Foreclosure Activity Hits Post-Recession Low in April

Posted on June 08, 2017 by Laura Lam

attom data foreclosure April 2017ATTOM Data Solutions 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% from the previous month and down 23% 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 7 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.”

Nationwide one in every 1,723 housing units had a foreclosure filing in April 2017.  In the worst of the recession, March 2010, one in every 352 homes was involved with a foreclosure filing.

States with the highest foreclosure rates were New Jersey (1 in every 562 housing units); Delaware (1 in every 706); Maryland (1 in every 776); Connecticut (1 in every 956); and Illinois (1 in every 1,083).  The metros with the most filings with populations of at least 200,000 were Atlantic City, NJ (1 in 237); Fayetteville, NC (1 in 615); Trenton, NJ (1 in 620); Rockford, IL (1 in 668; and Philadelphia (1 in 733).

A total of 34,085 U.S. properties started the foreclosure process in April, down 6% from the previous month and down 22% 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%); Massachusetts (up 34%); Alabama (up 10%); Missouri (up 10%); Oregon (up 7%); and Illinois (up 6%).

Source: ATTOM Data