Housing appears to be stabilizing nationwide however there is still need for improvement in the New York City metropolitan region. ATTOM Data Solutions, a company which curates a multi-sourced housing database released a report today indicating that foreclosure filings are at the lowest levels since 2005. Foreclosure filings consists of default notices, scheduled auctions and the actual repossession of the property by the banks. It is being reported that there were 77,049 filings on U.S. properties in April. This is down 23% from a year ago at the same point and at the lowest level since November 2005.
“Foreclosure activity continued to search for a new post-recession floor in April thanks in large part to the above-par performance of mortgages originated in the past seven years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “Meanwhile we are seeing an elevated share of repeat foreclosures on homeowners who often fell into default several years ago but have not been able to avoid foreclosure despite the housing recovery.”
Of particular interest in the Northeast is that in New Jersey, Connecticut and Massachusetts foreclosure filings actually increased by 1%, 29% and 3% respectively.
Also of note is that a new analysis of repeat foreclosure starts, shows them increasing in some areas and in particular in New York City. In NYC repeat foreclosures occurred at 54%. This was the highest level of the 5 metropolitan areas that were examined for the analysis. The other cities included Los Angeles (39%), Miami-Dade County (32%), Maricopa County, Arizona (26%) and Essex County, New Jersey (20%). A repeat foreclosure start is defined as a foreclosure start filed on a property address-owner last name combination in 2016 with a previous foreclosure start on the same property address-owner combination in the last 10 years.
Nationwide, initiating foreclosures are at pre-recession levels. A total of 34,085 U.S. properties started the foreclosure process in April, down 6 percent from March 2017 and down 22 percent from the same time a year ago.