ATTOM: U.S. Foreclosure Activity Jumps 13% Year-Over-Year in July

(Image courtesy of Masood Aslami /pexels.com)

ATTOM, Irvine, Calif., found there were 36,128 properties with foreclosure filings in July, up 11% from June and up 13% from last year.

ATTOM defines properties with foreclosure filings as those with default notices, scheduled auctions or bank repossessions.

Nationwide, one in every 3,939 housing units had a foreclosure filing in the month.

States with the highest rates were Nevada (one in every 2,326 housing units); Florida (one in every 2,420 housing units); Maryland (one in every 2,566 housing units); South Carolina (one in every 2,588 housing units); and Illinois (one in every 2,727 housing units.)

Lenders started the foreclosure process on 24,302 U.S. properties in July, up 12% from last month and 11% from a year ago.

States that had the greatest number of foreclosure starts in July included Texas (3,600), Florida (2,891), California (2,830), Illinois (1,177) and Ohio (1,029).

Completions were at 3,866, down 1% from June, but up 18% year-over-year.

States with the highest number of completed foreclosures in July were Texas (377), California (360), Florida (241), Michigan (236) and Illinois (223).

“July’s foreclosure activity continues to trend upward year-over-year, with increases in both starts and completions,” said Rob Barber, CEO at ATTOM. “While rising home prices are helping many owners maintain equity, the steady climb in filings suggests growing pressure in some markets.”