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U.S. Foreclosure Activity Down 7 Percent From One Year Ago

According to ATTOM Data Solutions latest Foreclosure Activity Report, there were 70,166 U.S. properties with foreclosure filings in August 2018, up 9 percent from July but still down 7 percent from a year ago. Nationally one in every 1,910 U.S. properties had a foreclosure filing in August 2018.

States with the highest foreclosure rates in August were New Jersey (one in every 690 housing units); Maryland (one in every 918 housing units); Nevada (one in every 984 housing units); Delaware (one in every 1,012 housing units); and Florida (one in every 1,229 housing units).

Baltimore, Philadelphia, Las Vegas post highest foreclosure rates among major metro areas

Among 291 metropolitan statistical areas with at least 200,000 people, those with the highest foreclosure rates in August were Atlantic City, New Jersey (one in every 354 housing units); Fayetteville, North Carolina (one in every 444 housing units); Trenton, New Jersey (one in every 546 housing units); Columbia, South Carolina (one in every 807 housing units); and Bakersfield, California (one in every 864 housing units).

Among 53 metro areas with at least 1 million people, those with the highest foreclosure rates in August were Baltimore, Maryland (one in every 871 housing units); Philadelphia, Pennsylvania (one in every 887 housing units); Las Vegas, Nevada (one in every 891 housing units); Jacksonville, Florida (one in every 982 housing units); and Cleveland, Ohio (one in every 1,012 housing units).

Foreclosure starts down nationwide, up in 44 percent of local markets

Lenders started the foreclosure process on 32,775 U.S. properties in August 2018, up 9 percent from the previous month but still down 6 percent from a year ago.

Counter to the national trend, 21 states posted year-over-year increases in foreclosure starts, including Florida (up 4 percent); North Carolina (up 41 percent); Maryland (up 39 percent); South Carolina (up 8 percent); and Michigan (up 75 percent).

Counter to the national trend, 97 of 219 metro areas analyzed in the report (44 percent) posted year-over-year increases in foreclosure starts, including Miami, Florida (up 2 percent); Houston, Texas (up 8 percent); Washington, D.C. (up 14 percent); Baltimore, Maryland (up 12 percent); and Charlotte, North Carolina (up 46 percent).

Bank repossessions down nationwide, up in 47 percent of local markets

Lenders repossessed 21,640 U.S. properties in August 2018 (REO), up 14 percent from the previous month but still down 1 percent from a year ago, following two consecutive months of year-over-year increases.

Counter to the national trend, 22 states and the District of Columbia posted year-over-year increases in REOs in August, including New Jersey (up 15 percent); Texas (up 86 percent); New York (up 14 percent); Georgia (up 79 percent); and Missouri (up 23 percent).

Counter to the national trend, 102 out of 219 metro areas analyzed in the report posted a year-over-year increase in REOs in August, including New York, New York (up 5 percent); Houston, Texas (up 90 percent); Atlanta, Georgia (up 89 percent); St. Louis, Missouri (up 81 percent); and Washington, D.C. (up 84 percent).

Source From: http://www.worldpropertyjournal.com

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