IRVINE, Calif., Aug. 21, 2018 /PRNewswire/ -- ATTOM
Data Solutions, curator of the nation's premier property database,
today released its July 2018 U.S.
Foreclosure Market Report, which shows that foreclosure starts
increased from a year ago in 96 of the 219 metropolitan statistical
areas (44 percent) analyzed in the report.
A total of 30,187 U.S. properties started the foreclosure
process for the first time in July, up 1 percent from the previous
month and up less than 1 percent from a year ago — the first
year-over-year increase in foreclosure starts nationwide following
36 consecutive months of year-over-year decreases.
Twenty-one states posted a year-over-year increase in
foreclosure starts in July, including Florida (up 35 percent); California (up 3 percent); Texas (up 7 percent); Illinois (up 7 percent); and Ohio (up 2 percent).
Metro areas posting year-over-year increases in foreclosure
starts in July included Los Angeles,
California (up 20 percent); Houston, Texas (up 76 percent); Philadelphia, Pennsylvania (up 10 percent);
Miami, Florida (up 29 percent);
and San Francisco, California (up
10 percent).
"The increase in foreclosure starts is not just a one-month
anomaly in many local markets given that July represented the third
consecutive month with a year-over-year increase in 33 metro areas,
including Los Angeles,
Miami, Houston, Detroit, San
Diego and Austin," said
Daren Blomquist, senior vice
president with ATTOM Data Solutions. "Gradually loosening lending
standards over the past few years have introduced a modicum of risk
back into the housing market, and that additional risk is resulting
in rising foreclosure starts in a diverse set of markets across the
country. Most susceptible to rising foreclosure starts are
affordability-challenged markets where homebuyers are more
financially stretched and markets with some type of trigger event
such as a natural disaster or large-scale layoffs."
Summer Foreclosure Heatwave Graphic
Atlantic City, Peoria, Fayetteville, North Carolina post top metro
foreclosure rates
Nationwide, one in every 2,086 U.S.
housing units had a foreclosure filing in July. States with the
highest foreclosure rates in July were New Jersey (one in every 723 housing units
with a foreclosure filing); Delaware (one in every 841); Maryland (one in every 1,038); Florida (one in every 1,180); and Illinois (one in every 1,277).
Among the 219 metropolitan statistical areas with at least
200,000 people, those with the highest foreclosure rates in July
were Atlantic City, New Jersey
(one in every 448 housing units with a foreclosure filing);
Peoria, Illinois (one in every
622); Fayetteville, North Carolina
(one in every 683); Trenton, New
Jersey (one in every 703); and Philadelphia (one in every 851).
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. Some foreclosure filings
entered into the database during the month may have been recorded
in previous months. 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, market trends,
marketing lists, match & append and more.
Media Contact:
Christine
Stricker
949.748.8428
christine.stricker@attomdata.com
Data and Report Licensing:
949.502.8313
datareports@attomdata.com
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SOURCE ATTOM Data Solutions