Foreclosure Activity Falls to 11-Year Low
October 12, 2017
The number of residential properties with foreclosure filings reached an 11-year low during the third quarter, according to a new report from ATTOM Data Solutions.
During the third quarter, 191,824 properties had foreclosure filings, down 13 percent from the previous quarter and down 35 percent from a year ago to the lowest level since the second quarter of 2006. Foreclosure activity in third quarter was also 31 percent below the pre-recession average of 278,912 properties with foreclosure filings per quarter between the first quarter of 2006 and the third quarter of 2007, marking the fourth consecutive quarter where foreclosure activity has tracked below the pre-recession average.
The states with the highest third quarter foreclosure rates were New Jersey (one in every 238 housing units with a foreclosure filing); Delaware (one in every 276); Maryland (one in every 363); Illinois (one in every 426); and Ohio (one in every 455). Among the nation’s major metro areas, those with the highest foreclosure rates in were Atlantic City, N.J. (one in every 150 housing units with a foreclosure filing), Trenton, N.J. (one in 234), Cleveland (one in 275), Fayetteville, N.C. (one in 283) and Columbia, S.C. (one in 284).
“Legacy foreclosures from the high-risk loans originated between 2004 and 2008 have largely been cleared out of the distressed market pipeline,” said Daren Blomquist, Senior Vice President at ATTOM Data Solutions. “Meanwhile loans originated during the housing boom of the last five years are posting foreclosure rates below historic averages, with the notable exception of FHA loans originated in 2014, which have the highest foreclosure rate of any FHA loan vintage since 2009—29 percent above the historic average for FHA loans although still 55 percent below the peak in 2007.”
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