According to ATTOM Data Solutions’ just released 2019 Year-End U.S. Foreclosure Market Report, foreclosure filings were reported on 493,066 U.S. properties in 2019, down 83 percent from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005.
ATTOM’s annual year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 2,200 counties nationwide, with address-level data on nearly 25 million foreclosure filings historically, also available for license or customized reporting.
One key takeaway from the 2019 foreclosure market analysis is bank repossessions have decreased 86 percent since their peak in 2010. Lenders repossessed 143,955 properties through foreclosure (REO) in 2019, down 37 percent from 2018 and down 86 percent from a peak of 1,050,500 in 2010 to the lowest level as far back as data is available — 2006.
Another key takeaway from ATTOM’s year-end foreclosure market report is foreclosure starts hit a new record low nationwide. Lenders started the foreclosure process on 335,985 U.S. properties in 2019, down 9 percent from 2018 and down 84 percent from a peak of 2,139,005 in 2009 to a new all-time low going back as far as foreclosure start data is available — 2006.
States that saw the decline in foreclosure starts from last year included Nevada (down 30 percent); New York (down 28 percent); New Jersey (down 21 percent); California (down 13 percent); and Arizona (down 11 percent).
On the flip side, foreclosure starts increased in 14 states in 2019, including Rhode Island (up 54 percent); Mississippi (up 39 percent); Georgia (up 24 percent); Arkansas (up 14 percent); and Louisiana (up 11 percent).
At the metro area level, among those with a population greater than 1 million, double-digit percent increases in foreclosure starts from last year were seen in Baton Rouge, LA (up 43 percent); Atlanta, GA (up 25 percent); Salt Lake City, UT (up 17 percent); Orlando, FL (up 16 percent); and Portland, OR (up 16 percent).
Digging deeper into the data at the county level, among those with a population greater than 500,000, here is a look at the top 10 U.S. counties with double-digit increases in foreclosure starts in 2019: Providence County, RI (up 72 percent); San Mateo County, CA (up 47 percent); Cobb County, GA (up 35 percent); Hidalgo County, TX (up 30 percent); Fulton County, GA (up 26 percent); Lake County, IL (up 24 percent); Multnomah County, OR (up 20 percent); Orange County, FL (up 18 percent); Washington County, OR (up 17 percent); and Franklin County, OH (up 16 percent).
ATTOM’s 2019 year-end foreclosure market report also noted that New Jersey, Delaware, Maryland posted the top state foreclosure rates in 2019, and Atlantic City, Trenton, Jacksonville posted the top metro foreclosure rates in 2019.
Additionally, the analysis stated that U.S. properties foreclosed in Q4 2019 had been in the foreclosure process an average of 834 days, a 1 percent decline from the previous quarter, but an increase of 3 percent from a year ago.
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