ATTOM: Foreclosure Activity Increases

(Image courtesy of Curtis Adams/pexels.com)

ATTOM, Irvine, Calif., released its foreclosure market report for July, finding a total of 39,906 U.S. properties with a foreclosure filing, up 1% from June and up 10% year-over-year.

ATTOM includes default notices, scheduled auctions or bank repossessions in the count.

“The increase in foreclosure starts and completed foreclosures compared to last year shows that financial pressures remain a factor for some homeowners,” said Rob Barber, CEO at ATTOM. “However, the broader context is important. Foreclosure activity remains relatively low by historical standards. While annual increases have become more common, current volumes indicate that the market remains relatively resilient overall.”

One in every 3,603 housing units nationwide had a foreclosure filing. Nevada topped the list with one foreclosure filing in every 1,703 housing units. South Carolina had one foreclosure filing in every 2,085, followed by Florida, one in every 2,232 housing units; Delaware, one in every 2,579 housing units; and Texas, one in every 2,653 housing units.

Lenders began the foreclosure process on 26,648 properties in July, up 2% from the previous month and up 10% from a year ago. Texas saw the most foreclosure starts, at 3,306. Florida had 3,277, California had 2,540, Illinois had 1,243 and Georgia had 1,217.

Lenders repossessed 4,764 U.S. properties in July, flat from June but up 23% from a year ago. Texas had 1,265 REOs, California had 616, North Carolina had 299, Maryland had 272 and Virginia had 263.