The Washington region’s foreclosure activity fell during the third quarter while most of the nation’s major metropolitan areas saw filings rise.
During the three months ending Sept. 30, the number of foreclosures in Washington and its suburbs fell by 29 percent from a year earlier to 13,728 filings.
The region’s foreclosure rate of one per 157 households ranks 79th of the top 206 metropolitan areas, according to RealtyTrac, a foreclosure-tracking firm in Irvine, Calif.
Among all the areas tracked in the report, 133 — including 11 of the nation’s 20 largest metro areas — posted year-over-year increases in foreclosure activity.
Among cities in the hardest-hit areas such as Nevada, Florida and California, foreclosures are down from a year ago but rates are still high. Las Vegas has the worst foreclosure rate of the nation at one per 25 households, which is 20 percent better than a year earlier.
But a slowdown in local foreclosures doesn’t signify the end of the crisis.
Economists and real estate agents have said that a national investigation into deceptive foreclosure practices will delay foreclosure filings and lengthen the return to recovery.
“The underlying problems that are causing homeowners to miss their mortgage payments — high unemployment, underemployment, toxic loans and negative equity — are continuing to plague most local housing markets,” said James J. Saccacio, CEO of RealtyTrac.
Last week Maryland passed a rule to broaden the courts’ power in foreclosure proceedings and increase attorneys’ accountability after initial audits revealed hundreds of false statements were filed in proceedings across the state.
The attorney generals from Virginia and the District have formally joined the national effort by states to review the practice of “robo-signing” within the mortgage servicing industry. D.C. is also screening for improperly filed foreclosure documents.
