Foreclosure Starts Fell 6% In April

Posted by Patrick Barnard on May 11, 2017 No Comments
Categories : Mortgage Servicing

About 34,085 foreclosures were started in April – down 6% compared with March and down 22% compared with April 2016, according to ATTOM Data Solutions.

That’s well below the pre-recession average of more than 77,000 foreclosure starts per month between April 2005 and November 2007.

However, there were certain states where foreclosure starts ticked up compared with a year earlier, including Connecticut (up 40%); Massachusetts (up 34%); Alabama (up 10%); Missouri (up 10%); Oregon (up 7%); and Illinois (up 6%).

About 25,990 foreclosures were completed in April – down 9% compared with March and down 22% compared with a year earlier to reach the lowest level since February 2015, ATTOM reports.

As of the end of April, completed foreclosures were running just above the pre-recession average of 25,796 per month.

States that saw the highest year-over-year increases in completed foreclosures included New Jersey (up 45%), Arizona (up 25%), Louisiana (up 2%), Connecticut (up 4%) and Oklahoma (up 7%).

Total foreclosure filings – including default notices, scheduled auctions and bank repossessions – were reported on 77,049 U.S. properties in April, which is down 7% from the previous month and down 23% from a year ago to reach the lowest level since November 2005.

“Foreclosure activity continued to search for a new post-recession floor in April, thanks, in large part, to the above-par performance of mortgages originated in the past seven years,” says Daren Blomquist, senior vice president at ATTOM Data Solutions, in a statement.

Blomquist notes, however, that in certain areas, “we are seeing an elevated share of repeat foreclosures on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”

The report takes a look at repeat foreclosure starts in five markets, including the five boroughs of New York City, Essex County, Miami-Dade County, Los Angeles County and Maricopa County (Phoenix), in April. Of those five markets, repeat foreclosures were highest in New York City (54%), followed by Los Angeles (39%), Miami-Dade County (32%), Maricopa County (26%) and Essex County (20%).

Register here to receive our Latest Headlines email newsletter




Leave a Comment