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Real Estate

Homes going into foreclosure hit 11-year low in July

Completed foreclosures through REO down 41%

Foreclosure starts decreased in July to the lowest level since May 2005, according to ATTOM Data Solutions, the new parent company of RealtyTrac.

Banks stared on the public foreclosure process on 36,863 residential properties nationwide in July, a decrease of 5% from last month and 19% from last year.

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F starts

(Source: ATTOM Data Solutions)

Banks completed the foreclosure process through repossession on 27,907 properties in July, down 8% from last month and down 41% last year to the lowest level since January 2015.

Other reports show that foreclosure inventory declined in June, but completed foreclosures, while down from last year, increased from last month, according to CoreLogic, property information, analytics and data-enabled solutions provider.

The state with the highest foreclosure rate in July was Delaware with one in every 570 housing units with a foreclosure filing. New Jersey came in second with one in every 610, followed by Maryland with one in every 772, Nevada with one in every 805 and Florida with one in every 808.

On the other hand, contrary to the national trend, 13 states posted an annual increase in foreclosure starts in July, including Delaware which increased 113%, Arizona which increased 76%, Utah which increased 63%, Connecticut which increased 50%, Oregon which increased 20%, South Carolina which increased 3%, Massachusetts which increased 3% and Virginia which increased 3%.

This chart shows the annual change in foreclosure starts across the U.S.


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