Real Estate Market Update: 2011 Foreclosure Numbers Are In
The numbers are in. That is, the 2011 Year End Foreclosure Report put out by RealtyTrac, and online resource solely dedicated to foreclosure statistics and sales across the United States. So, what do these numbers mean for the Knoxville real estate market, and other areas of the nation? Check out the breakdown of statistics below to see how this 2011 compares to recent years pas.
- In 2011, there were 1,887,777 foreclosure filings (including default, auction, and bank repossession notices) in the U.S. Though, 1.9 million homes seems like a daunting number, it is actually the lowest it has been since 2007. The 1.9 million homes that went into foreclosure in 2011 is down 34% from 2010, 33% from 2009, and 19% from 2008.
- Nationally, in December 2011, 1 in every 634 homes received a foreclosure filing. The Knoxville real estate market fares significantly better than the national ranking. In Knox County, 1 in 1136 homes received a foreclosure notices. To see how other East Tennesee counties fared, check out the Foreclosure Rate Heat Map on RealtyTrac.com.
- Scheduled auctions hit a 49 month low in December. It was down 19% from November 2011 and 20% from December 2010.
- Default notices were also down in December, down 19% from November, and down 23% from December 2010.
- Still, despite what shows to be a decrease in foreclosure filings for 2011, RealtyTrac also reported that the time table for foreclosure proceedings has actually increased in 2011. Foreclosure filings took an average of 348 days in the fourth quarter of 2011, up from 336 days in the third quarter in 2011, and up from 305 days in the fourth quarter of 2010.
- In the state of Tennessee, the foreclosure process takes less than two months, with a process period of 40-45 days and a sale publication of 20-25 days. The state with the longest foreclosure process is New York, which takes an average of 1,019. New York is closely followed by New Jersey, which takes on average of 964 days.
What do you think these numbers mean for the Knoxville real estate market, and other areas of the nation?