I thought foreclosures were way down and would be for awhile in my state of Arizona!
I was surprised to read this today...up 76%??! Is your state on the list?
Thirteen states posted a year-over-year increase in foreclosure starts in July, according to new foreclosure data released by ATTOM Data Solutions. Those states seeing an increase include:
- Delaware: foreclosure starts jumped 113%
- Arizona: +76%
- Utah: +63%
- Connecticut: +50%
- Oregon: +20%
- South Carolina: +3%
- Massachusetts: +3%
- Virginia: +3%
Of the 1,713 counties analyzed with foreclosure starts in July, 36 percent posted year-over-year increases, including Maricopa County (up 43 percent); Prince George’s County, Md. (up 33 percent); Baltimore City, Maryland (up 11 percent); Cuyahoga County, Ohio (up 3 percent); and Broward County, Fla. (up 2 percent).
In July, the metros with populations of at least 200,000 that had the highest overall foreclosure rate were:
- Atlantic City, N.J.: 1 in every 232 housing units with a foreclosure filing)
- Trenton, N.J.: 1 in every 515
- Lakeland-Winter Haven, Fla.: 1 in every 565
- Deltona-Daytona Beach-Ormond Beach, Fla.: 1 in every 568
- Tampa-St. Petersburg-Clearwater, Fla.: 1 in every 698
Nationally, one in every 1,540 housing units received a foreclosure filing in July.
@Bevla, sounds like a concerning number. But a % change can be very high when the basis (i.e. denominator) is very low to begin with. I remember construction in Riverside county CA was up 300% in 2014 or 15, but it was due to 3 houses being built to 9.... Have you noticed a large build-up of inventory in AZ? I know inventory is building in Houston...
@John Tan It seems our supply is actually down, I think I just read a number lass than 3 months.
I hope it means there're some good deals to snatch up! ;)
How is the flip market in Houston?
@Bevla Reeves The flip market in Houston is solid. Ultra-competitive, but it wouldn't be that way if the market wasn't producing. I've been flipping/investing in Houston since 2013.
@George Kountoupis NICE! What price points are selling best now?
Houston is at 4 months inventory. I like to wait until we are between 6 and 8 before I get back in. It's all about patience.
@Bevla Reeves the inventory in Houston has been low for awhile, but there are still plenty of flips happening all around.
Anything under $250k is still pretty easy to move. DOM are still reasonable. As you move above $250k, DOM definitely begins to increase, thus making it a riskier, tougher market. But I have to say, it's rare that I see a home not sell when it's been rehabbed correctly and appropriately for the neighborhood.
Are you in Houston, Bevla?
DOnt know about AZ but I can tell you that some states have a ton of backlog foreclosure inventory. Those states still have not worked through the previous foreclosure inventory because of laws, not wanting to flood the market etc. With prices up and time having passed some of those areas have expected a lot of inventory for a while.
@George Kountoupis No George, i'm in Phoenix, but I'm always curious about other states, I have friends who are flipping out of state now, which i don't have the guts to do yet! ;)) but, I'm curious!
@Chuck Webb for you Chuck, that's the best time to buy properties cheap? Do you flip or hold?
I buy and hold...then sell after 5 or 6 years.
Everyone has a different strategy. I prefer to purchase in the fall...deals are a little hard to find in the summer...people are moving, changing schools etc....hard to find motivated sellers.
Bella, to the question about inventory. The Phoenix metro has less than 1.5 mos inventory in all segments under $500k.
Bevla... Sorry. Autocorrect.
No worries @Brian M. , Bella is a pretty name! ;)
Where are you investing in PHX?