Foreclosure Starts Down Nationwide But Up in 36% of Local Markets

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There were 29,017 foreclosure starts in October, an increase of less than 1% compared with September but down 8% from October 2017, according to ATTOM Data Solutions.

However, foreclosure starts were up in certain markets.

Eighteen states posted year-over-year increases in foreclosure starts, including Florida (up 98%); Texas (up 23%); Michigan (up 60%); South Carolina (up 60%); and Alabama (up 11%), according to the firm’s monthly foreclosure activity report.

Seventy of the 219 metropolitan statistical areas analyzed in the report – or 36% – posted year-over-year increases, including Houston, Texas (up 285%); Miami, Fla. (up 116%); Phoenix, Ariz. (up 3%); Detroit, Mich. (up 82%); and Tampa-St. Petersburg, Fla. (up 82%).

Bank repossessions were completed on 10,810 U.S. properties, up 119% from an all-time low in September but up 10% from October 2017.

The District of Columbia and 28 states posted year-over-year increases in REO activity in October, including Florida (up 40%); New Jersey (up 5%); Ohio (up 52%); New York (up 16%); and Georgia (up 150%).

Looking at all foreclosure activity, there were a total of 66,401 U.S. properties with foreclosure filings – including default notices, scheduled auctions and bank repossessions – in October, up 21% from September but still down 4% from a year earlier.

States with the highest foreclosure rates were New Jersey, Delaware, Maryland, Illinois and Nevada.

Counter to the national trend, foreclosure activity increased from a year ago in 15 states, including Florida (up 55%), Texas (up 28%), Georgia (up 50%), Michigan (up 24%) and Arizona (up 1%).

Also counter to the national trend, 84 of 219 metropolitan statistical areas analyzed in the report – or 38% – posted a year-over-year increase in foreclosure activity, including Miami (up 55%); Houston (up 198%); Tampa-St. Petersburg (up 67%); Atlanta (up 36%); and Phoenix (up 3%).

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