Utah (one in 750). Utah climbed from 12th into the top five with an 83% month-over-month increase in real-estate owned (REO) activity and its first year-over-year increase (20%) in nearly 3.5 years.
The top 10 metropolitan areas for foreclosures in November were:
- Atlantic City, N.J.: one in every 289 housing units
- Miami, Fla.: one in 394
- Jacksonville, Fla.: one in 395
- Palm Bay-Melbourne-Titusville, Fla.: one in 399
- Orlando, Fla.: one in 408
- Pensacola, Fla.: one in 428
- Tampa, Fla.: one in 432
- Trenton, N.J.: one in 456
- Lakeland, Fla.: one in 461
- Ocala, Fla.: one in 489
Atlantic City’s REO activity jumped 264% year-over-year, while Miami dropped out of first place with a 22% decrease in foreclosures, compared with November 2013.
A RealtyTrac executive said:
Foreclosure rates on 2014-originated loans are actually higher than 2013-originated loans nationwide and in many markets, indicating that lenders are open to a slightly higher level of risk than we’ve seen over the past five years of extremely tight lending standards. But it’s unlikely that lenders will dial up that risk level too quickly going forward given that many are still dealing with working through a lengthy and messy foreclosure process on risky loans from the last loose lending spree.
In November, a total of 112,498 U.S. properties received default notices, were involved in foreclosure auctions or were repossessed by the lenders.
ALSO READ: Mortgage Loan Rates Rise With Demand Following Holiday Week
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
