Realty Trac’s 2011 Year End Foreclosure Report is out. Foreclosures are down 34%, the lowest annual level since 2007. Again we get back National Statistics vs. local market information.
IRVINE, Calif. – Jan. 12, 2012 – RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Year-End 2011 U.S. Foreclosure Market Report™, which shows a total of 2,698,967 foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total.
Realty Trac does a pretty good job on breaking down these numbers locally. Below we can look at their “foreclosure heat map” and compare Minnesota with the rest of the Nation. We (Minnesota), appear to be in the middle of the pack of foreclosures according to their map. 2,625 Foreclosures or 1 in every 889 Housing Units. Compare that to Illinois, 1 in every 419 housing units or Nevada (1 in every 177 housing units).
Keep in mind the below maps are just December 2011 Foreclosures divided the by the number housing units (based on the most recent estimate from the US Census). These maps were not part of their 2011 Year End Report. When I first looked at this I thought ” wow! we can easily absorb 2,625 housing units!” – but that is just Dec 2011’s figures.. I have yet to find a reliable estimate on the local “Shadow Inventory” – this at least gives us a benchmark on where we are at compared to the rest of the nation.
Maps are interactive:
- RealtyTrac: Bank seizures of homes fell to four year low in 2011 due to process issues (calculatedriskblog.com)
- Foreclosures Down in December, but Trend May Not Last (builderonline.com)
- RealtyTrac reports 14% dip in foreclosures, but new wave expected (housingwire.com)