Foreclosure Activity Hits 11-Year Low
February’s foreclosure activity was the lowest recorded since November 2005, according to ATTOM Data Solutions. Last month also marked the 17th consecutive month when foreclosure activity declined on a year-over-year basis.
However, foreclosure starts in February increased seven percent from January to February. And foreclosure starts increased on a year-over-year basis in 15 states and the District of Columbia, with the greatest increased in Alabama (up 40 percent), Texas (up 26 percent) and New Jersey (up 24 percent). But foreclosure starts were also down 13 percent from a year ago—the 20th consecutive month with a year-over-year decrease in foreclosure starts.
Furthermore, bank repossessions (REO) in February decreased seven percent from the previous month and were down 18 percent from a year ago. Yet 15 states and the District of Columbia posted a year-over-year increase in REOs, most notably Massachusetts (up 117 percent) and Delaware (up 90 percent).