Nationally, foreclosure starts declined by -1% in May 2018 compared to April 2018 and by -6% compared to April 2017. Not so fast, however, in 43 local markets, as analyzed by ATTOM Data Solutions.
Take a quick look at these five markets if you can get your eyes off of Houston.
- Houston – +153%
- Los Angeles – +14%
- Miami – +4%
- Dallas–Fort Worth – +46%
- Atlanta – +7%
Counter to the national trend, 23 states plus the District of Columbia posted y/y foreclosure starts.
- Texas – +53%
- California – +3%
- Georgia – +15%
- Pennsylvania – +6%
- South Carolina – +31%
In terms of properties with foreclosure filings, May 2018 saw an increase of +12% m/m from April 2018 (a total of 71,949 foreclosure filings.) Despite this m/m increase, the number of foreclosure filings is still down -12% y/y from May 2017. Overall, these percentages translate into a foreclosure rate of 1 in every 1,863 housing units with foreclosure filings May 2018.
States with the highest foreclosure rates include…
- New Jersey – 1 in every 643 housing units
- Delaware – in in every 874 housing units
- Maryland – 1 in 999 housing units
- Illinois – 1 in every 1,180 housing units
- Connecticut – 1 in every 1,236 housing units
Among the 218 metros analyzed by ATTOM regarding foreclosure starts and filings, the highest rates were found in…
- Flint, MI – 1 in every 135 housing units
- Atlantic City NJ – 1 in every 399 housing units
- Trenton, NJ – 1 in every 519 housing units
- Philadelphia, PN – 1 in every 519 housing units
- Columbia, SC – 1 in every 899 housing units
A noteworthy, almost contrarian statistic…lenders repossessed (REO) 21,312 properties in May 2018…an increase of +50% m/m from April 2018 yet still down -21% y/y from May 2017.
Again, counter to the national trend, 12 states and the District of Columbia posted year-to-year increases in REOs in May 2018.
- Michigan – +155%
- Maryland – +22%
- Alabama – +10%
- Connecticut – +11%
- Oklahoma – +26%
