Nearly 1.1 Million U.S. Properties With Foreclosure Filings in 2015, Down 3 Percent From 2014 to Nine-Year Low - Seite 2

"Meanwhile, local economic problems became a larger driver of foreclosure activity in 2015," Blomquist continued. "Examples of this are Atlantic City, New Jersey, which posted the nation's highest metro foreclosure rate for the year, along with several heavy oil-producing markets in Texas and Oklahoma where foreclosure activity increased in 2015, counter to the national trend."

Foreclosure activity increases in 24 states, six of 20 largest metro areas

Counter to the national trend, 24 states and the District of Columbia posted an increase in foreclosure activity in 2015 compared to 2014, including Massachusetts (up 55 percent), Missouri (up 50 percent), Oklahoma (up 36 percent), New York (up 24 percent) and Texas (up 16 percent).

Among the nation's 20 largest metro areas, six posted year-over-year increases in foreclosure activity in 2015: Boston (up 44 percent); St. Louis (up 38 percent); Dallas (up 25 percent); Detroit (up 22 percent); New York (up 9 percent); and Houston (up less than 1 percent).

Foreclosure starts at 10-year low in 2015

A total of 569,835 U.S. properties started the foreclosure process in 2015, down 11 percent from 2014 and down 73 percent from the peak of more than 2.1 million foreclosure starts in 2009 to a 10-year low.

Bucking the national trend, foreclosure starts increased in 2015 in 16 states, including Oklahoma (up 92 percent), Massachusetts (up 67 percent), Missouri (up 28 percent), Virginia (up 23 percent), Nevada (up 14 percent), and Arkansas (up 14 percent).

Bank repossessions up in 2015 following four consecutive years down

A total of 449,900 U.S. properties were repossessed by lenders in 2015, up 38 percent from 2014 but still 57 percent below the peak of nearly 1.1 million bank repossessions (REOs) in 2010.

"The median price of a bank-owned home in 2015 was 41 percent below the median price of all homes - the biggest bank-owned discount nationwide since 2006," Blomquist noted. "That may be surprising to some, but demonstrates that in a healthy real estate market foreclosures are no longer mainstream, but instead are back to being a market niche of properties with problems that many buyers do not want to tackle."

Bank repossessions (REOs) increased from a year ago in 41 states and the District of Columbia. Some of the biggest increases were in New Jersey (up 226 percent), New York (up 194 percent), Texas (up 115 percent), North Carolina (up 108 percent), and Oregon (up 96 percent).