Speed and efficiency absorbing foreclosures critical to progress

Source: Calculated Risk

From RealtyTrac: 54 Percent of U.S. Metros Post Quarterly Increase in Foreclosure Activity in First Quarter of 2012 First quarter foreclosure activity increased from the previous quarter in 26 out of the nation’s 50 largest metro areas, led by Pittsburgh (up 49 percent), Indianapolis (up 37 percent), Philadelphia (up 30 percent), New York (up 24 percent), Raleigh, N.C. (up 23 percent), and Virginia Beach, Va. (up 22 percent). The biggest quarterly decreases in foreclosure activity among the 50 largest metro areas were in Portland, Ore. (down 28 percent), Las Vegas (down 26 percent), Providence, R.I. (down 24 percent), Salt Lake City (down 22 percent), Boston (down 21 percent), and San Jose, Calif. (down 21 percent). “First quarter metro foreclosure trends were a mixed bag,” said Brandon Moore, chief executive officer of RealtyTrac. “While the majority of metro areas continued to show foreclosure activity down from a year ago, more than half reported increasing foreclosure activity from the previous quarter — an early sign that long-dormant foreclosures are coming out of hibernation in many local markets.” RealtyTrac doesn't mention this, but Pennsylvania, Indiana, New York and North Carolina are all judicial states (the top 5 metro increases were in those states). The states with the largest decreases in foreclosure activity - Oregon, Nevada, Rhode Island, Utah, Massachusetts, and California - are all non-judicial states. This really is a tale of two different foreclosure methods. Many of the judicial states still have a long way to go.

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