Foreclosure Activity in U.S. Down 21 Percent Annually in July

Attom Data Solutions is reporting this week that there were 51,056 U.S. properties with foreclosure filings in July 2019, up 6 percent from June 2019 and down 21 percent from a year ago. Nationally, one in every 2,652 U.S. properties received a foreclosure filing during the month of July.

States with the worst foreclosure rates in July were New Jersey (one in every 1,173 housing units); Delaware (one in every 1,336 HU); Florida (one in every 1,391 HU); Illinois (one in every 1,484 HU) and Maryland (one in every 1,691 HU).

Atlantic City, Deltona-Daytona Beach, Jacksonville post worst foreclosure rates among major metro areas

Among 220 metropolitan statistical areas with at least 200,000 people, those with the worst foreclosure rates in July 2019 were Atlantic City, New Jersey (one in every 666 housing units); Deltona-Daytona Beach, Florida (one in every 929 HU); Jacksonville, Florida (one in every 958 HU); Rockford, Illinois (one in every 992 HU); and Fayetteville, North Carolina (one in every 1,103 HU).

Among 53 metro areas with at least 1 million people, those with the highest foreclosure rates, including Jacksonville, Florida in July were Philadelphia, Pennsylvania (one in every 1,276 housing units); Orlando, Florida (one in every 1,307 HU); Chicago, Illinois (one in every 1,307 HU); and Tampa Bay, Florida (one in every 1,336 HU).

Foreclosure starts uptick from last month

Lenders started the foreclosure process for the first time on 26,055 property owners in July 2019, up 6 percent from the previous month but down 14 percent from a year ago.

Counter to the national trend, 21 states and the District of Columbia posted year-over-year increases in foreclosure starts, including Washington (up 55 percent); Georgia (up 44 percent); Arizona (up 28 percent); North Carolina (up 7 percent); and Colorado (up 3 percent).

Counter to the national trend, 97 of 220 metro areas analyzed in the report posted year-over-year increases in foreclosure starts, including Atlanta, Georgia (up 48 percent); San Francisco, California (up 3 percent); Phoenix, Arizona (up 14 percent); Seattle, Washington (up 40 percent); and St. Louis, Missouri (up 3 percent).

Bank repossessions down nationwide

Lenders repossessed 11,070 U.S. properties in July 2019 (REO), up 4 percent from the previous month and down 42 percent from a year ago, following nine consecutive months of year-over-year decreases.

Counter to the national trend, 28 out of 220 metro areas analyzed in the report posted a year-over-year increase in REOs in July, including Cincinnati, Ohio (up 33 percent); Jacksonville, Florida (up 15 percent); Birmingham, Alabama (up 63 percent); Fresno, California (up 13 percent); and Omaha, Nebraska (up 16 percent).