Foreclosure filings in the United States dropped 5 percent in April from the previous month and 13 percent from a year ago, according to a new report from ATTOM Data Solutions.
ATTOM’s April foreclosure market report, which tracks default notices, scheduled auctions and bank repossessions, showed foreclosure filings were made on 55,646 U.S. properties in April, declining for the 10th consecutive month.
“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 eighth consecutive month, which is being sustained by a constant annual double-digit increase in foreclosure starts.”
Colorado was among states posting annual decreases in foreclosure starts in April, with filings down 34 percent. That ranked Colorado 42nd among the 50 states. Colorado foreclosure filings were down 20 percent from the previous month.
Other states that posted annual decreases in foreclosure starts in April included New York, down 43 percent; Nevada, down 36 percent; Maryland, down 31 percent; and Michigan, down 25 percent.
In El Paso County, foreclosure starts were filed on 87 housing units — one in every 3,049 housing units, or 0.03 percent of the total housing units. The filings were up 20 percent from the previous month but down 13 percent from April 2018.
Lenders started the foreclosure process on 30,524 U.S. properties in April, down 5 percent from last month and down 10 percent from April 2018 — the third consecutive month with an annual decline.
Counter to the national trend, 17 states had an annual increase in foreclosure starts. Those states included Washington, up 38 percent; Florida, up 34 percent; Oregon, up 22 percent; Louisiana, up 12 percent; and Georgia, up 11 percent.
Major metropolitan statistical areas with a population greater than 500,000 that saw a large annual increase in foreclosure starts from last year included Orlando, Fla., up 90 percent; Miami, Fla., up 45 percent; Columbus, Ohio, up 35 percent; Portland, Ore., up 31 percent; and El Paso, Texas, up 22 percent.
Nationwide one in every 2,433 housing units had a foreclosure filing in April 2019. In Colorado, the figure was one in every 5,979 housing units.
States with the highest foreclosure rates were New Jersey, one in every 980 housing units with a foreclosure filing; Maryland, one in every 1,218 housing units; Delaware, one in every 1,249 housing units; Illinois, one in every 1,371 housing units; and Florida, one in every 1,415 housing units.
Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April were Atlantic City, N.J., one in every 702 housing units with a foreclosure filing; Fayetteville, N.C., one in every 732 housing units; Clarksville, Tenn., one in every 853 housing units; Columbia, S.C., one in every 946 housing units; and Deltona-Daytona Beach, Fla., one in every 966 housing units.
Lenders completed foreclosures (REO) on 11,078 U.S. properties in April, down 9 percent from the previous month and down 22 percent from a year ago — a sixth consecutive annual decline.
States that saw a double-digit annual decline in REOs included Alabama, down 45 percent; Arizona, down 38 percent; North Carolina, down 32 percent; California, down 20 percent; and Nevada, down 14 percent.
Counter to the national trend, 10 states posted year-over-year increases in REOs in April, including Washington, up 53 percent; Connecticut, up 22 percent; , up 19 percent; and New York, up 3 percent.
The ATTOM Data Solutions U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter.
Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population.
ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default, NOD and Lis Pendens LIS; Auction — Notice of Trustee Sale and Notice of Foreclosure Sale NTS and NFS; and Real Estate Owned or REO properties that have been foreclosed on and repurchased by a bank.
ATTOM Data Solutions multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population.
A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM. The ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions. ATTOM has introduced the first property data delivery solution, a cloud-based data platform that streamlines data management — Data-as-a-Service.