Foreclosure Rate Down 27% From 2012

The number of distressed properties last month decreased 27% from September 2012, with a little less than 1.3 million properties in some stage of foreclosure (default, auction or bank owned). Thatโ€™s one in every 998 homes in foreclosure across the nation.

Data from real estate site RealtyTrac showed that while foreclosures were up 2% from August, filings have continued to fall over the course of this past year. Prices of those foreclosed homes have also declined, in conjunction with rising values of non-distressed properties, resulting in a more significant discount.

In August, the most recent sales data available on RealtyTrac, the discount on foreclosed homes was 39.5%, or an average of $73,900. Thatโ€™s an increased discount of $3,900 (5.6%) from last year, at a median sale price of $113,000. The median sale price for a non-distressed property in August was $186,900.

But the news isnโ€™t good everywhere.

Foreclosure activity spiked 104% in Nevada from July to August, as it overtook Florida as the state with the most foreclosures. It remained on top in September with activity increasing 44% from August. With 1 in every 249 properties in foreclosure, Nevadaโ€™s foreclosure rate is up 97% from September 2012.

Florida, Illinois, Maryland and New Jersey join Nevada as the five states with the highest foreclosure rates. In June, one in every 328 Florida homes had a foreclosure filing, and the rate has declined to one in 406 in September.

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