Foreclosure Activity Jumps in 'Judicial' States - | ArmandoMontelongo.com

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Foreclosure Activity Jumps in ‘Judicial’ States

Foreclosure activity in the 26 states where the courts are involved in the process increased dramatically in February, according to a new report.

The RealtyTrac U.S. Foreclosure Market Report said activity in the “judicial” foreclosure states was up 2 percent from January and 24 percent from February 2011. In the 24 other states, foreclosure activity was down 5 percent for the month and 23 percent for the last 12 months.

The largest judicial foreclosure states are Florida, Illinois, New York and New Jersey. Activity increased in all those states except New York.

Overall, filings were down 2 percent for the month and 8 percent for the year. The total was 206,900 properties.

Half of the country’s 20 largest metro areas posted year-over-year increases in foreclosure activity. Here is the list, with the metro area, number of filings in February, ratio of foreclosures to all housing units, percentage change in filings from January and percentage change in filings from February 2011:

Is this significant news for real estate investors? Tell us what you think: