A foreclosure report released by housing market analysis provider ATTOM Data Solutionsrevealed that 77,049 properties in the US are in potential or in foreclosure status, a decrease from the previous month’s record and a 23 percent decline compared to the count a year ago. This is also the lowest in the record since November 2005.
The decrease in foreclosureactivity is attributed to the strong mortgage originations in the previous seven years.
Breaking this down to statistics, about one in every 1,723 housing units or property filed for foreclosure this April. The states with the highest foreclosure activities are:
- New Jersey (1 in every 562 properties)
- Delaware (1 in every 706 housing units)
- Maryland (1 in every Maryland properties)
- Connecticut (1 in every 956); and
- Illinois (1 in every 1,083 units).
Metros with the highest rates of foreclosure activities were:
- Atlantic City, New Jersey (1 in every 237 housing units)
- Fayetteville, North Carolina (1 in every 615 properties)
- Trenton, New Jersey (1 in every 620 housing units)
- Rockford, Illinois (1 in every 668 housing units); and
- Philadelphia (1 in every 733 properties)
Other report highlights
- In April, about 34,085 housing properties in the US initiated their foreclosure process. Although this may seem like a lot, comparing it with previous data will actually show a decline in the numbers, 6 percent from last month and 22 percent from last year, to be exact.
- The lenders completed foreclosure in April was at 25,990 housing units, another decrease from the previous records – 9 percent from last month and 22 percent from 2016. This is also the lowest level since February 2015. Although low, the data is still above pre-recession levels with the recorded average of 25,796 a month between April 2005 and November 2007.
- Repeat foreclosure, which in this study was defined as “a foreclosure start filed on a property address-owner last name combination in 2016 with a previous foreclosure start on the same property address-owner combination in the last 10 years,” was also surveyed among five markets: New York City; Essex County, Miami-Dade County; Los Angeles County; and Maricopa County (Phoenix), Arizona in which New York City came out to have the highest numbers.