Bank Repossessions Down 41% In July Compared With A Year Earlier

Posted by Patrick Barnard on August 15, 2016 No Comments
Categories : Residential Mortgage

Foreclosure starts were reported for about 36,863 residential properties in July – a decrease of 5% compared with June and a decrease of 19% compared with July 2015 to reach the lowest level since May 2005, according to data released this week by ATTOM Data Solutions, the new parent company of RealtyTrac.

That means foreclosure starts reached an 11-year, pre-crisis low, the firm reports.

States that saw the biggest year-over-year increases in foreclosure starts included Delaware (up 113%), Arizona (up 76%), Utah (up 63%), Connecticut (up 50%), Oregon (up 20%), South Carolina (up 3%), Massachusetts (up 3%) and Virginia (up 3%).

Bank repossessions were reported on about 27,907 U.S. properties in July – a decrease of 8% compared with June and a decrease of 41% compared with July 2015.

About one in every 1,540 U.S. housing units had some type of foreclosure filing during the month of July.

States with the highest foreclosure rates were Delaware (one in every 570 housing units with a foreclosure filing); New Jersey (one in every 610); Maryland (one in every 772); Nevada (one in every 805); and Florida (one in every 808).

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