"Halfway through 2013 it is becoming increasingly evident that while foreclosures are no longer a problem nationally they continue to be a thorn in the side of several state and local markets, particularly where a backlog of delayed distress has built up thanks to a lengthy foreclosure process," said Daren Blomquist, vice president at RealtyTrac. "The increases in judicial foreclosure auctions demonstrate that these delayed foreclosure cases are now being moved more quickly through to foreclosure completion. Given the rising home prices in most of these markets, it is an opportune time for lenders to dispose of these distressed properties, either at the foreclosure auction to a third-party buyer, or by repossessing the property at the auction and subsequently selling it as a bank-owned home."
Local broker quotes from the RealtyTrac Network
•"The increase in bank repossessions in Oklahoma is due to a release of 'zombie foreclosures,' or homes where the foreclosure process has not been completed by the bank for a variety of reasons," said Sheldon Detrick, CEO of Prudential Alliance Realty in Oklahoma City and Prudential Detrick Realty in Tulsa, Okla. "This is the tail end of a long process. We are actually seeing fewer foreclosure housing listings than we've had in six years. That trend will likely continue and we will see a dramatic drop in foreclosures in the area moving forward."
•"The drop in foreclosure starts in Reno is not surprising since NODs were at a 20-month high last month," said Craig King, COO at Chase International brokerage, which covers the Reno and Lake Tahoe markets. "New laws were passed in this year's session of the Nevada legislature affecting homeowner's rights and distressed property. Lenders, Realtors, and attorneys are working to sort out these new laws, which could take some time.
"There will be a long tail on the distressed property market for several more years as there are a huge number of Nevada mortgages still underwater, but the NOD and scheduled foreclosure auction numbers have come down very substantially and will stay down from the highs," King continued. "The distressed market is a fraction of what it was at the peak, and the majority of agents have shifted their focus to the equity market."
•"The New York market is continuing to have increased sales over last year," said Emmett Laffey, CEO of Laffey Fine Homes International, covering the five boroughs of New York City and Long Island. "Even as the pending foreclosures begin to hit the market, sales most certainly will continue to be brisk due to the aggressive pricing on foreclosures. Furthermore, with mortgage rates on the rise over the last few weeks buyers will be anxious to buy and lock in their mortgage rate before they go even higher."
•"All indications point to the fact that the Nashville metro area has passed its peak in the foreclosure market, closely resembling the 2005 to 2006 sustainable rate of absorption," said Bob Parks, CEO of Bob Parks Realty in Nashville, Tenn. "The area does still have a substantial amount of shadow inventory that will hit the market at some point; however, these properties will be quickly absorbed by individual buyers returning to the area. We are seeing home prices continue to recover in the Nashville metro area and the market has showed continual gains over the past two years."
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