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Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

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ATTOM: Foreclosure activity climbs slightly in August, but is still down 24% from last year

Foreclosure starts increased as well

Foreclosure activity increased slightly in August, but is still down nearly 25% from last year, according to new data from ATTOM Data Solutions.

ATTOM's report shows that there were 53,007 properties with foreclosure filings in August 2019, up 4% from July 2019 but down 24% from a year ago.

In August, ATTOM said that zombie foreclosures were cut in half compared to the amount there were three years ago. The number of foreclosures also fell in the first half of 2019, totaling just 296,458 U.S. properties, showing there is a decline this year, albeit one that reversed slightly in August.

Nationally, one out of every 2,554 properties in the U.S. received a foreclosure filing during the month of August.

Lenders began the foreclosure process for the first time on 27,886 property owners in August, up 7% from July but down 15% from the same time last year. 

Opposite the national trend, there were 19 states that posted year-over-year increases in foreclosure starts. There were also 81 out of 220 observed metros that posted year-over -ear increases in foreclosure starts.

According to ATTOM's report, in terms of foreclosure activity, Georgia was up 43% year over year; Louisiana was up 41% YoY; Michigan was up 18% YoY; Hawaii was up 13% YoY,  and Ohio was up 9% YoY. 

The worst foreclosure rates came from Delaware, with one in every 1,106 housing units; New Jersey, with one in every 1,192 housing units; Maryland, with one in every 1,218 housing units Illinois, with one in every 1,562 housing units and Florida, with one in every 1,633 housing units.

In August, lenders repossessed 11,493 properties, 4% more than in July, reversing a trend of 10 months straight of year-over-year decreases. But, repossessions were down 47% compared to the same time period last year.

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