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July the 3rd Consecutive Month with an Annual Increase in 15 Percent of Markets…
Atlantic City, Peoria, Fayetteville, North Carolina Post Top Metro Foreclosure Rates.
Aug. 21, 2018 — ATTOM Data Solutions released its July 2018 U.S. Foreclosure Market Report, which shows that foreclosure starts increased from a year ago in 96 of the 219 metropolitan statistical areas (44%) analyzed in the report.
A total of 30,187 U.S. properties started the foreclosure process for the first time in July, up 1 percent from the previous month & up less than 1% from a year ago — the first year-over-year increase in foreclosure starts nationwide following 36 consecutive months of year-over-year decreases.
Twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35%); California (up 3%); Texas (up 7%); Illinois (up 7%); & Ohio (up 2%).
Metro areas posting year-over-year increases in foreclosure starts in July included Los Angeles, California (up 20%); Houston, Texas (up 76%); Philadelphia, Pennsylvania (up 10%); Miami, Florida (up 29%); & San Francisco, California (up 10%).
“The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin,” said Daren Blomquist, senior vice president with ATTOM Data Solutions. “Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country. Most susceptible to rising foreclosure starts are affordability-challenged markets where home-buyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs.”
Atlantic City, Peoria, Fayetteville, North Carolina post top metro foreclosure rates. Nationwide, one in every 2,086 U.S. housing units had a foreclosure filing in July. States with the highest foreclosure rates in July were New Jersey (one in every 723 housing units with a foreclosure filing); Delaware (one in every 841); Maryland (one in every 1,038); Florida (one in every 1,180); & Illinois (one in every 1,277).
Among the 219 metropolitan statistical areas with at least 200,000 people, those with the highest foreclosure rates in July were Atlantic City, New Jersey (one in every 448 housing units with a foreclosure filing); Peoria, Illinois (one in every 622); Fayetteville, North Carolina (one in every 683); Trenton, New Jersey (one in every 703); & Philadelphia (one in every 851).
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Report methodology: The ATTOM Data Solutions U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the time-frame, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure time-frame for the state where the property is located, the report does not count the property in the current year, quarter or month. For the full report you can click here.