National Foreclosures Drops to 12-Year Low in 2017
ATTOM Data Solutions released its Year-End 2017 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005.
Biggest Backlogs of Legacy Foreclosures in New York, New Jersey, Florida
Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, down from 0.70 percent in 2016 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005.
The report also includes new data for December 2017, when there were 64,651 U.S. properties with foreclosure filings, up 1 percent from the previous month but still down 25 percent from a year ago — the 27th consecutive month with a year-over-year decrease in foreclosure activity.
New Jersey bank repossessions at 11-year high, counter to 11-year low nationwide
Counter to the national trend, the District of Columbia and seven states posted a year-over-year increase in REOs in 217, led by New Jersey (19 percent increase to the highest level since 2006); Delaware (up 16 percent); Montana (up 12 percent); DC (up 10 percent); and Wyoming (up 10 percent).
New Jersey, Delaware, Maryland post top state foreclosure rates in 2017
States with the highest foreclosure rates in 2017 were New Jersey (1.61 percent of housing units with a foreclosure filing); Delaware (1.13 percent); Maryland (0.95 percent); Illinois (0.86 percent); and Connecticut (0.78 percent).
Atlantic City, Trenton, Philadelphia post top metro foreclosure rates in 2017
Among 217 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2017 were Atlantic City, New Jersey (2.72 percent of housing units with a foreclosure filing); Trenton, New Jersey (1.68 percent); Philadelphia, Pennsylvania (1.26 percent); Fayetteville, North Carolina (1.17 percent); and Rockford, Illinois (1.14 percent).
Lenders started the foreclosure process on 383,701 U.S. properties in 2017, down 20 percent from 2016 and down 82 percent from a peak of 2,139,005 in 2009 to a new all-time low going back as far as foreclosure start data is available — 2006.
A total of 318,165 U.S. properties were scheduled for public foreclosure auction (the same as a foreclosure start in some states) in 2017, down 27 percent from 2016 and down from a peak of 1,600,593 in 2010 to a new all-time low going back as far as foreclosure auction data is available — 2006.
■ Lenders repossessed 291,579 properties nationwide through foreclosure (REO) in 2017, down 23 percent from 2016 and down 72 percent from a peak of 1,050,500 in 2010 to the lowest level since 2006 — an 11-year low.
■ Average time to foreclose jumps above 1,000 days nationwide
■ States with the longest average time to foreclose in Q4 2017 were Indiana (2,370 days); Nevada (1,933 days); Florida (1,493 days); New Jersey (1,298 days) and Georgia (1,263 days).
■ Biggest backlogs of legacy foreclosures in New York, New Jersey, Florida