According to ATTOM Data Solutions’ just released August 2020 U.S. Foreclosure Market Report, U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — saw a slight uptick in August 2020 from July 2020, with 9,889 filings reported. That number increased monthly by 11 percent, but is still down 81 percent from last year.
ATTOM’s latest foreclosure market analysis reports that nationwide one in every 13,791 housing units had a foreclosure filing in August 2020. The report names the states with the highest foreclosure rates, which include South Carolina (one in every 6,798 housing units with a foreclosure filing); Florida (one in every 7,338 housing units); Iowa (one in every 7,924 housing units); Maryland (one in every 8,435 housing units); and New Mexico (one in every 9,145 housing units).
The report notes that among the metro areas with a population of at least 200,000, those with the highest foreclosure rates in August 2020 were Shreveport, LA (one in every 3,253 housing units with a foreclosure filing); Ocala, FL (one in every 3,283 housing units); Cedar Rapids, IA (one in every 3,429 housing units); Lakeland, FL (one in every 3,516 housing units); and McAllen, TX (one in every 3,535 housing units).
The report also notes that in looking at the major metros, those areas with a population of at least 1 million, the highest foreclosure rates in August 2020 were Jacksonville, FL (one in every 5,877 housing units); Baltimore, MD (one in every 5,988 housing units); Philadelphia, PA (one in every 6,557 housing units); Louisville, KY (one in every 6,600 housing units); and Miami, FL (one in every 6,757 housing units).
Another key point featured in ATTOM’s August 2020 foreclosure report, citing the monthly uptick as the Coronavirus Pandemic continues, notes there were a total of 5,599 U.S. properties that started the foreclosure process in August 2020. That number increased monthly by 24 percent but is still down 80 percent from last year.
The analysis reports that while foreclosure starts are down annually in every state, there were some states that saw a slight increase from last month, including those posting double digit month-over-month increases in foreclosure starts, such as Florida, New York, Indiana, Mississippi and New Jersey.
The report states that among those major metro areas with a population greater than 1 million, those with the greatest numbers of foreclosure starts in August 2020 were New York, NY (444 foreclosure starts); Miami, FL (255 foreclosure starts); Los Angeles, CA (246 foreclosure starts); Chicago, IL (201 foreclosure starts); and Houston, TX (195 foreclosure starts).
In this post, we dig a bit deeper to uncover the top 10 U.S. counties with the greatest numbers of foreclosure starts in August 2020. Those counties include: Los Angeles County, CA (197); Harris County, TX (126); Miami-Dade County, FL (105); Cook County, IL (102); Duval County, FL (79); Broward County, FL (77); Palm Beach County, FL (73); Jefferson County, KY (73); Hidalgo County, TX (67); and Riverside County, CA (65).
Also according to the report, lenders foreclosed (REO) on a total of 2,035 U.S. properties in August 2020. That number is down 6 percent monthly and 82 percent annually, to the lowest since we began tracking in 2005. States that posted the greatest number of completed foreclosures (REOs) in August 2020, included California (183 REOs filed); Illinois (165 REOs filed); Pennsylvania (157 REOs filed); Tennessee (144 REOs filed); and Texas (141 REOs filed).
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