STRATEGY
FORECLOSURES
A total of 624,753 U.S. properties in 2018 received a foreclosure filing - default notices, scheduled auctions and bank repossessions - down 8 percent from 2017 and down 78 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005. Overall 34 states including D.C. saw a decrease in foreclosure filings from last year, but there were still 16 states where foreclosure filings increased from last year. On average, foreclosure filings in those 16 states increased 23 percent from last year, clearly bucking the national trend. Foreclosures may be down across the nation, but some states are still experiencing an increase FORECLOSURES STATES THAT SAWAN UPTICK IN
States Bucking the Trend States with the highest number of properties with foreclosure filings in 2018
TOP 10 COUNTIES WITH FORECLOSURE STARTS
NUMBER OF FORECLOSURE STARTS
PCT CHANGE FROM 2017
Florida 65,161
60%
12,000
50%
Nebraska 1,951
Alaska | 1,145
Texas 39,809
10,000
Alaska 1,145
40%
Mississippi 2,900
Georgia 18,737
West Virginia 1,094
Arkansas 3,613
West Virginia | 1,094
Michigan 15,503
30%
8,000
Montana 562
Minnesota 5,829
Tennessee 10,374
20%
Vermont 428
Montana | 562
6,000
Missouri 9,514
South Dakota 247
10%
Vermont | 428
0%
4,000
5
6
11
12
13
14
1
2
3
4
7
8
9
10
15
South Dakota | 247
-10%
2,000
-20%
METHODOLOGY
The ATTOM Data Solutions U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the year. Some foreclosure filings entered into the database during the year may have been recorded in the previous year. Data is collected from more than 2,200 counties nation- wide, and those counties account for more than 90 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.
-30%
0
Cook Co., IL
Maricopa Co., AZ
Harris Co., TX
Cuyahoga Co., OH
Wayne Co., MI
Los Angeles Co., CA
Miami- Dade Co., FL
Clark Co., NV
Broward Co., FL
Suffolk Co., NY
process spectrum, lenders started the foreclosure process on 369,170 U.S. properties in 2018, down 6 percent from 2017 and down 83 percent from a peak of 2,139,005 in 2009 to a new all- time low going back as far as foreclo- sure start data is available — 2006. States that saw the biggest de- cline in foreclosure starts from 2017
included Rhode Island (down 39 percent); Hawaii (down 26 percent); North Carolina (down 24 percent); Washington (down 24 percent); and Connecticut (down 23 percent). Some of the same counties with the most REOs in 2018 also posted the highest numbers of foreclosure starts. Once again, Cook County,
Illinois led the nation with a total of 9,855 foreclosure starts in 2018, followed by Los Angeles County, California (8,721 foreclosure starts); Harris County, Texas (6,402 foreclo- sure starts); Suffolk County, New York (5,020 foreclosure starts); and Maricopa County, Arizona (4,736 foreclosure starts). •
62 | think realty magazine :: march / april 2019
thinkrealty . com | 63
Made with FlippingBook Online newsletter