It’s the gravity thing where everything down must come up and vice versa. Foreclosures fell to an all-time national low in September 2018 and then in October rose +21%. This almost meteorite rise is, however, still -9% down nationally from one year ago, according to ATTOM Data Solutions.
Counter to this still down national trend in foreclosures, 84 out of 219 metros saw foreclosure rates increase in October 2018. Take a look:
- Miami – +55%
- Houston – +198%****
- Tampa-St. Petersburg – +67%
- Atlanta – +36%
- Phoenix – +3%
October 2018 foreclosure rates were up in 15 states:
- Florida – +55%
- Texas – +28%
- Georgia – +50%
- Michigan – +24%
- Arizona – +1%
Foreclosure starts were up less than 1% in October compared with September 2018 but are still down -8% from last year at this time. 32 of 219 metro areas (15%) had increased foreclosure starts in at least 6 out of 10 months:
- Houston – 7 of 10 months
- Miami – 6 of 10 months
- Detroit – 9 of 10 months
- Orlando – 6 of 10 months
- Minneapolis-St. Paul – 9 of 10 months
- Jacksonville – 6 of 10 months
- Austin – 10 of 10 months****
Bank repossessions bounced back up from an all-time low in December 2017. Lenders repossessed a total of 10,810 properties through foreclosure in October 2018. This represents an eye-popping +119% increase from September 2018 and a +10% increase from October 2017.
One in every 2,019-housing units had a foreclosure filing in October 2018. States with the highest number of foreclosure filings were New Jersey, Delaware, Maryland, Illinois and Nevada.
Among 219 metros with populations of at least 200,000, the metros with the highest foreclosure filings were Atlantic City NJ, Trenton NJ, Lake Havasu AZ, Rockford IL and Reading PN.
*Data Source – ATTOM Data Solutions
