U.S. Foreclosure Activity Spikes in May
Foreclosure filings–default notices, scheduled auctions or bank repossessions–increased 7% in May from April and 14% from a year ago, reported ATTOM, Irvine, Calif.
The ATTOM U.S. Foreclosure Market Report showed 35,196 U.S. properties with foreclosure filings in May.
“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 ATTOM CEO Rob Barber. “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.”
Nationwide, one in every 3,967 housing units had a foreclosure filing in May, ATTOM reported. States with the highest foreclosure rates included Illinois (one in every 2,144 housing units with a foreclosure filing), Maryland (one in every 2,203 housing units), New Jersey (one in every 2,257 housing units), Florida (one in every 2,470 housing units) and Ohio (one in every 2,478 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May were Lakeland, Fla. (one in every 1,361 housing units with a foreclosure filing); Elkhart, Ind. (one in every 1,621 housing units); Cleveland (one in every 1,622 housing units), Palm Bay, Fla. (one in every 1,647 housing units) and Ocala, Fla. (one in every 1,671 housing units).
Metros with a population greater than one million with the worst foreclosure rates in May included Cleveland, Jacksonville, Fla. (one in every 1,699 housing units), Baltimore (one in every 1,908 housing units), Chicago (one in every 1,991 housing units) and Orlando (one in every 2,049 housing units).
Lenders started the foreclosure process on 23,245 U.S. properties in May, up 4 percent from last month and up 5 percent from a year ago.
States that had the greatest number of foreclosure starts in May included: Florida (2,901 foreclosure starts), California (2,451 foreclosure starts), Texas (2,286 foreclosure starts), Illinois (1,358 foreclosure starts) and New York (1,287 foreclosure starts).
Metros with a population greater than one million that had the greatest number of foreclosure starts in May included New York (1,452 foreclosure starts), Chicago (1,163 foreclosure starts), Houston (811 foreclosure starts), Los Angeles (700 foreclosure starts) and Philadelphia (677 foreclosure starts).
Lenders repossessed 4,020 U.S. properties through completed foreclosures (REOs) in May, up 38 percent from last month and up 41 percent from last year. States with the greatest number of REOs in May included Illinois (352 REOs), Ohio (279 REOs), Michigan (271 REOs), Texas (240 REOs) and Pennsylvania (229 REOs). Major metros with a population greater than one million that saw the greatest number of REOs in May included: New York (244 REOs), Chicago (230 REOs), Detroit (136 REOs), St. Louis (112 REOs) and Washington, D.C. (91 REOs).