As the U.S. housing market slowly rebounds, foreclosure rates are continuing to fall. However, recent data suggests that improvement is slowing.
Data from housing analyst RealtyTrac reveals that in January 2014, foreclosure activity increased by 8% over December 2013, the largest increase since May 2012.
Florida tops the list of states with a high foreclosure rate. In January 2014, 1 out of every 346 homes in Florida had a foreclosure filing, an increase of 19% from December 2013.
What other states are having a tough time recovering from the housing decline?
The 15 States with “Deeply Underwater” Foreclosures
One way to measure housing recovery as it relates to foreclosures is to track foreclosures that are “deeply underwater.” These are defined as mortgages in which the homeowner owes at least 25% more than the value of the property.
The map below from GovBeat reveals which states still see pronounced levels of deeply underwater foreclosures and mortgages.
Nevada is the hardest hit state for underwater foreclosures and mortgages, with 65% of all foreclosures registering as deeply underwater. Source: GovBeat
One piece of good news: although foreclosures have risen since December 2013, the data also shows that deeply underwater foreclosures are decreasing nationwide.
Maponics Context™ Real Estate Foreclosure Data
Maponics also provides foreclosure data and analytics with our Context Real Estate Foreclosure product. This dataset summarizes foreclosure activity within a Maponics boundary, including neighborhoods, ZIP Codes and carrier routes. It’s in the Context product family, the first-of-its-kind suite of lifestyle and behavior analytics.
Real Estate Foreclosure includes quarterly statistics of Notice of Default, Notice of Sale, Real Estate Owned (REO) In and REO Out. It also includes statistics reflecting the number of days the bank retains the property and the number of properties in the shadow inventory. Maponics Real Estate Foreclosure includes five quarters of history to enable year-over-year trend for foreclosure activity.
To learn more about our Real Estate Foreclosure product, get in touch.