While foreclosures saw an increase in about half of the states in the United States, overall the country saw a decrease in rates of foreclosure for 2012.
It is being reported by RealtyTrac that while an annual increase was seen in the number of foreclosures in about 25 states, this was primarily due to loan servicers processing a backlog of claims associated with the robo-signing controvery – shoddy paperwork and compromises associated with deeds to homes that caused some of the largest banks to halt foreclosures at the end of 2010.
It was primarily states that provide nonjudicial foreclosures that saw the largest decrease in foreclosure rates with Nevada seeing filings down 57% for 2012. California was among those states that saw a significant decrease in foreclosures, with rates down 25% in 2012. Additionally, Zillow is currently projecting that the state of California and about 6 other markets that were hit hard by the mortgage crisis should see appreciation of home prices in the double-digits in 2013.
States such as New Jersey and Florida saw a significant increase in foreclosures from 2011 to 2012 and also took the longest time to move through the foreclosure process; New Jersey for example took approximately 987 days to move through a foreclosure and Florida 853 days.
At the close of 2012 there were approximately 1.5 million homes in some stage of foreclosure, which was up 9% from 2011 but down 31% from the 2010 peak. Filings were down 3% from 2011 and 36% from 2010.
By Linda Moore