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The Highest and Lowest Foreclosure Rates

Foreclosure activity fell by 21% in July 2019 year-over-year, according to new data from ATTOM Data Solutions, but increased month-over-month. July saw a 6% increase in foreclosure starts month-over-month, as lenders started the foreclosure process for the first time on 26,055 property owners. 

By state, the worst foreclosure rates could be found on the east coast, including New Jersey (one in every 1,173 housing units); Delaware (one in every 1,336); Florida (one in every 1,391); and Maryland (one in every 1,691). ATTOM reports that counter to the national trend, 21 states and the District of Columbia posted year-over-year increases in foreclosure starts, including Washington (up 55%); Georgia (up 44%); Arizona (up 28%); North Carolina (up 7%); and Colorado (up 3%).

By metro area, those with the worst foreclosure rates in July 2019 were Atlantic City, New Jersey (one in every 666 housing units); Deltona-Daytona Beach, Florida (one in every 929); Jacksonville, Florida (one in every 958); Rockford, Illinois (one in every 992); and Fayetteville, North Carolina (one in every 1,103).

Among larger metros with at least 1 million people, those with the highest foreclosure rates, including Jacksonville, Florida in July were Philadelphia, Pennsylvania (one in every 1,276 housing units); Orlando, Florida (one in every 1,307); Chicago, Illinois (one in every 1,307); and Tampa Bay, Florida (one in every 1,336).

Additionally, 97 of 220 metro areas analyzed in the report posted year-over-year increases in foreclosure starts, including Atlanta, Georgia (up 48%); San Francisco, California (up 3%); Phoenix, Arizona (up 14%); Seattle, Washington (up 40%); and St. Louis, Missouri (up 3%).

Bank repossessions ticked up month-over-month as well, by 4%, but decreased by 42% year-over-year. Despite the nationwide decrease, 28 out of 220 metro areas analyzed in ATTOM’s report posted a year-over-year increase in REOs in July, including Cincinnati, Ohio (up 33%); Jacksonville, Florida (up 15%); Birmingham, Alabama (up 63%); Fresno, California (up 13%); and Omaha, Nebraska (up 16%).

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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