ATTOM Data Solutions’ recent foreclosure study shows foreclosures are at an 11-year low in ATTOM’s February 2017 Foreclosure Activity, the lowest since 2005. Additionally, foreclosure activity has decreased on a year-over-year basis for the 17th consecutive month.
Though foreclosures are dropping nationally, 10 states and the District of Columbia experienced increases in foreclosure activity. D.C. has seen foreclosure activity increase on a year-over-year basis for 12 consecutive months, ending in February 2017. Other states with year-over-year-increases include New Jersey which rose 16 percent, Delaware (up 14 percent), Louisiana (up 12 percent), Alabama (up 10 percent), and Hawaii (up 8 percent).
Three of the nation’s 20 largest metro areas also posted year-over-year increases in foreclosure activity. Houston rose 97 percent over an abnormally low February 2016, while San Francisco and New York saw year-over-year increases in foreclosure activity of 25 percent and 9 percent, respectively.
Foreclosure starts increased 7 percent nationally month-over-month in February 2017, but were still down 13 percent from a year ago. This is the 20th consecutive month with a year-over-year decrease in foreclosure starts.
However, Fifteen states and D.C. saw a year-over-year increase in foreclosure starts. These states include Alabama, which saw a 40 percent increase in foreclosure starts, Texas (up 26 percent), New Jersey (up 24 percent), Florida (up 12 percent), Illinois (up 11 percent), and Arizona (up 9 percent).
In Texas, foreclosure starts have increased annually in three of the last four months, two of the last three months in New Jersey, six of the last seven months in Illinois, and six of the last 12 months in Arizona.
While foreclosures decrease nationally, so do bank repossessions. The national rate of bank repossession (REO) dropped 7 percent from the previous month in February 2017, and are down 18 percent year-over-year. Still, 15 states including D.C. posted year over year increases in REOs.