According to ATTOM Data Solutions’ most recent quarterly U.S. Foreclosure Market Report, there were a total of 143,105 U.S. properties with foreclosure filings in the third quarter of 2019. That number was down 6 percent from the previous quarter and down 19 percent from a year ago to the lowest level since Q2 2005 — a more than 13-year low.
ATTOM’s Q3 2019 foreclosure report noted that U.S. foreclosure activity in Q3 2019 was 49 percent below the pre-recession average of 278,912 properties with foreclosure filings per quarter between Q1 2006 and Q3 2007. The third quarter of 2019 was the 12th consecutive quarter where U.S. foreclosure activity had registered below the pre-recession average.
According to the report, foreclosure starts were down nationwide in the third quarter of 2019, but up in 30 percent of local markets, while nationwide bank repossessions saw a slight uptick from the previous quarter. The report went on to note that the average time to foreclose saw an uptick in Q3 2019 as properties foreclosed during the quarter had been in the foreclosure process an average of 841 days, up from 716 days in the previous quarter and up from 713 days in Q3 2018 to the highest level since Q4 2017.
Longest Foreclosure Timelines Include Indiana, Hawaii and Nevada
The states with the longest average foreclosure timelines for homes foreclosed in the third quarter of 2019 were Indiana (1,633 days); Hawaii (1,626 days); Nevada (1,511 days); New Jersey (1,173 days); and Georgia (1,170 days).
Rounding out the top 10 states with the longest foreclosure timelines in Q3 2019 were: Florida (1,138 days); New York (1,103 days); Washington (1,002 days); Oklahoma (950 days); and Pennsylvania (914 days).
The report noted the states with the shortest average foreclosure timelines for homes foreclosed in the third quarter of 2019 were Virginia (201 days); Montana (217 days); Mississippi (229 days); Alaska (258 days); and Oregon (283 days). Here are the remaining top 10 states with the shortest foreclosure timelines in Q3 2019: New Hampshire (292 days); Arkansas (318 days); Wyoming (321 days); Minnesota (354 days); and West Virginia (385 days).
Want to find out what your area’s average time to foreclose is or how your area is faring in foreclosure activity? Contact us to find out how!