U.S. Foreclosure Activity Down 8 Percent Annually in January 2020

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Foreclosure Starts and REOs Decrease Nationally

There were 49,106 U.S. properties with foreclosure filings in January 2020, down 13 percent from December 2019 and down 8 percent from a year ago. Nationally, one in every 2,777 U.S. properties received a foreclosure filing during the month of January.

Counter to the national trend, 15 states including the District of Columbia posted month-over-month increases in foreclosure activity in January 2020.With District of Columbia (up 56 percent); North Carolina (up 31 percent); Michigan (up 18percent); Hawaii (up 16 percent); and Connecticut (up 5 percent).

Foreclosure starts decrease from last year

Lenders started the foreclosure process for the first time on 26,381 property owners in January 2020, down 2 percent from the previous month and down 10 percent from a year ago.

Counter to the national trend, 17 states posted year-over-year increases in foreclosure starts, including California (up 27 percent); Delaware (up 21 percent); Connecticut (up 13 percent); Georgia (up 10 percent); and Tennessee (up 4 percent).

Also, counter to the national trend, 74 of 220 metro areas analyzed posted year-over-year increases in foreclosure starts, including New Orleans, Louisiana (up 76 percent); San Antonio, Texas (up 70 percent); Los Angeles, California (up 63 percent); Salt Lake City, Utah (up 50 percent); and Minneapolis, Minnesota (up 45 percent).

Delaware, Illinois and New Jersey post worst foreclosure rates

States with the worst foreclosure rates in January 2020 were Delaware (one in every 1,210 housing units); Illinois (one in every 1,396 housing units); New Jersey (one in every 1,421 housing units); Maryland (one in every 1,722 housing units); and North Carolina (one in every 1,827 housing units).

Among 220 metropolitan statistical areas with at least 200,000 people, those with the worst foreclosure rates in January were Rockford, Illinois (one in every 848 housing units); Atlantic City, New Jersey (one in every 1,008 housing units); Fayetteville, North Carolina (one in every 1,089 housing units); Cleveland, Ohio (one in every 1,153 housing units); and Peoria, Illinois (one in every 1,173 housing units);

Among 53 metro areas with at least 1 million people, those with the highest foreclosure rates including Cleveland, Ohio in January were Chicago, Illinois (one in every 1,239 housing units); Philadelphia, Pennsylvania (one in every 1,292 housing units); Riverside, California (one in every 1,371 housing units); and Jacksonville, Florida (one in every 1,377 housing units).

Bank repossessions decline 25 percent annually nationwide

Lenders repossessed 10,363 U.S. properties in January 2020 (REO), down 15 percent from the previous month and down 25 percent from a year ago, following the holiday season.

Counter to the national trend, those metropolitan areas with a population greater than 200K that saw a month-over-month increase included Austin, Texas (up 61 percent); Pittsburgh, Pennsylvania (up 54 percent); Palm Bay, Florida (up 36 percent); Raleigh, North Carolina (up 21 percent); and Tulsa, Oklahoma (up 10 percent).

***The above numbers for January 2020 have been revised as of 3.27.20***

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