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%