Viable Opposition: Foreclosures in the United States - A Tale of Two Markets

Viable Opposition: Foreclosures in the United States - A Tale of Two Markets

RealtyTrac's first quarter 2013 foreclosure report shows that, not surprisingly, the real estate market in the United States is still struggling, particularly in some markets.  With one in every 296 housing units in foreclosure, we can see that the problems in the American real estate market are still not over even though some markets are showing growing signs of strength.

Overall, in the first three months of 2013, there were foreclosure filings on 442,117 properties, down 12 percent from the previous quarter and down 23 percent on a year-over-year basis.   That's the good news.  RealtyTrac notes that, while the trends are heading lower, some markets are seeing the wearing-off of the effects of foreclosure prevention efforts.  This means that there could be an "outbreak" of foreclosures down the road in states where aggressive foreclosure efforts are currently in place.  As I'll note below, some states are still suffering from horrific rates of foreclosure that are far in excess of the national average.