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Posted by: thepinetree on 05/10/2017 11:16 PM Updated by: thepinetree on 05/10/2017 11:16 PM
Expires: 01/01/2022 12:00 AM
:

U.S. Foreclosure Activity In April 2017 Drops To Lowest Level Since November 2005

Irvine, CA... ATTOM Data Solutions, curator of the nation's largest multi-sourced property database, today released its April 2017 U.S. Foreclosure Market data, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 77,049 U.S. properties in April, down 7 percent from the previous month and down 23 percent from a year ago to the lowest level since November 2005.




"Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past seven years," said Daren Blomquist, senior vice president at ATTOM Data Solutions. "Meanwhile we are seeing an elevated share of repeat foreclosures on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery."





Highest foreclosure rates in New Jersey, Maryland and Nevada
Nationwide one in every 1,723 housing units had a foreclosure filing in April 2017.

States with the highest foreclosure rates were New Jersey (one in every 562 housing units with a foreclosure filing); Delaware (one in every 706 housing units); Maryland (one in every 776 housing units); Connecticut (one in every 956 housing units); and Illinois (one in every 1,083 housing units).

Among 217 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April were Atlantic City, New Jersey (one in every 237 housing units with a foreclosure filing); Fayetteville, North Carolina (one in every 615 housing units); Trenton, New Jersey (one in every 620 housing units); Rockford, Illinois (one in every 668 housing units); and Philadelphia (one in every 733 housing units).

Counter to the national trend, the District of Columbia and seven states posted year-over-year increases in foreclosure activity, including New Jersey (up 1 percent); Connecticut (up 29 percent); and Massachusetts (up 3 percent).

"The Seattle-area economy continues to outperform the rest of the country and the housing market is going gangbusters," said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market, where April foreclosure activity decreased 38 percent from a year ago.. "As such, I'm not surprised that foreclosure activity continues to head towards pre-housing bubble averages. In fact, as banks continue to unwind their REO portfolios, I expect foreclosure levels in Seattle to drop even further in the coming months."

Foreclosure starts continue to track below pre-recession levels
A total of 34,085 U.S. properties started the foreclosure process in April, down 6 percent from the previous month and down 22 percent from a year ago and continuing well below the pre-recession average of more than 77,000 foreclosure starts per month between April 2005 and November 2007.

Counter to the national trend, the District of Columbia and seven states posted year-over-year increases in foreclosure starts, including Connecticut (up 40 percent); Massachusetts (up 34 percent); Alabama (up 10 percent); Missouri (up 10 percent); Oregon (up 7 percent); and Illinois (up 6 percent).

Foreclosure completions down but still above pre-recession levels
Lenders completed foreclosure (REO) on 25,990 U.S. properties in April, down 9 percent from the previous month and down 22 percent from a year ago to the lowest level since February 2015 — a 26-month (more than 2 year) low and running just above the pre-recession average of 25,796 per month between April 2005 and November 2007.

Counter to the national trend, the District of Columbia and 15 states posted year-over-year increases in REOs in April, including New Jersey (up 45 percent); Arizona (up 25 percent); Louisiana (up 2 percent); Connecticut (up 4 percent); and Oklahoma (up 7 percent).

Repeat foreclosures highest in New York City among five markets analyzed
ATTOM also released a brand-new analysis of "repeat foreclosure starts" in five markets: the five boroughs of New York City; Essex County, Miami-Dade County; Los Angeles County; and Maricopa County (Phoenix), Arizona.

For purposes of this analysis, a repeat foreclosures start was defined as a foreclosure start (initial publicly recorded foreclosure notice starting the foreclosure process) 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.

View the full report and report methodology.

About ATTOM Data Solutions
ATTOM Data Solutions curator of the ATTOM Data Warehouse, a multi-sourced national property database that blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, health hazards, neighborhood characteristics and other property characteristic data for more than 150 million U.S. residential and commercial properties.


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2017-05-10 23:23:19   By: Anonymous
 
Thank you Obama! That's right. If you think they past 100+ days have anything to do with that- you're a special kind of stupid.

[Reply ]

    Re:
    Posted on: 2017-05-11 01:18:14   By: Anonymous
     
    !99 days of what?
    And who's this "Obama" you speak of?

    [Reply ]

No Subject
Posted on: 2017-05-11 05:11:35   By: Anonymous
 
Thank you Mr President, best housing market ever and add to the fact the first time ever, the stock market has soared to over 20,000 since King, I mean President Trump has made America Great Again. A historic figure. Imagine 8 years of this man and this country may actually get out of the sewer from the last 8 years. It's amazing when you show that you have a set of balls the size of a raging bull instead of showing itty bitty tiny marshmallow ones like in the pre-packaged hot coco packages.
Oh my, and I'm a democrat....now I think I'm understanding why Republicans are standing tall, unlike most democrats who look like they're a scared little doggy, tail tucked between their wet, quivering legs in the middle of a freeway. Don't worry, President Trump will save you too, even if you do coward and act UN-American.
God Bless America

[Reply ]

    Making America GREAT Again!
    Posted on: 2017-05-11 10:53:24   By: Anonymous
     
    WoW!!!
    President Trump is really having a positive effect all across this great nation's economy.
    Thank you President Trump for keeping your promises.

    [Reply ]

      Re: Making America GREAT Again!
      Posted on: 2017-05-11 17:31:47   By: Anonymous
       
      Hang on there buddy. You didn't read far enough into the article. The CITY with the highest foreclosure rate is TRUMP's adopted hometown -- ATLANTIC CITY. He started the debacle there and now the numbers show just what a great job he did: dismal. But thanks for making your point. I might have skipped reading it.

      [Reply ]

No Subject
Posted on: 2017-05-11 08:23:38   By: Anonymous
 
Agreed, thank you President Obama. The inventory is now depleted of foreclosed homes that people should never have owned in the first place, lured into easy credit by programs of the unfettered lenders and banks of the Bush administration.

[Reply ]


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