ATTOM Data Solutions (parent compnay of RealtyTrac) recently released their April 2017 U.S. Foreclosure Market data report, which shows foreclosure filings (default notices, scheduled auctions and bank repossessions) were reported on 77,049 properties in the U.S. This number is 7% lower than the previous month and 23% lower than one year ago, and is the lowest since November 2005.
“Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past seven years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile we are seeing an elevated share of repeat foreclosures on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”
In addition to ATTOM also released a brand-new analysis of “repeat foreclosure starts” in five markets: the five boroughs of New York City; Essex County, Miami-Dade County; Los Angeles County; and Maricopa County (Phoenix), Arizona. A repeat foreclosure start was defined as a foreclosure start (initial publicly recorded foreclosure notice starting the foreclosure process) filed on a property address-owner last name combination in 2016 with a previous foreclosure start on the same property address-owner combination in the last 10 years. Of the five markets, the highest share of repeat foreclosures in 2016 was in the five boroughs of New York City (54%), followed by Los Angeles (39%); Miami-Dade County (32%); Maricopa County (26%); and Essex County (20%).
Click here to read the full report on RealtyTrac.com
