Foreclosure Starts Increase in 43 Percent of Local Markets in May, Including 153 Percent Jump in Houston
Foreclosure starts decreased nationwide in May, but 43 percent of local markets posted year-over-year increases in foreclosure starts, counter to the national trend, according to an ATTOM Data Solutions analysis of record-level foreclosure data.
Markets with increasing foreclosure starts included Houston, Texas (up 153 percent from a year ago); Los Angeles, California (up 14 percent); Miami, Florida (up 4 percent); Dallas-Fort Worth, Texas (up 46 percent); and Atlanta, Georgia (up 7 percent).
A total of 33,623 U.S. properties started the foreclosure process in May, down 1 percent from the previous month and down 6 percent from a year ago — the 35th consecutive month with a year-over-year decrease. Counter to the national trend, 23 states and the District of Columbia posted a year-over-year increase in foreclosure starts in May, including Texas (up 53 percent), California (up 3 percent), Georgia (up 15 percent); Pennsylvania (up 6 percent); and South Carolina (up 31 percent).
There were a total of 71,949 U.S. properties with foreclosure filings in May 2018, up 12 percent from the previous month but still down 12 percent from a year ago — the 32nd consecutive month with a year-over-year decrease and a foreclosure rate of one in every 1,863 U.S. housing units with a foreclosure filing for the month.
States with the highest May 2018 foreclosure rates were New Jersey (one in every 643 housing units with a foreclosure filing); Delaware (one in every 874); Maryland (one in every 999), Illinois (one in every 1,180), and Connecticut (one in every 1,236).
Among 219 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in May were Flint, Michigan (one in every 135 housing units with a foreclosure filing); Atlantic City, New Jersey (one in every 399); Trenton, New Jersey (one in every 519); Philadelphia, Pennsylvania (one in every 805); and Columbia, South Carolina (one in every 889).
Lenders repossessed (REO) 21,312 U.S. properties in May, up 50 percent from the previous month but still down 21 percent from a year ago — the 16th consecutive month with a year-over-year decrease.
Counter to the national trend, 12 states and the District of Columbia posted a year-over-year increase in REOs in May, including Michigan (up 155 percent); Maryland (up 22 percent); Alabama (up 10 percent); Connecticut (up 11 percent); and Oklahoma (up 26 percent).
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