Foreclosure Flood Concentrated in Specific Cities & Neighborhoods, Pro Teck Reports

Foreclosure flood is concentrated in specific neighborhoods and cities in the U.S., this according to the September home value forecast report of Pro Teck Valuation Services.

Pro Teck, said in a statement, “With regard to this foreclosure inventory, there is a misperception that it is a problem for the entire market. In fact, it is quite concentrated in specific cities and neighborhoods.”

“For this reason, potential buyers who have been waiting for bargain prices in desirable neighborhoods are being disappointed,” Pro Teck added.

The August 2012 U.S. Foreclosure Market Report of RealtyTrac shows that while August foreclosure activity was flat nationwide, in some states foreclosure activity spiked.

Daren Blomquist, vice president of RealtyTrac, said in a statement, “Bucking the national trend, deferred foreclosure activity boiled over in several states in August.”

The top 10 states (in descending order) where foreclosure activity rebounded in August this year are Kentucky, New Jersey, New York, Maryland, Illinois, Pennsylvania, Alabama, Washington, Indiana and Florida.

In most of the top 10 states where foreclosure activity spiked, foreclosure proceeding is judicial – meaning, foreclosure process goes through the courts.

The vice president of RealtyTrac added, “In judicial states such as Florida, Illinois, New Jersey and New York, this (foreclosure activity) was a continuation of a trend we’ve been seeing for several months now. Meanwhile foreclosure activity in most non-judicial states stayed on a downward trajectory in August, with a few exceptions.”

CNN Money noted, “The flood of foreclosures now coursing through the judicial states has swelled in the aftermath of the $25 billion foreclosure abuse settlement, signed off on this past April, that laid out a clear path of conduct for lenders when pursuing foreclosures.”

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