There is a clear picture of a downward trend with the overall activity in foreclosures – most specially to completed foreclosures’ annual decline. This statement was made by Todd Teta who is the chief product officer at ATTOM Data Solutions.
Just to give you a brief introduction about ATTOM Data Solutions, it is the real estate analytics provider.
ATTOM showed that there were 11 consecutive months, which showed the annual rate of foreclosures has dropped.
So, on the month of May of this year – 2019, the real estate analytics provide found that there were reported foreclosure filings – total of 56,152 US properties, having a 1% increase from April, but it went down to 22% from a year ago.
The lenders have completed foreclosures on 10,634 properties all over US in May alone, which is actually down 4% if compared to the previous month; and if you compare that to a year ago, it is actually down 50%, according to the data provided by ATTOM.
Teta later said, “we are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year.” He also added, “however, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17-23 states rising annually, and again Florida is bucking the national trend with a continuous annual increase.”
Were you aware that every state in the US – except in Vermont, is reported to have an annual decline in completed foreclosures? This is in fact true, according to ATTOM. There are just a handful of state that were reported to have precipitous drops in completed foreclosures – this included Michigan, dropping 84%. Massachusetts is down by 74%; Indiana by 67%, Kentucky by 66%, and then New Jersey by 64%!
Here is the breakdown:
- Michigan dropped by 84%
- Massachusetts dropped by 74%
- Indiana dropped by 67%
- Kentucky dropped by 66%
- New Jersey dropped by 64%
As far as the metro areas, they did see big drops in the following”
- Birmingham, Alabama down to 67%
- New York, New York down by 59%
- Washington, DC dropped by 58%
- Philadelphia, Pennsylvania down by 57%
ATTOM found that the rate of foreclosure starts was solely due from April – May of 2019, but it was down 9% if you compared it last year (May of 2018). This is going to be the 4th consecutive month.
Furthermore, foreclosure starts in May 2019 – let’s break it down a little…
- Wisconsin up to 99%
- Kentucky and Louisiana up to 53%
Now, the compatibility of low for foreclosure starts in Florida’s 23% increase in May as the 12th consecutive month that the Sunshine State has replied a double-digit annual increases in foreclosure starts.
“To put the numbers in perspective, I would use a full year, perhaps 2006 as a “normal” benchmark number. That would be the last year before the real estate world crashed,” said Bruce Norris, president of The Norris Group. “The total foreclosure starts for Florida in 2006 was 102,875. In 2018, there were 33,031 foreclosure starts. Even at a 25 percent increase over 2018, 2019 will still be less than 50 percent of 2006. An increase of some 8,000 foreclosure starts is not a game changer at this point.”
For more information on foreclosures, check out ATTOM’s full report here.