ATTOM: Foreclosure Activity at 11-Year Low

ATTOM Data Solutions, Irvine, Calif., reported foreclosure activity in February fell to its lowest level since November 2005.

ATTOM said foreclosure activity decreased on a year-over-year basis for the 17th consecutive month. Month over month, foreclosure starts increased by 7 percent from the previous month but fell by 13 percent from a year ago, the 20th consecutive month with a year-over-year decrease in foreclosure starts.

The report noted 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 by 235 percent from a year ago. Foreclosure activity has increased in D.C. on a year-over-year basis for 12 consecutive months ending in February.

States with a year-over-year increase in foreclosure activity 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” February 2016); San Francisco (up 25 percent); and New York (up 9 percent).

Also 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 past four months; in New Jersey in two of the past three months; in Illinois in six of the past seven months; and in Arizona in six of the past 12 months.

The report said bank repossessions in February decreased by 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).