Foreclosure activity has increased month-over-month, according to the latest report from ATTOM Data Solutions [1]. According to the report, there were 53,007 U.S. properties with foreclosure filings in August 2019, up 4% from July 2019 but down 24% from a year ago. Nationally, one in every 2,554 U.S. properties received a foreclosure filing during the month of August.
Foreclosure starts increased by 7% month-over-month in August, with lenders beginning the foreclosure process on 27,886 property owners that month. Counter to the national trend, 21 states and the District of Columbia posted month-over-month decreases in foreclosure activity in August. Including the District of Columbia (down 49%); Alaska (down 30%); Arkansas (down 29%); Arizona (down 28%); and Rhode Island (down 27%).
Also counter to the national trend, 19 states posted year-over-year increases in foreclosure starts, including Georgia (up 43%); Louisiana (up 41%); Michigan (up 18%); Hawaii (up 13%); and Ohio (up 9%). Additionally, 81 of 220 metro areas analyzed posted year-over-year increases in foreclosure starts, including Atlanta, Georgia (up 50%); Cleveland, Ohio (up 55%); Dallas-Fort Worth, Texas (up 5%); Detroit, Michigan (up 18%); and Cincinnati, Ohio (up 2%).
Meanwhile, repossessions fell in August year-over-year by 47%, after 10 consecutive months of year-over-year decreases, but increased by 4% from the previous month. ATTOM also reported 16 out of 220 metro areas analyzed posted year-over-year increases in REOs in August, including Beaumont, Texas (up 81%); Honolulu, Hawaii (up 27%); Port St. Lucie, Florida (up 27%); Salisbury, Maryland (up 19%); and Des Moines, Iowa (up 6%).
Hawaii (up 8%) was the only state to experience an annual increase in completed foreclosures in August. States with the greatest decreases in completed foreclosures in August, included: Kansas (down 92%); Mississippi (down 82%); Idaho (down 80%); Wyoming (down 79%); and Utah (down 79%).