14 | Business World Magazine |
March 2014
EXECUTIVE
SUMMARY
in some states shows that many states are not
completely out of the woods when it comes
to cleaning up the wreckage of the housing
bust,” said Daren Blomquist, vice president
at RealtyTrac. “The foreclosure rebound pat-
tern is not only showing up in judicial states
like New Jersey, where foreclosure activ-
ity reached a 40-month high in January, but
also some non-judicial states like California,
where foreclosure starts jumped 57 percent
from a year ago, following 17 consecutive
months of annual decreases.”
A total of 57,259 U.S. properties started
the foreclosure process for the first time in
January, up 10 percent from the previous
month but still down 12 percent from Jan-
uary 2013 – the 18th consecutive month
where foreclosure starts have decreased an-
nually.
Counter to the national trend, January
foreclosure starts increased from a year ago
in 22 states, including Maryland (up 126
percent), Connecticut (up 82 percent), New
Jersey (up 79 percent), California (up 57
percent), and Pennsylvania (up 39 percent).
Scheduled foreclosure auctions (which
are also foreclosure starts in some states) in-
creased 13 percent in January compared to
the previous month but were still down 8
percent from a year ago – the 38th consecu-
tive month where U.S. scheduled foreclosure
auctions have decreased annually.
Counter to the national trend, scheduled
foreclosure auctions increased from a year
ago in 27 states, including Oregon (up 326
percent), Connecticut (up 223 percent),
Maryland (up 113 percent), New York (up
73 percent), and Nevada (up 73 percent).
