Foreclosure starts increased 6% in July compared with June but were down 14% compared with July 2018, according to the latest U.S. foreclosure report from ATTOM Data Solutions.
Lenders started the foreclosure process for the first time on 26,055 property owners in July.
Banks repossessions also dropped significantly: Lenders repossessed 11,070 residential properties in July, down 60% compared with June and down 42% compared with July 2018.
As is to be expected, there were certain markets where REOs increased, including Cincinnati, Ohio (up 33% compared with June); Jacksonville, Florida (up 15%); Birmingham, Ala. (up 63%); Fresno, Calif. (up 13%); and Omaha, Neb. (up 16%).
Looking at all foreclosure activity combined – including default notices, scheduled auctions and bank repossessions – there were 51,056 properties with foreclosure filings in July, down 19% compared with June and down 21% compared with a year earlier.
Nationally, one in every 2,652 U.S. properties received a foreclosure filing during the month of July.
States with the highest foreclosure rates in July included New Jersey (one in every 1,173 housing units); Delaware (one in every 1,336); Florida (one in every 1,391); Illinois (one in every 1,484) and Maryland (one in every 1,691).
Cities with the highest foreclosure rates in July included Atlantic City, N.J. (one in every 666 housing units); Deltona-Daytona Beach, Fla. (one in every 929); Jacksonville, Fla. (one in every 958); Rockford, Ill. (one in every 992); and Fayetteville, N.C. (one in every 1,103).
July marked the 13th consecutive month that national foreclosure activity fell on a month-over-month basis.