Top 10 Major Metros Increasing in Foreclosures
Yesterday, ATTOM Data Solutions released their April 2019 Foreclosure Market Report, which showed that 55,646 U.S. properties received a foreclosure filing in April 2019. This is a combination of default notices, scheduled auctions and bank repossessions. The number of overall foreclosure filings for the month was down 5 percent from the previous month and down 13 percent from a year ago for the 10th consecutive month with an annual decline.
Now diving even deeper into the data, ATTOM decided to uncover foreclosure starts across the nation. A foreclosure start is the first public notice, which can be a notice of default, a lis pendens, or a notice of trustee sale depending on the state where the property is located.
Major Metro Areas Where Foreclosure Starts are Surging
Lenders started the foreclosure process on 30,524 U.S. properties in April 2019, down 5 percent from last month and down 10 percent from April 2018 –third consecutive month with an annual decline.
When breaking down the data even further and just looking at those major metro areas with a population of 500,000 or more and at least 100 foreclosure starts in April 2019, some noticeable annual increases arose, that bucked the national trend.
There were a total of 26 major metros, that experienced an annual increase in foreclosure starts for April 2019. Topping the list was Deltona-Daytona Beach metropolitan area in Florida with 221 foreclosure starts in April 2019, an increase of 211 percent from last year. Metro areas to follow included: San Antonio, Texas (up 101 percent); Jackson, Mississippi (up 98 percent); Orlando, Florida (up 90 percent); and North Port-Sarasota, Florida (up 51 percent).
Check out the chart below for a full Top 10 list. Also, if you want to see how the other metros areas across the nation ranked, make sure to contact us for the entire list.
Foreclosure starts increase overall in 17 states
States that posted annual decreases in foreclosure starts in April 2019, included New York (down 43 percent); Nevada (down 36 percent); Colorado (down 34 percent); Maryland (down 31 percent); and Michigan (down 25 percent).
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).
Foreclosure Starts Near You
Curious to know the overall trend in foreclosure starts? Want to drill down to see areas where foreclosure starts are occurring to possibly see if you can find a deal? Contact us now!
Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API, Bulk File or DaaS.