Foreclosure Starts Increase in 44% of U.S. Markets

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According to the latest ATTOM Data Solutions U.S. Foreclosure Market Report, year-over-year foreclosure starts increased in 44% in 96 of the 219 metropolitan statistical areas (44%) analyzed for the report.  There are a total of 30,187 U.S. properties that started the foreclosure process for the first time in July, which is up 1% from June and up less than 1% from 2017.  ATTOM says this represents the first year-over-year increase in foreclosure starts nationwide following 36 consecutive months of year-over-year decreases.  In addition, twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35%); California (up 3%); Texas (up 7%); Illinois (up 7%); and Ohio (up 2%).

“…Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country…”  Said Daren Blomquist, senior vice president with ATTOM Data Solutions. 

Click here to read the full story at ATTOMdata.com.

 

 

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Director of Education & Outreach, National Real Estate Investors Association

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