Realty Trac reported an increase in foreclosure starts last month. There was an increase of 7% in the filings of initial public notice. March filings, which also include scheduled auctions, and bank repossessions, which were also up, rising 6% from the previous month.
Some good news. Bank repossessions were down 5% in March from February and 34% from a year earlier. It was the lowest number since July 2007, an 80 month low.
Despite the continuous easing of the foreclosure crisis there were 29 states in which the numbers were up on an annual basis. Where are the increases occurring? Utah posted a 226% increase. Oregon 117%, and Connecticut 131%. Several of the states with double digit increases were those that have had perpetually elevated foreclosure activity such as New Jersey, New York, Nevada, and Florida. A 10% increase in California was the first double digit increase since the second quarter of 2012.
Fortunately Illinois in not among the states showing an increase. With the anticipated spring market, this is a good time to sell. Interest rates are still at historic lows. Housing inventory is low (less competition), and foreclosures are declining. A current appraisal of your property will let you know where you stand. Always a good place to start.