Some States Show Huge Increases in Foreclosure Starts from 2011

[Corey Dutton]

For those who think we may be on the home stretch of a real estate recovery take a look at this recent foreclosure report. Realtytrac just released its foreclosure numbers on October 11, 2012, and this report shows decreasing foreclosure activities in some U.S. States. However, some States have seen tremendous increases in foreclosure start rates over last year. New Jersey, Pennsylvania, and New York led the pack of new foreclosure starts, with New Jersey reporting a shocking 424% increase over last year’s foreclosure start numbers. Florida also showed increasing foreclosure start activity over last year, a 24% increase from the 3rd quarter of 2011.

The good news is, Nationwide, foreclosure starts showed a 15% decrease from September of last year. Although some States are showing year over year decreases, other States are showing increases in the number of foreclosure starts.

Read the entire report here and then please leave your comments on this topic below. As the old saying goes, a chain is only as strong as its weakest link. Will these increasing foreclosure starts in some States such as New Jersey and New York, prevent a true real estate recovery in the U.S. as a whole? Please share your opinion on this topic below.

Read the entire Realtytrac Report here: http://www.realtytrac.com/content/foreclosure-market-report/september-and-q3-2012-us-foreclosure-market-report-7424