Foreclosure Filings Up In May

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 56,152 U.S. properties in May 2019, up 1% from the previous month but down 22% from a year ago for the 11th consecutive month with an annual decline,ATTOM Data Solutions reported Thursday.
Lenders completed foreclosures (REO) on 10,634 U.S. properties in May 2019, down 4% from the previous month and down 50% from a year ago - a 7th consecutive annual decline. States across the nation, except for Vermont all saw annual declines in completed foreclosures. Those that saw an annual decline of more than 50% in REOs included Michigan (down 84%); Massachusetts (down 74%); Indiana (down 67%); Kentucky (down 66%); and New Jersey (down 64%). In looking at those greater metropolitan areas with a population of 200,000 or more and those that had at least 100 completed foreclosures in May 2019, with double-digit decreases were Birmingham, Alabama (down 67%); New York, New York (down 59%); Washington, DC(down 58%); Philadelphia, Pennsylvania (down 57%); and Detroit, Michigan (down 54%).
States that posted annual decreases in foreclosure starts in May 2019, included Texas (down 39%); Pennsylvania(down 38%); Massachusetts (down 34%); Oklahoma (down 29%); and New York (down 25%). Those major metropolitan statistical areas with a population greater than 1,000,000 that saw an annual decrease in foreclosure starts included Indianapolis, Indiana (down 82%); Houston, Texas (down 65%); San Jose, California (down 58%); Austin, Texas (down 41%); and Philadelphia, Pennsylvania(down 34%).
New Jersey, Maryland and Florida rank top 3 in worst foreclosure rate
Nationwide one in every 2,411 housing units had a foreclosure filing in May 2019. States with the highest foreclosure rates were New Jersey (one in every 1,117 housing units with a foreclosure filing); Maryland (one in every 1,127 housing units); Florida (one in every 1,238 housing units); Delaware (one in every 1,279 housing units); and Illinois (one in every 1,363 housing units). Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2019 were Atlantic City, New Jersey (one in every 680 housing units with a foreclosure filing); Jacksonville, Florida(one in every 764 housing units); Fayetteville, North Carolina (one in every 777 housing units); Columbia, South Carolina (one in every 936 housing units); and Rockford, Illinois (one in every 941 housing units).

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