A total of 35,196 properties have foreclosure filings, up 7% from last month and 14% from last year, according to a new report from ATTOM.
ATTOM’s U.S. Foreclosure Market Report for May found that nationwide one in every 3,967 housing units had a foreclosure filing. States with the highest foreclosure rates were Illinois (one in 2,144); Maryland (one in 2,203); New Jersey (one in 2,257); Florida (one in 2,470); and Ohio (one in 2,478).
Key highlights:
- Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates were Lakeland, Florida (one in 1,361); Elkhart, Indiana (one in 1,621); Cleveland, Ohio (one in 1,622); Palm Bay, Florida (one in 1,647); and Ocala, Florida (one in 1,671).
- Metro areas with a population greater than 1 million with the worst foreclosure rates were: Jacksonville, Florida (one in 1,699); Baltimore, Maryland (one in 1,908); Chicago, Illinois (one in 1,991); and Orlando, Florida (one in 2,049).
- Lenders started the foreclosure process on 23,245 properties, up 4% from last month and up 5% from a year ago.
- States that had the greatest number of foreclosure starts included Florida (2,901); California (2,451); Texas (2,286); Illinois (1,358); and New York (1,287).
- Major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts included New York, New York (1,452); Chicago, Illinois (1,163); Houston, Texas (811); Los Angeles, California (700); and Philadelphia, Pennsylvania (677).
- States that had the greatest number of REOs included Illinois (352); Ohio (279); Michigan (271); Texas (240); and Pennsylvania (229).
- Major metro areas with a population greater than 1 million that saw the greatest number of REOs included New York, New York (244); Chicago, Illinois (230); Detroit, Michigan (136); St. Louis, Missouri (112); and Washington, D.C. (91).
Major takeaway:
“The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” said Rob Barber, CEO at ATTOM. “This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.”
For the full report, click here.
