{"id":1004091201,"date":"2014-02-13T07:14:28","date_gmt":"2014-02-13T15:14:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004091201"},"modified":"2022-12-08T20:12:37","modified_gmt":"2022-12-09T04:12:37","slug":"economy-watch-residential-foreclosures-still-slowing-down-socal-home-sales-down","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-residential-foreclosures-still-slowing-down-socal-home-sales-down\/","title":{"rendered":"Economy Watch: Residential Foreclosures Still Slowing Down; SoCal Home Sales Down"},"content":{"rendered":"<p><em>By Dees Stribling, Contributing Editor<\/em><\/p>\n<p>On Thursday foreclosure specialist RealtyTrac released its U.S. Foreclosure Market Report for January 2014, which found that foreclosure filings \u2014 default notices, scheduled auctions, and bank repos, all together \u2014 were reported on 124,419 U.S. properties in January. That\u2019s an 8 percent increase from December (a month during which foreclosures are sometimes put off), but down 18 percent from January 2013. The report also shows that one in every 1,058 U.S. housing units had a foreclosure filing during the month.<\/p>\n<p>January marked the 40th consecutive month where U.S. foreclosure activity declined on an annual basis, but the annual decline in January 2014 was the smallest one decline since September 2012, RealtyTrac said. Also, the 8 percent monthly increase was the biggest month-over-month increase since May 2012. The wave of foreclosures hasn\u2019t quite washed through in many parts of the country, in other words.<\/p>\n<p>\u201cThe monthly increase in January foreclosure activity was somewhat expected after a holiday lull, but the sharp annual increases in some states shows that many states are not completely out of the woods when it comes to cleaning up the wreckage of the housing bust,\u201d RealtyTrac vice president Daren Blomquist said in a statement. He added that the foreclosure rebound pattern isn\u2019t only showing up in judicial states like New Jersey, where foreclosure activity reached a 40-month high in January, but also some non-judicial states like California, where foreclosure starts jumped 57 percent from a year ago.<\/p>\n<p><strong>SoCal Home Sales Down<\/strong><\/p>\n<p>San Diego-based real estate data specialist DataQuick reported on Wednesday that the bellwether Southern California residential market logged its lowest January home sales in three years, as buyers continued face tight inventories, along with the highest prices in years. A total of 14,471 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino, and Orange counties last month, down 21.4 percent from December, and down 9.9 percent compared with January 2013.<\/p>\n<p>Foreclosure resales accounted for 6.6 percent of the Southland resale market in January. That was up slightly from 5.8 percent in December, but down from 17.2 percent a year earlier. Short sales made up an estimated 12.2 percent of SoCal resales last month, down from 13.1 percent in December and down from 24.2 percent a year earlier.<\/p>\n<p>The local economy is growing, but regional home sales have fallen on a year-over-year basis for four consecutive months now and remain well below average. &#8220;Two of the bigger questions hanging over the housing market right now are, \u2018How much pent-up demand is left out there?\u2019 and, \u2018Will inventory skyrocket this year as more owners take advantage of the price run-up?\u2019 \u201d DataQuick president John Walsh said in a statement. \u201cUnfortunately, we\u2019ll probably have to wait until spring for the answers.\u201d<\/p>\n<p>Wall Street wobbled around all day on Wednesday and ended mixed. The Dow Jones Industrial Average lost 30.83 points, or 1.19 percent, and the S&amp;P 500 was down 0.03 percent. The Nasdaq advanced 0.24 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>January marked the 40th consecutive month where U.S. foreclosure activity declined on an annual basis. And the bellwether Southern California residential market logged its lowest January home sales in three years.<\/p>\n","protected":false},"author":1023,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004091201","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economy Watch: Residential Foreclosures Still Slowing Down; SoCal Home Sales Down - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-residential-foreclosures-still-slowing-down-socal-home-sales-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economy Watch: Residential Foreclosures Still Slowing Down; SoCal Home Sales Down\" \/>\n<meta property=\"og:description\" content=\"January marked the 40th consecutive month where U.S. foreclosure activity declined on an annual basis. And the bellwether Southern California residential market logged its lowest January home sales in three years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-residential-foreclosures-still-slowing-down-socal-home-sales-down\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-13T15:14:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:12:37+00:00\" \/>\n<meta name=\"author\" content=\"Dees Stribling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-residential-foreclosures-still-slowing-down-socal-home-sales-down\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/economy-watch-residential-foreclosures-still-slowing-down-socal-home-sales-down\\\/\"},\"author\":{\"name\":\"Dees Stribling\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/dc1e9fa4ee0430d86f8e60cd697c953c\"},\"headline\":\"Economy Watch: Residential Foreclosures Still Slowing Down; 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