Foreclosures skyrocket in Northeast, West Coast | Pound Ridge Real Estate



Foreclosures of all types were filed on 109,824 residential properties in May, a 5% decrease from the previous month and a 26% decrease from May 2013, which brought it to the lowest monthly level since the early days of the housing bubble and crash in December 2006.

The quick read – Northeastern and West Coast markets are having the most trouble with rising foreclosure activity, along with Chicago. The healthiest markets are in the flyover states, the sand states and the Sunbelt. Florida is still healing but still hurting.

The monthly RealtyTrac report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month.

Foreclosure activity recorded includes all default notices, scheduled auction and bank repossessions.

Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.

The four major metros with the biggest increases are all northeastern and seaboard cities – Boston, New York City, Washington D.C, and Philadelphia. Boston increased 44%, New York 23%, and Washington D.C. and Philadelphia both 15% year-over-year.



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