Arizona foreclosure activity in 2012 decreased 33 percent from 2011 and was down 51 percent from 2010, lowering the state's foreclosure rate to the third highest in the nation following three consecutive years with the second highest rate. A total of 76,487 Arizona properties had foreclosure filings during the year, 2.69 percent of all housing units in the state (one in 37).
Georgia posted the nation's fourth highest state foreclosure rate, with 2.58 percent of housing units (one in 39) receiving at least one foreclosure filing in 2012, and Illinois posted the nation's fifth highest state foreclosure rate, also with 2.58 percent of housing units (one in 39) receiving at least one foreclosure filing during the year.
Other states with foreclosure rates among the nation's 10 highest were California (2.33 percent), Ohio (1.75 percent), Michigan (1.69 percent), South Carolina (1.66 percent), and Colorado (1.64 percent).
Foreclosure inventory rises from low point in May, still 31 percent below peak
As of the end of the year, more than 1.5 million homes were in some stage of foreclosure or bank-owned, up 9 percent from the end of 2011, but still 31 percent below the peak of 2.2 million at the end of 2010. Foreclosure inventory had dropped to a 57-month low of 1.3 million in May 2012, but has since risen off that 57-month low.
Florida accounted for the biggest share of foreclosure inventory of any state with 305,766 properties in some stage of foreclosure or bank owned (20 percent of the national total), followed by California with 212,172 (14 percent), Illinois with 135,858 (9 percent), Ohio with 76,015 (5 percent), and New York with 69,044 (5 percent).
Lenders with the most inventory of bank-owned (REO) properties were the government-backed entities of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development (HUD) with a combined 26 percent of all REO inventory, followed by Bank of America with 8 percent, Wells Fargo with 6 percent, US BankCorp with 4 percent and Chase with 4 percent.
Of the properties in some stage of foreclosure or bank owned at the end of 2012, an estimated 37 percent had a market value between $100,000 and $200,000, while an estimated 27 percent had a market value between $50,000 and $100,000, and an estimated 15 percent had a market value between $200,000 and $300,000.
Median home prices up in 25 states, 1.6 million fewer homeowners underwater
Lower foreclosure inventory during the year may have helped home prices to hit bottom and start rising in many markets during the year. Median home prices during the first 10 months of 2012 rose compared to the same time period in 2011 in 25 states and in 16 of the nation's 20 largest metro areas.
Nationwide the average monthly median home price during the first 10 months of 2012 was $164,712 -- nearly identical to the average monthly median home price of $164,960 during the same time period in 2011. The average monthly list price during the first 12 months of 2012 was $166,110, showing that sellers on average were getting 99 percent of their asking price during the year.
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