The rates of residential foreclosure continue to be below pre-recession rates since the latter part of 2016 and have been falling since as per ATTOM Data Solutions new report. The fact is, the real estate info company’s most recent monthly and quarterly assessment of property foreclosure information discovered that foreclosures in Q1 of 2017 were at the lowest point in almost 11 years across the country, and also in 102 out of the 216 urban centers evaluated.
In a press release by ATTOM Data Solutions SVP Darren Blomquist mentioned that foreclosure activity in the U.S. on a per quarter basis dropped under pre-recession averages for the first time in Q4 last year and the trend seems to be lasting for two straight quarters. A year ago, there were 78 local markets dipping below pre-recession levels and it went up to 102 as of this recent report.
Overall property foreclosure filings, such as delinquency notices, bank repossessions as well as scheduled auctions, decreased 11% from Q4 of 2016 and 19% from the previous year. However, there are a number of states that still have relatively high foreclosure rates.
Getting behind on home loan payments or having to default and being foreclosed on could have a devastating impact on the homeowner’s credit rating.
A total of 83,145 properties in the U.S. were in foreclosure in March 2017 according to the report, which is a 1% increase from the previous month but a decrease of 24% from a year ago. This was the 18th straight month with a year-over-year decline across the U.S. for foreclosures.
A total of 36,370 properties went into foreclosure in the U.S. in March, which is up 6% from February but also down 24% from the same time last year. In other words, 1 out of every 1,604 properties filed for foreclosure in March.
In the meantime, March completed foreclosures went down 4% from last month as well as 15% from a year ago as per the report. However, there are still a number of states that have above average rates of foreclosure.
Florida is unfortunately still on the list at #9. We’ll have a full breakdown of each state in our next post.