The WPJ
Residential Real Estate News
U.S. Foreclosure Activity Dips to 11-Year Low
According to ATTOM Data Solutions February 2017 Foreclosure Activity Report, U.S. foreclosure activity has significantly slowed in the last 17 months.
ATTOM Data Solutions U.S. foreclosure report highlights include:
- Overall foreclosure activity in February dropped to a new 11-year low, the lowest since November 2005
- Foreclosure activity decreased on a year-over-year basis for the 17th consecutive month
- Counter to the national trend, foreclosure activity increased on a year-over-year basis in 10 states and the District of Columbia, where foreclosure activity increased 235 percent from a year ago.
- Foreclosure activity has increased in DC on a year-over-year basis for 12 consecutive months ending in February 2017.
- States with a year-over-year increase included New Jersey (up 16 percent); Delaware (up 14 percent); Louisiana (up 12 percent); Alabama (up 10 percent); and Hawaii (up 8 percent).
- Three of the nation's 20 largest metro areas posted year-over-year increases in foreclosure activity: Houston (up 97 percent from an abnormally low Feb 2016); San Francisco (up 25 percent); and New York (up 9 percent).
- Foreclosure starts in February increased 7 percent from the previous month but were still down 13 percent from a year ago -- the 20th consecutive month with a year-over-year decrease in foreclosure starts
- Counter to the national trend, foreclosure starts increased on a year-over-year basis in 15 states and the District of Columbia. States with an increase included Alabama (up 40 percent); Texas (up 26 percent); New Jersey (up 24 percent); Florida (up 12 percent); Illinois (up 11 percent); and Arizona (up 9 percent).
- Foreclosure starts in Texas have increased annually in three of the last four months, in New Jersey in two of the last three months, in Illinois in six of the last seven months, and in Arizona in six of the last 12 months.
- Bank repossessions (REO) in February decreased 7 percent from the previous month and were down 18 percent from a year ago.
- Counter to the national trend, 15 states and the District of Columbia posted a year-over-year increase in REOs, including Massachusetts (up 117 percent); Delaware (up 90 percent); Illinois (up 40 percent); New Jersey (up 19 percent) and Colorado (up 14 percent).
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