U.S. Foreclosure Activity Decreases 13 Percent in April 2019
ATTOM Data Solutions’ April 2019 U.S. Foreclosure Market Report shows that foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 55,646 U.S. properties in April 2019. That’s a 5% drop from March and a 13% decrease from a year ago. It marked the 10th consecutive month with an annual decline.
“While overall foreclosure activity is down nationwide, there are still parts of the country that we need to keep a close eye on,” said Todd Teta, chief product officer at ATTOM Data Solutions. “For instance, Florida is seeing a steady annual increase in total foreclosure activity for the 8th consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts.”
Lenders started the foreclosure process on 30,524 U.S. properties in April 2019, down 5% from March and down 10% from April 2018, the third consecutive month with an annual decline.
States that posted annual decreases in foreclosure starts in April 2019 included New York (down 43%), Nevada (down 36%), Colorado (down 34 %), Maryland (down 31%) and Michigan (down 25%).
Metropolitan statistical areas with a population greater than 500,000 that saw a large annual increase in foreclosure starts from last year included Orlando, Florida (up 90%); Miami, Florida (up 45%); Columbus, Ohio (up 35%); Portland, Oregon (up 31%); and El Paso, Texas (up 22%).
Bucking the national trend, 17 states saw an annual increase in foreclosure starts, including Washington (up 38%), Florida (up 34%), Oregon (up 22%), Louisiana (up 12%) and Georgia (up 11%).
Nationwide, one in every 2,433 housing units had a foreclosure filing in April 2019. States with the highest foreclosure rates were New Jersey (one in every 980 housing units), Maryland (one in every 1,218), Delaware (one in every 1,249), Illinois (one in every 1,371) and Florida (one in every 1,415).
Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2019 were Atlantic City, New Jersey (one in every 702 housing units); Fayetteville, North Carolina (one in every 732); Clarksville, Tennessee (one in every 853); Columbia, South Carolina (one in every 946); and Deltona-Daytona Beach, Florida (one in every 966).
Lenders completed foreclosures (REO) on 11,078 U.S. properties in April 2019, down 9% from the previous month and down 22% from a year ago, marking a sixth consecutive annual decline.
States that saw a double-digit annual decline in REOs included Alabama (down 45%), Arizona (down 38%), North Carolina (down 32%), California (down 20%) and Nevada (down 14%).
Counter to the national trend, 10 states posted year-over-year increases in REOs in April 2019, including Washington (up 53%), Connecticut (up 22%), Kentucky (up 19%) and New York (up 3%).
