St Louis Foreclosure Rate Increases in January but down from year ago

Foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 1,430 properties in St. Louis in January, an increase of 6.64 percent from the month before and a decrease of 7.62 percent from a year ago, according to the latest data from RealtyTrac.   While the decline is good, the St Louis foreclosure rate is not falling as much as the U.S. foreclosure rate, which is down 28 percent from a year ago.

Highlights from the RealtyTrac foreclosure report for January 2013:

• U.S. foreclosure starts were down 11 percent from the previous month and down 28 percent from a year ago to the lowest level since June 2006 — a 79-month low.
• U.S. bank repossessions (REO) decreased 5 percent from the previous month and were down 24 percent from January 2012 to the lowest level since February 2008.The national decrease in foreclosure starts was caused in large part by a sharp drop in California notices of default (NOD) in January, down 62 percent from December and down 75 percent from January 2012 to the lowest level since October 2005.
• Scheduled foreclosure auctions increased from the previous month in 26 states and the District of Columbia, hitting 12-month or more highs in several key judicial foreclosure states, including Florida, Illinois, Pennsylvania, and New Jersey, although foreclosure starts were down on a year-over-year basis in Florida, Illinois and Pennsylvania.
• Some of the biggest year-over-year increases in foreclosure starts came in non-judicial foreclosure states where legislation or court rulings stalled foreclosure actions last year: Arkansas (539 percent increase), Washington (179 percent increase), and Nevada (87 percent increase).
• Florida posted the nation’s highest state foreclosure rate for the fifth month in a row in January, and also had the highest number of properties with foreclosure filings for the month, marking the first month since January 2007 that California has not had the highest number of properties with foreclosure filings.

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