Q3 2019 Foreclosure Activity Down 19 Percent From Year Ago To Lowest Level Since Q2 2005
IRVINE, Calif., Oct. 17, 2019 /PRNewswire/ -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q3 2019 U.S. Foreclosure Market Report(TM), which shows there were a total of 143,105 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- in the third quarter, down 6 percent from the previous quarter and down 19 percent from a year ago to the lowest level since Q2 2005 -- a more than 13-year low.
U.S. foreclosure activity in Q3 2019 was 49 percent below the pre-recession average of 278,912 properties with foreclosure filings per quarter between Q1 2006 and Q3 2007 -- the 12(th) consecutive quarter where U.S. foreclosure activity has registered below the pre-recession average.
"Foreclosure activity continues to decline across the country, which is a good sign that the housing market and the broader economy remain strong - and that the lending excesses that helped bring down the economy during the Great Recession remain a memory," said Todd Teta, chief product officer at ATTOM Data Solutions. "This is not to say that everything in the latest foreclosure picture is rosy. Some states have seen their foreclosure rates increase this year, which could cause some concern. But overall, the foreclosure numbers reflect a market in which buyers can afford their homes and lenders remain careful in loaning to home buyers who have little chance of repaying."
Foreclosure starts down nationwide, up in 30 percent of local markets
Lenders started the foreclosure process on 78,394 U.S. properties in Q3 2019, down 8 percent from the previous quarter and down 15 percent from a year ago -- the 17(th) consecutive quarter with a year-over-year decrease in foreclosure starts.
Counter to the national trend, 14 states posted year-over-year increases in foreclosure starts in Q3 2019, including Montana (up 33 percent); Georgia (up 32 percent); Washington (up 16 percent); Louisiana (up 15 percent); and Michigan (up 12 percent).
Also counter to the national trend, 66 of 220 metropolitan statistical areas analyzed in the report (30 percent) posted a year-over-year increase in foreclosure starts in Q3 2019. Those markets with at least 1 million people that posted year-over-year increases included, Atlanta, Georgia (up 37 percent); Columbus, Ohio (up 27 percent); San Antonio, Texas (up 24 percent); Portland, Oregon (up 22 percent); and Tucson, Arizona (up 21 percent).
Highest foreclosure rates in Delaware, New Jersey, Maryland
Nationwide one in every 946 properties had a foreclosure filing in Q3 2019. States with the highest foreclosure rates in Q3 2019 were Delaware (one in every 415 housing units with a foreclosure filing); New Jersey (one in every 436); Maryland (one in every 500); Illinois (one in every 517); and Florida (one in every 577).
Among 220 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2019 were Atlantic City, New Jersey (one in every 269 housing units with a foreclosure filing); Trenton, New Jersey (one in every 312); Rockford, Illinois (one in every 366); Fayetteville, North Carolina (one in every 369); and Peoria, Illinois (one in every 388).
Bank repossessions see slight uptick from previous quarter
Lenders repossessed 34,432 U.S. properties through foreclosure (REO) in Q3 2019, up 6 percent from the previous quarter but down 33 percent from a year ago.
Counter to the national trend, 16 states posted quarter-over-quarter decreases in REO activity in Q3 2019, including Maryland (down 37 percent); Tennessee (down 19 percent); Delaware (down 16 percent); New Jersey (down 13 percent); and Arizona (down 11 percent).
Average time to foreclose sees an uptick
Properties foreclosed in Q3 2019 had been in the foreclosure process an average of 841 days, up from 716 days in the previous quarter and up from 713 days in Q3 2018 to the highest level since Q4 2017.
States with the longest average foreclosure timelines for homes foreclosed in Q3 2018 were Indiana (1,633 days); Hawaii (1,626 days); Nevada (1,511 days); New Jersey (1,173 days); and Georgia (1,170 days).
States with the shortest average foreclosure timelines for homes foreclosed in Q3 2018 were Virginia (201 days); Montana (217 days); Mississippi (229 days); Alaska (258 days); and Oregon (283 days).
U.S. Foreclosure Market Data by State - Q3 2019
Rate
State Name
Total
1/every X HU % from % from
Pre-
% from
Rank Properties with (Foreclosure Rate) Q2 2019 Q3 2018 Recession Pre-
Filings Avg Recession
Avg
--- ---
U.S. 143,105 946 -6.32 -19.22 278,912 -49%
---
16
Alabama 2,340 953 -5.19 -6.47 1,145 104%
--- ---
26
Alaska 256 1,218 8.94 -30.25 275 -7%
--- ---
31
Arizona 2,073 1,419 -20.97 -24.75 7,092 -71%
--- ---
41
Arkansas 717 1,888 -18.80 -23.32 1,311 -45%
--- ---
21
California 12,200 1,147 -6.02 -22.06 46,235 -74%
--- ---
42
Colorado 1,205 1,925 9.85 -16.44 10,120 -88%
--- ---
7
Connecticut 2,230 676 -8.27 -29.09 2,445 -9%
--- ---
1
Delaware 1,021 415 12.32 -23.06 195 425%
--- ---
District of Columbia 200 1,541 -23.66 -37.89 72 176%
---
5
Florida 16,053 577 -16.46 -21.24 31,238 -49%
--- ---
9
Georgia 5,492 765 27.57 11.58 14,612 -62%
--- ---
20
Hawaii 479 1,118 17.40 9.61 190 153%
--- ---
45
Idaho 276 2,541 29.58 -21.81 695 -60%
--- ---
4
Illinois 10,315 517 -3.76 -7.65 14,617 -29%
--- ---
14
Indiana 3,048 937 1.97 -21.08 7,950 -62%
--- ---
25
Iowa 1,134 1,214 -17.65 -12.70 880 29%
--- ---
35
Kansas 831 1,516 22.03 2.34 714 16%
--- ---
36
Kentucky 1,291 1,522 -11.51 -21.23 1,659 -22%
--- ---
18
Louisiana 1,829 1,110 -11.94 -8.96 1,072 71%
--- ---
23
Maine 626 1,175 -4.57 -13.77 27 2194%
--- ---
3
Maryland 4,851 500 -13.79 -24.08 2,288 112%
--- ---
28
Massachusetts 2,187 1,310 -2.84 -37.51 3,624 -40%
--- ---
30
Michigan 3,251 1,405 14.80 -1.81 18,687 -83%
--- ---
44
Minnesota 1,164 2,066 -3.24 -27.07 1,854 -37%
--- ---
34
Mississippi 871 1,502 -3.44 12.82 286 204%
--- ---
33
Missouri 1,919 1,440 -14.41 -27.15 4,528 -58%
--- ---
47
Montana 175 2,863 10.76 18.24 270 -35%
--- ---
37
Nebraska 521 1,582 11.80 13.76 768 -32%
--- ---
10
Nevada 1,485 822 -4.56 -41.60 6,722 -78%
--- ---
39
New Hampshire 362 1,734 -2.16 -6.70 63 475%
--- ---
2
New Jersey 8,249 436 -16.22 -38.64 7,048 17%
--- ---
13
New Mexico 1,034 897 -18.97 -32.29 878 18%
--- ---
15
New York 8,737 945 -8.64 -25.39 8,831 -1%
--- ---
11
North Carolina 5,432 832 0.48 -6.07 5,351 2%
--- ---
49
North Dakota 88 4,098 37.50 54.39 51 73%
--- ---
8
Ohio 7,383 701 -6.65 -16.94 20,349 -64%
--- ---
17
Oklahoma 1,588 1,079 -23.76 -25.69 2,995 -47%
--- ---
40
Oregon 922 1,880 -22.13 -26.00 1,953 -53%
--- ---
12
Pennsylvania 6,465 874 -1.61 -17.16 7,085 -9%
--- ---
19
Rhode Island 419 1,114 5.28 6.35 292 43%
--- ---
6
South Carolina 3,463 644 -11.43 -14.03 1,282 170%
--- ---
50
South Dakota 50 7,586 -13.79 -16.67 10 415%
--- ---
32
Tennessee 2,030 1,430 -12.50 -21.44 6,071 -67%
--- ---
24
Texas 8,918 1,190 5.59 -12.84 24,683 -64%
--- ---
27
Utah 820 1,276 -7.45 -22.50 2,269 -64%
--- ---
46
Vermont 127 2,607 -16.45 4.10 6 1876%
--- ---
22
Virginia 2,970 1,167 -3.79 -8.59 2,063 44%
--- ---
43
Washington 1,526 1,983 -4.63 -5.10 3,875 -61%
--- ---
48
West Virginia 294 3,025 21.49 -7.55 98 201%
--- ---
29
Wisconsin 2,024 1,319 -0.74 -29.99 2,007 1%
--- ---
38
Wyoming 164 1,665 30.16 -20.77 82 101%
--- ---
September 2019 Foreclosure Activity High-Level Takeaways
-- Nationwide in September 2019 one in every 2,767 properties had a
foreclosure filing
-- States with the highest foreclosure rates in September 2019 were
Delaware (one in every 1,170 housing units with a foreclosure filing);
Maryland (one in every 1,270 housing units); Illinois (one in every
1,409 housing units); New Jersey (one in every 1,534 housing units); and
Connecticut (one in every 1,997 housing units).
-- 24,453 U.S. properties started the foreclosure process in September
2019, down 12 percent from the previous month and down 15 percent from a
year ago. September 2019 marked the 8th consecutive month with a
year-over-year decrease in foreclosure starts.
-- Lenders completed the foreclosure process on 11,869 U.S. properties in
September 2019, up 3 percent from the previous month and up 10 percent
from a year ago.
Report methodology
The ATTOM Data Solutions U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in a previous quarter. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.
About ATTOM Data Solutions
ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID -- the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data deliver solution, a cloud-based data platform that streamlines data management - Data-as-a-Service (DaaS).
Media Contact:
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949.748.8428
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