Metropolitan areas that showed the highest increases in foreclosure activity in 2012 could see increased foreclosure listings in 2013 — either in the form of short sales or sales of real estate-owned properties, research firm RealtyTrac reported Dec. 31.
RealtyTrac reviewed foreclosure activity across the country and released a list of 20 metropolitan areas where foreclosure listings are expected to climb this year.
The list is tallied using the annual percent change in foreclosure activity and the number of foreclosure starts and completions for a particular area through November 2012. All 20 metro areas on the list had at least 2,000 foreclosure starts and REO, and experienced at least a 20 percent increase in foreclosure activity, RealtyTrac reported.
According to the report, eight metro areas in Florida likely will see a boost in foreclosure listings in 2013. Palm Bay topped the list with a 110 percent increase in foreclosure activity over a one-year period. Other Florida cities on the list: Jacksonville, Lakeland, Ocala, Orlando, Panama City, Pensacola and Tampa. Tampa and Orlando had the highest number of foreclosure starts through November 2012, with 22,594 in Tampa and 17,429 in Orlando.
Four metro areas in North Carolina made the list: Charlotte, Greensboro, Raleigh and Winston-Salem. Raleigh saw a 62 percent increase in foreclosure activity over a one-year period, the highest of the state’s metro areas. Charlotte saw the highest number of foreclosure starts in the state with 8,980.
In Connecticut, Bridgeport and New Haven made the list, each with a 28 percent increase in foreclosure activity over a one-year period. Bridgeport saw 2,527 foreclosure starts through November 2012 and New Haven followed close behind with 2,511.
New York saw 30,455 foreclosure starts through November 2012, the highest number of foreclosure starts on the list, RealtyTrac reported.
Other metro areas where foreclosure listings are expected to rise include Allentown, Pa; Cleveland; Omaha, Neb.; Pittsburgh; and Rockford, Ill. Although Cleveland had the smallest increase in foreclosure activity over a one-year period with 25 percent, the area saw 11,489 foreclosure starts through November 2012, occupying the fourth highest spot for foreclosure starts on the top-20 list.
According to RealtyTrac, the flood of foreclosure inventory in these metro areas will be good news for investors looking for bargains, but foreclosure sales still could threaten to drag down overall home values.
Read the 2012 foreclosure activity report.