As of October 2019, foreclosure filings around the country increased +13%, according to the latest US Foreclosure Activity Report by ATTOM Data Solutions. This is the highest level of foreclosure activity reached thus far in 2019 as lenders repossessed 13,484 properties in October, an increase of +14% from September 2019.
Foreclosure starts increased in 36 states, according to ATTOM’s latest US Foreclosure Activity Report, with such activity increasing +17% from September 2019. This increase of +17% is the first double-digit m/m increase in foreclosure starts since February 2018.
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Check out these month-to-month foreclosure changes in these metros:
Rochester NY +64%
Miami-Ft. Lauderdale-West Palm Beach +109%
Minneapolis-St. Paul-Bloomington +189%
State-level double-digit increases in m/m foreclosure activity:
New Jersey +47%
Among the 13 state-level and District of Columbia double-digit decreases in m/m foreclosure activity are:
Metros seeing m/m foreclosure activity decreases are:
New Orleans-Metairie -36%
Salt Lake City -33%
Kansas City -8%
Additionally, in its US Home Sales Report Q3 2019, ATTOM Data Solutions tells us that median home prices increased +8.3% from last year and +2.9% from Q2 2019. The median price of a home came in at $270.00 in Q3 2019 and the median profit earned on the sale of a home hit a new record of +34.5% in Q3 2019, up from 34.4% in Q2 2019.
These numbers are great for homeowners and sellers but are creating havoc in terms of affordability for buyers particularly at the low end of the housing market. According to the National Association of Home Builders (NAHB), many Americans now believe that housing affordability has reached crisis proportions.
Thanks to ATTOM Data Solutions’ Christine Stricker for source data.