U.S. foreclosures migrate east

Popular investor hotspot Arizona, on the other hand, has seen its foreclosure offerings dwindle. The reason for the trend may have more to do with bureaucracy, rather than an economic change, however, said RealtyTrac CEO Brandon Moore.

“Rising foreclosure activity in many state and local markets in April was masked at the national level by sizable decreases in hard-hit foreclosure states like California, Arizona and Nevada,” said Moore. “Those three states and several non-judicial states like them, more efficiently processed foreclosures last year, resulting in fewer catch-up foreclosures this year.”

An additional trend through April is that more properties are being diverted into short sales rather than immediately becoming foreclosures, said the report. Short sales allow the homeowner to sell the property to a buyer at a price approved by the lender, working to avoid repossession.

“Our preliminary first quarter sales data shows that pre-foreclosure sales – typically short sales – are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states,” said Moore.

In terms of metro areas, Canadians will still find many of their past favourites on the list, however.

Riverside-San Bernardino had the highest foreclosure rate at one out of every 213 housing units with a foreclosure filing, followed by Miami at one in every 273 housing units, Atlanta at one in every 298 housing units, Phoenix at one in every 313 units, and Tampa at one in every 315 housing units. Tampa saw the largest increase in filings from last year, up 59% in April. Phoenix was down 44% from last year for filings.

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