- Strong homes sales in 2012 helped to diminish the number of borrowers rolling into distressed situations. The increase in sales eroded inventories resulting in steady price growth. As a result, more people were able to refinance into affordable situations or dispose of their properties prior to foreclosure.
- In terms of improved 90-day delinquency rates, the top 5 markets were Las Vegas, Riverside, Cape Coral, Phoenix and Miami. Clearly, markets in the sand states that were hit hardest during the housing recession experienced the strongest improvement.
- Of the bottom five markets, most were in the Northeast, including New Jersey, New York, and Pennsylvania (bottom portion of figure above). Most of these states have judicial processes for dealing with foreclosed properties.
- The longer timelines for disposition of properties in these areas has slowed the local market transitions and muted price corrections.
- More information on delinquency trends is available in the 4th quarter Local Market Reports. (member log in required)
