U.S. Foreclosure Activity Down From Year Ago in October But Up in 38 Percent of Local Markets

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There were a total of 66,401 U.S. properties with foreclosure filings in October 2018, up 21 percent from an all-time low in the previous month, but still down 4 percent from a year ago, according to ATTOM Data Solutions.

Counter to the national trend, October 2018 foreclosure activity increased from a year ago in 15 states, including Florida (up 55 percent); Texas (up 28 percent); Georgia (up 50 percent); Michigan (up 24 percent); and Arizona (up 1 percent).

Also counter to the national trend, 84 of 219 metropolitan statistical areas analyzed in the report (38 percent) posted a year-over-year increase in foreclosure activity, including Miami, Florida (up 55 percent); Houston, Texas (up 198 percent); Tampa-St. Petersburg, Florida (up 67 percent); Atlanta, Georgia (up 36 percent); and Phoenix, Arizona (up 3 percent).

Foreclosure starts down nationwide, up in 36 percent of local markets

Lenders started the foreclosure process on 29,017 U.S. properties in October 2018, up less than 1 percent from the previous month but still down 8 percent from a year ago.

Counter to the national trend, 18 states posted year-over-year increases in foreclosure starts, including Florida (up 98 percent); Texas (up 23 percent); Michigan (up 60 percent); South Carolina (up 60 percent); and Alabama (up 11 percent).

Also counter to the national trend, 70 of the 219 metropolitan statistical areas analyzed in the report (36 percent) posted year-over-year increases in foreclosure starts, including Houston, Texas (up 285 percent); Miami, Florida (up 116 percent); Phoenix, Arizona (up 3 percent); Detroit, Michigan (up 82 percent); and Tampa-St. Petersburg, Florida (up 82 percent).

Foreclosure starts have increased annually in at least six of the 10 months so far in 2018 in 32 of the 219 metro areas analyzed in the report (15 percent), including Houston, Texas (7 of 10 months); Miami, Florida (6 of 10 months); Detroit, Michigan (9 of 10 months); Orlando, Florida (6 of 10 months); Minneapolis-St. Paul (9 of 10 months); Jacksonville, Florida (6 of 10 months); and Austin, Texas (10 of 10 months).

Bank repossessions bounce back from all-time low in December

Lenders repossessed a total of 10,810 U.S. properties through foreclosure (REO) in October 2018, up 119 percent from an all-time low in the previous month, and up 10 percent from a year ago.

The District of Columbia and 28 states posted year-over-year increases in REO activity in October, including Florida (up 40 percent); New Jersey (up 5 percent); Ohio (up 52 percent); New York (up 16 percent); and Georgia (up 150 percent).

New Jersey, Delaware, Maryland post highest state foreclosure rates

One in every 2,019 U.S. housing units had a foreclosure filing in October 2018. States with the highest October 2018 foreclosure rates were New Jersey (on in every 758 housing units with a foreclosure filing); Delaware (one in every 925 housing units); Maryland (one in every 1,060 housing units); Illinois (one in every 1,102 housing units); and Nevada (one in every 1,230 housing units).

Among 219 metropolitan statistical areas with a population of at least 200,000, those with the highest October 2018 foreclosure rates were Atlantic City, New Jersey (one in every 555 housing units); Trenton, New Jersey (one in every 611 housing units); Lake Havasu, Arizona (one in every 810 housing units); Rockford, Illinois (one in every 832 housing units); and Reading, Pennsylvania (one in every 877 housing units).

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 or bulk files.

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