PHOTO BY ANTHONY PLASCENCIA, VENTURA COUNTY STAR // BUY THIS PHOTO
In this December 2012 photo, a for-sale sign decorates the front lawn of a home in the north end of Oxnard. Foreclosure filings took a dramatic plunge as banks held off, waiting for prices to rise.
Foreclosure filings in Ventura County dropped nearly 22 percent in April from a year ago, market researcher RealtyTrac reported Wednesday.
There were 252 foreclosure filings in the county, according to the Irvine-based firm. They comprised 134 default notices, 69 scheduled auctions, 33 bank repossessions and 16 notices of pending claims on properties.
“Foreclosure activity continues to dwindle in Southern California as home prices increase and the banks work through ridding housing inventory that is more difficult to sell,” said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market.
California had 12,907 foreclosure filings last month, down 20.13 percent from April 2013. One in every 1,059 housing units in the state had a foreclosure filing.
California had been among the 10 states posting the highest foreclosure rates but was not in April.
The states with the highest rates were: Florida, with one in 400 housing units; Maryland, one in 624 housing units; Delaware, one in 657 housing units; Indiana, one in 681 housing units; New Jersey, one in 700 housing units; Illinois, one in 706 housing units; Ohio, one in 750 housing units; Nevada, one in 770 housing units; Connecticut, one in 887 housing units; and South Carolina, one in 890 housing units.
U.S. foreclosure filings fell 20 percent from April 2013 and 1 percent from March. One in every 1,137 U.S. housing units had a foreclosure filing during the month.
Bank repossessions in April rose 4 percent from the previous month but dropped 14 percent from a year ago. There were 30,056 bank repossessions nationwide in April.
Bank repossessions increased from the previous month in 26 states and rose from a year ago in 16 states, including New York, at 142 percent; Oregon, 91 percent; New Jersey, 58 percent; Illinois, 55 percent; Indiana, 52 percent; Maryland, 45 percent; Connecticut, 44 percent; California, 27 percent; and Nevada, 15 percent.
RealtyTrac Vice President Daren Blomquist said the rise in bank repossessions in affected states shows those markets are working through the final remnants of foreclosures left over from the housing crisis.
“Many of these bank owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months,” he said. “Investors and other buyers willing to do more extensive rehab will likely be best suited for these incoming REOs.”
Read more: http://www.vcstar.com/news/2014/may/14/ventura-county-foreclosures-continue-to-decline/#ixzz31lDnGa71
- vcstar.com
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