Skip to main content

Foreclosure Filings Hit Nine-Year Low

Phil Hall
Jan 14, 2016
Nearly 1.1 million foreclosure filings were reported in 2015, the lowest annual total since 2006, according to RealtyTrac’s Year-End 2015 U.S. Foreclosure Market Report

Nearly 1.1 million foreclosure filings were reported in 2015, the lowest annual total since 2006, according to RealtyTrac’s Year-End 2015 U.S. Foreclosure Market Report.

The 1,083,572 total on foreclosure filings—which include default notices, scheduled auctions and bank repossessions—is three percent below the 2014 level and 62 percent below the 2.8 million peak reached in 2010. Last year, one in every 122 property in the U.S., or 0.82 percent of all housing units, had at least one foreclosure filing. This is the second consecutive year that the annual national foreclosure rate was below one percent.

“In 2015 we saw a return to normal, healthy foreclosure activity in many markets even as banks continued to clean up some of the last vestiges of distress left over from the last housing crisis,” said Daren Blomquist, vice president at RealtyTrac. “The increase in bank repossessions that we saw for the year was evidence of this cleanup phase, which largely involves completing foreclosure on highly distressed, low value properties.”

Twenty-four states and the District of Columbia posted a year-over-year increase in foreclosure activity, most notably Massachusetts (up 55 percent), Missouri (up 50 percent), Oklahoma (up 36 percent), New York (up 24 percent) and Texas (up 16 percent). Foreclosure starts increased in 16 states, most alarmingly in Oklahoma (up 92 percent) and Massachusetts (up 67 percent), while bank repossessions increased year-over-year in 41 states and the District of Columbia, most notably in New Jersey (up 226 percent), New York (up 194 percent) and Texas (up 115 percent).

New Jersey’s ailing seaside resort Atlantic City was the top metro area for foreclosure rates, where 3.43 percent of housing units had a foreclosure filing. New Jersey’s capital Trenton had the second highest metro level for foreclosure rates, at 2.14 percent, followed by the Florida markets of Tampa Bay-St. Petersburg-Clearwater, Florida (2.03 percent), Jacksonville (2.02 percent) and Miami (1.98 percent).

Published
Jan 14, 2016
ChainLogix Appoints New Vice President, Operations

Jeryl Graham hired to accelerate growth in title & mortgage services.

Industry News
Oct 15, 2021
JPMorgan Chase To Commit $8.4M To Improve Household Stability For The Underserved

JPMorgan Chase announced six organizations that will receive philanthropic capital as part of the firm’s $400 million five-year commitment to improve housing affordability and stability for Black, Hispanic and Latino, and other underserved households.

Community
Oct 15, 2021
SRE Mortgage Alliance 'Restructuring & Reorganizing'

Owner of technology-based wholesale residential mortgage lender in El Segundo to determine organization's future.

Wholesale
Oct 15, 2021
Ginnie Mae Issued Record MBS Volume In FY2021

The record $939 billion issued included nearly $73 billion in September.

Industry News
Oct 14, 2021
UWM Completes Test Of Cryptocurrency Mortgage Payments

United Wholesale Mortgage evaluated and accepted the first-ever cryptocurrency mortgage payment in September and an additional five payments in October from borrowers.

Industry News
Oct 14, 2021
Arvielo Re-Appointed To HUD Advisory Committee

Nationwide mortgage lender New American Funding’s Co-Founder and President Patty Arvielo has been re-appointed to serve on the U.S. Department of Housing & Urban Development's Housing Counseling Federal Advisory Committee.

Industry News
Oct 13, 2021