U.S. foreclosures drop 50% in a year – but not in Florida.
IRVINE, Calif. – June 13, 2019 – ATTOM Data Solutions’ May 2019 U.S. Foreclosure Market Report finds that foreclosure filings – default notices, scheduled auctions and bank repossessions – were up 1% from the previous month but down 22% year-to-year – the 11th consecutive month with an annual decline.
However, the reverse was true in Florida. New Jersey (one in every 1,117 housing units with a foreclosure filing), Maryland (one in every 1,127 housing units) and Florida (one in every 1,238 housing units) were the top three states for having the worst foreclosure rate.
“We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year,” says Todd Teta, chief product officer at ATTOM Data Solutions. “However, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17 to 23 states rising annually – and again Florida is bucking the national trend with a continuous annual increase.”
May 2019 foreclosure completions
Foreclosure completions declined annually in every state except Vermont. In some states the number of completed foreclosures has dropped dramatically, such as in Michigan (down 84%), Massachusetts (down 74%) and Indiana (down 67%).
May 2019 foreclosure starts
With foreclosure starts – homes receiving their first notice about delinquent payments – Florida ranked third.
Nationwide one in every 2,411 housing units had a foreclosure filing in May 2019, but it’s higher in New Jersey (one in every 1,117 housing units with a foreclosure filing), Maryland (one in every 1,127 housing units) and Florida (one in every 1,238 housing units).
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%).
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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