There was a moderate drop in foreclosures in February, according to ATTOM Data Solutions' latest Foreclosure Market Report.
According to the Foreclosure Market Report, there was a 3% decline from the previous month and an 11% year-over-year decrease from 2018.
Notably, only 54,783 U.S. properties were listed as foreclosure filings, default notices, scheduled auctions or bank repossessions. This marks the eighth consecutive annual decrease in foreclosure activity.
The Foreclosure Report analyzes the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter.
The report is based on data collected from more than 2,200 counties nationwide, accounting for more than 90% of the U.S. population.
ATTOM’s analysis indicated that during the month of February, banks repossessed 11,392 U.S. properties. This total is down 7% from January and 12% percent from a year ago.
Furthermore, 29,735 U.S. properties started the foreclosure process in February, rising just 1% from the previous month but still 9% below 2018’s level.
Overall, New Jersey topped the list of housing markets with a foreclosure filling rate of one in every 1,006 housing units, followed by Delaware with one in every 1,008 housing units; Maryland with one in every 1,193 housing units; Florida with one in every 1,365 housing units and Illinois with one in every 1,465 housing units.
However, foreclosure rates countered nation trend, increasing year-over-year in 13 states including Florida, up 68%; Oregon, up 46%; Louisiana, up 34%; Illinois, up 9%; Texas, up 9%; and Colorado, up 3%.
NOTE: For this report, ATTOM Data Solutions analyzed sales deed data.