May 2015 U.S. Foreclosure Market Report | Newsroom and Media Center

May 2015 U.S. Foreclosure Market Report | Newsroom and Media Center: "38 states post annual increase in REOs

Following the national trend, 38 states and the District of Columbia posted year-over-year increases in REOs, including New Jersey (up 197 percent), New York (up 116 percent), Ohio (up 114 percent), Georgia (up 108 percent), Pennsylvania (up 106 percent), Florida (up 63 percent), Michigan (up 63 percent), Maryland (up 62 percent), and California (up 31 percent).

“Even though national foreclosures increased a tad and REOs in California jumped we saw an expected settling in the Los Angeles metro numbers,” said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. “As we settle back into more stable markets we will see some areas up and some down in foreclosure starts but overall we are settling back towards pre-boom distress percentages as a part of the overall market.  There’s still more inventory to clean up but all indicators are these are the final and in some cases the toughest distressed properties to move through the system.  A drop in distressed inventory adds even more upward pressure on pricing as inventory still lags behind good buyer interest across the region.”

“As available housing inventory begins to increase, we are noticing slight increases in foreclosure activity across Ohio — particularly, in Columbus for homes priced under $200,000, which appears to be driven by Home Equity Lines of Credit maturity loans, as well as an aging population of homeowners not understanding opportunities available to them from increased area prices,” said Michael Mahon, president at HER Realtors, covering the Cincinnati, Dayton and Columbus markets in Ohio. “As income has not kept up with growing medical costs and credit expenses, many of these same homeowners are now in negative cash flow and equity situations. These homeowners should reach out to a neighborhood real estate or mortgage professional immediately to find out what options are available to them.”"



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