ATTOM Data Solutions’ the May 2019 U.S. Foreclosures Market Report finds that foreclosure filings – default notices, scheduled auctions and bank repossessions – were up 1% from the previous month but down 22% year-to-year – the 11th consecutive month having an annual decline.
Foreclosures drop 50% in a year – except for in Florida.
However, the opposite was true in Florida. New Jersey (one in every 1,117 housing units with foreclosures filing), Maryland (one in every 1,127 housing units) and Florida (one in every 1,238 housing units) were the top three states for having the worst foreclosure rate.
“We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year,” says Todd Teta, chief product officer at ATTOM Data Solutions. “However, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17 to 23 states rising annually – and again Florida is bucking the national trend with a continuous annual increase.”
May 2019 foreclosures completed
Foreclosure completions declined annually in every state except Vermont. In a few states the quantity of completed foreclosures has dropped dramatically, for example in Michigan (down 84%), Massachusetts (down 74%) and Indiana (down 67%).
May 2019 foreclosures started
With foreclosure starts – homes receiving their first notice about delinquent payments – Florida ranked third.
Nationwide one in every 2,411 housing units had a foreclosure filing in May 2019, however it’s higher in New Jersey (one in every 1,117 housing units with a foreclosure filing), Maryland (one in every 1,127 housing units) and Florida (one in every 1,238 housing units).
States that posted annual decreases in foreclosures started in May 2019, included Texas (down 39%), Pennsylvania (down 38%), Massachusetts (down 34%), Oklahoma (down 29%) and New York (down 25%).
Cities
Among 220 metropolitan statistical areas having a population with a minimum of 200,000, those with the biggest amount of foreclosures in May 2019 were Atlantic City, New Jersey (one in every 680 housing units with a foreclosure filing); Jacksonville, Florida (one in every 764 housing units); Fayetteville, North Carolina (one in every 777 housing units); Columbia, South Carolina (one in every 936 housing units); and Rockford, Illinois (one in every 941 housing units).
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