In the first half of 2010, foreclosures peaked at 1.6 million-plus properties. In the recovery since, foreclosures have plummeted 82 percent, according to a new report.
In the first half of 2019, foreclosures hung on over 295,000 properties, according to ATTOM Data Solutions findings, released today—an 18-percent drop from last year. Approximately 177,000 began the foreclosure process in that time, defined as “foreclosure starts,” falling 8 percent year-over-year.
At odds with the overall trend, foreclosures increased in 16 percent of the largest markets in the U.S., with Buffalo, N.Y., and four Florida markets seeing spikes: Jacksonville, Miami, Orlando and Tampa-St. Petersburg.
Notably, Jacksonville also claimed a considerable foreclosure rate, at 0.54 percent of properties. The highest? New Jersey, with foreclosures on 0.54 percent of properties statewide, and home to two major markets in similar straits: Atlantic City, with a foreclosure rate of 0.92 percent; and Trenton, at 0.52 percent.
Across 16 states—and in 42 percent of the largest markets—foreclosure initiations picked up, concentrated in Southern states. In Mississippi, foreclosure starts surged 56 percent year-over-year, and in Florida, rose 28 percent.
“Our midyear 2019 foreclosure activity helps to show an overall view on how foreclosure activity is trending downward,” says Todd Teta, ATTOM Data Solutions chief product officer. “Of course, you still have pockets across the nation where foreclosure activity is seeing some flare-ups.”
“Foreclosure starts is a good indication of markets to watch,” Teta says. “Affordability definitely plays a factor in why some areas across the nation are seeing an uptick in foreclosure starts. The fact that median home sales prices are reaching new levels in Q2 2019, mortgage rates are remaining low and job growth is still strong, lenders are becoming more aggressive with their payment collection because they are confident in getting a decent return in this hot housing market.”