Foreclosure Starts Continued to Fall in April

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Although foreclosure starts increased in 17 states, they were down nationally on a year-over-year basis in April, according to the latest foreclosure activity report from ATTOM Data Solutions.

Lenders started the foreclosure process on 30,524 properties, down 5% compared with March and down 10% compared with April 2018, according to the firm’s monthly foreclosure report.

April marked the third consecutive month with an annual decline.

States that posted the largest annual decreases in foreclosure starts included New York (down 43%); Nevada (down 36%); Colorado (down 34%); Maryland (down 31%); and Michigan (down 25%).

States that saw the largest increases in foreclosure starts included Washington (up 38%); Florida (up 34%); Oregon (up 22%); Louisiana (up 12%); and Georgia (up 11%).

“While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on,” says Todd Teta, chief product officer at ATTOM Data Solutions, in a statement. “For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts.”

Looking at all foreclosure activity – including default notices, scheduled auctions and bank repossessions – filings were reported on 55,646 U.S. properties in April, down 5% from the previous month and down 13% from a year earlier.

It was the 10th consecutive month that overall foreclosure flings decreased on an annual basis.

Foreclosure completions continued to decrease in April, dropping to 11,078 properties, down 9% compared with March and down 22% compared with April 2018.

It was the sixth consecutive month that REOs were down on an annual basis.

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