Foreclosure Completion Rates Drops by 50 Percent

Jun 13, 2019

Foreclosure filings were reported on 56,152 residential properties in May, according to new statistics from ATTOM Data Solutions, a one percent uptick from the previous month and 22 percent drop from one year ago. May marked the 11th consecutive month with an annual decline in foreclosure filings.

Lenders completed foreclosures on 10,634 residential properties in May, down four percent from April and a 50 percent plummet from one year earlier. May marked the seventh consecutive annual decline for completed foreclosures. Every state but Vermont recorded a decline in foreclosure completions in May, with Michigan and Massachusetts posting the most dramatic decreases at 84 percent and 74 percent, respectively.

Lenders started the foreclosure process on 30,554 residential properties in May, a less than one percent increase from April and a nine percent drop from May 2018. May marked the fourth consecutive month with an annual decline in foreclosure starts.

“We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year,” said 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.”

Foreclosure filings were reported on 56,152 residential properties in May, according to new statistics from ATTOM Data Solutions

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Phil Hall

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Jun 13, 2019

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