According to ATTOM Data Solutions February 2017 Foreclosure Activity Report, U.S. foreclosure activity has significantly slowed in the last 17 months.
ATTOM Data Solutions U.S. foreclosure report highlights include:
Overall foreclosure activity in February dropped to a new 11-year low, the lowest since November 2005
Foreclosure activity decreased on a year-over-year basis for the 17th consecutive month
Counter to the national trend, foreclosure activity increased on a year-over-year basis in 10 states and the District of Columbia, where foreclosure activity increased 235 percent from a year ago.
Foreclosure activity has increased in DC on a year-over-year basis for 12 consecutive months ending in February 2017.
States with a year-over-year increase included New Jersey (up 16 percent); Delaware (up 14 percent); Louisiana (up 12 percent); Alabama (up 10 percent); and Hawaii (up 8 percent).
Three of the nation's 20 largest metro areas posted year-over-year increases in foreclosure activity: Houston (up 97 percent from an abnormally low Feb 2016); San Francisco (up 25 percent); and New York (up 9 percent).
Foreclosure starts in February increased 7 percent from the previous month but were still down 13 percent from a year ago -- the 20th consecutive month with a year-over-year decrease in foreclosure starts
Counter to the national trend, foreclosure starts increased on a year-over-year basis in 15 states and the District of Columbia. States with an increase included Alabama (up 40 percent); Texas (up 26 percent); New Jersey (up 24 percent); Florida (up 12 percent); Illinois (up 11 percent); and Arizona (up 9 percent).
Foreclosure starts in Texas have increased annually in three of the last four months, in New Jersey in two of the last three months, in Illinois in six of the last seven months, and in Arizona in six of the last 12 months.
Bank repossessions (REO) in February decreased 7 percent from the previous month and were down 18 percent from a year ago.
Counter to the national trend, 15 states and the District of Columbia posted a year-over-year increase in REOs, including Massachusetts (up 117 percent); Delaware (up 90 percent); Illinois (up 40 percent); New Jersey (up 19 percent) and Colorado (up 14 percent).
U.S. home prices are up strongly both year over year and month over month. Home prices nationally increased year over year by 6.7 percent from July 2016 to July 2017, and on a month-over-month basis, home prices increased by 0.9 percent in July 2017.
Michael Gerrity has been at the forefront of real estate for more than 30 years. First, the Orlando native had a stellar real estate brokerage career, selling and leasing nearly $300 million worth of commercial office transactions.
Nationally, 4.5 percent of mortgages were in some stage of delinquency (30 days or more past due including those in foreclosure) in May 2017. This represents a 0.8 percentage point decline in the overall delinquency rate compared with May 2016 when it was 5.3 percent.
According to ATTOM Data Solutions' Q2 2017 U.S. Home Equity & Underwater Report, at the end of the second quarter of 2017 there were more than 14 million (14,038,372) U.S. properties that were equity rich.