IRVINE, Calif., July 16, 2020 /PRNewswire/ -- ATTOM Data
Solutions, licensor of the nation's most comprehensive foreclosure
data and parent company to RealtyTrac (www.realtytrac.com), a
foreclosure listings portal, today released its Midyear
2020 U.S. Foreclosure Market Report, which shows there were a total
of 165,530 U.S. properties with foreclosure filings — default
notices, scheduled auctions or bank repossessions — in the first
six months of 2020, down 44 percent from the same time period a
year ago and down 54 percent from the same time period two years
ago.
First-Half U.S. Foreclosure Activity By Year
Bucking the national trend with increasing foreclosure activity
compared to a year ago were 10 of the 220 metro areas analyzed in
the report, including Stockton,
California (up 161 percent); Chico, California (up 61 percent);
McAllen, Texas (up 42 percent);
Lake Havasu, Arizona (up 39
percent); and Fort Wayne, Indiana
(up 21 percent).
"The residential foreclosure market across the nation continues
to contract amid a combination of booming housing market conditions
before the current Coronavirus pandemic hit and a moratorium on
activity while the country struggles to overcome the crisis," said
Ohan Antebian, general manager of RealtyTrac. "Foreclosure starts
and completions were already declining rapidly last year because
the housing market and the economy were riding so high. Now they're
down to lows not seen for at least 15 years as the federal
government has banned lenders from pursuing most delinquent loans
until at least the end of August 2020
to help people weather the pandemic. Distressed property
volume is almost guaranteed to increase
significantly once the moratorium is lifted because millions
of Americans missed their mortgage payments in June and
will continue to because of unemployment. But for now, everything
is on hold and the foreclosure numbers reflect that
pause."
Delaware, New Jersey, Illinois post highest state foreclosure
rates
Nationwide 0.12 percent of all housing units (one in
every 824) had a foreclosure filing in the first half of 2020.
States with the highest foreclosure rates in the first half of
2020 were Delaware (0.28 percent
of housing units with a foreclosure filing); New Jersey (0.25 percent); Illinois (0.24 percent); Maryland (0.21 percent); and Connecticut (0.18 percent)
Other states with first-half foreclosure rates among the 10
highest nationwide were South
Carolina (0.18 percent); Florida (0.17 percent); Ohio (0.16 percent); North Carolina (0.14 percent); and
Georgia (0.14 percent).
Highest metro foreclosure rates in Peoria, Trenton, Rockford
Among 220 metropolitan
statistical areas with a population of at least 200,000, those with
the highest foreclosure rates in the first half of 2020 were
Peoria, Illinois (0.37 percent of
housing units with foreclosure filings); Trenton, New Jersey (0.36 percent);
Rockford, Illinois (0.36 percent);
Atlantic City, New Jersey (0.32
percent); and Lake Havasu, Arizona
(0.30 percent).
Other metro areas with foreclosure rates ranking among the top
10 highest in the first half of 2020 were Fayetteville, North Carolina (0.27 percent of
housing units with a foreclosure filing); Bakersfield, California (0.27 percent);
Columbia, South Carolina (0.25
percent); Chicago, Illinois (0.25
percent); and Cleveland, Ohio
(0.25 percent).
Foreclosure starts down nationwide, up in three
states
A total of 99,028 U.S. properties started the
foreclosure process in the first six months of 2020, down 44
percent from a year ago to the lowest six-month total going back to
the second half of 2005, the earliest data available.
Counter to the national trend, three states posted
year-over-year increases in foreclosure starts, including
Tennessee, Idaho, and Indiana. States that saw an annual decrease
included Florida (down 63
percent); New Jersey (down 43
percent); Illinois (down 37
percent); Georgia (down 33
percent); and California (down 29
percent).
Bank repossessions drop to lowest level
Lenders
foreclosed (REO) on a total of 37,917 U.S. properties in the first
six months of 2020, down 44 percent from a year ago to the lowest
six-month total since we began tracking in 2005.
States that saw the greatest year-over-year decreases in REOs in
the first half of 2020, included Mississippi (down 76 percent); South Dakota (down 65 percent); Kansas (down 64 percent); Idaho (down 64 percent); and Nevada (down 61 percent). The only state that
posted a year-over-year increase in REOs in the first half of 2020
was Nebraska, with a 76 percent
increase.
Q2 2020 foreclosure activity below pre-recession averages in
93 percent of markets
There were a total of 30,656 U.S.
properties with foreclosure filings in Q2 2020, down 80 percent
from previous quarter as well as a year ago to lowest quarterly
total since Q1 2006.
The national foreclosure activity total in Q2 2020 was 89
percent below the pre-recession average of 278,912 per quarter from
Q1 2006 to Q3 2007, making Q2 2020 the 15th consecutive
quarter with foreclosure activity below the pre-recession
average.
Second quarter foreclosure activity was below pre-recession
averages in 205 out 220 (93 percent) metropolitan statistical areas
with a population of at least 200,000 and sufficient historical
foreclosure data, including Los
Angeles, Chicago,
Dallas, Houston, Miami, Atlanta, San
Francisco, Riverside-San
Bernardino, Phoenix and
Detroit.
Metro areas with second quarter foreclosure activity above
pre-recession averages included Portland, McAllen, Huntsville, Salisbury, and Gulfport.
Average foreclosure timeline drops from last year
Properties foreclosed in the second quarter of 2020 took an average
of 685 days from the first public foreclosure notice to complete
the foreclosure process, up from 673 days in the previous quarter
but down from 716 days in the second quarter of 2019.
Average Days to Complete Foreclosure
States with the longest average foreclosure timelines for
foreclosures completed in Q2 2020 were Hawaii (1,558 days), Louisiana (1,341 days), New York (1,242 days), New Jersey (1,202 days), and Indiana (1,033 days).
States with the shortest average foreclosure timelines for
foreclosures completed in Q2 2020 were Arkansas (181 days), Minnesota (212 days), Arizona (233 days), West Virginia (254 days), and Michigan (265 days).
June 2020 Foreclosure Activity
High-Level Takeaway
- Nationwide in June 2020 one in
every 14,798 properties had a foreclosure filing
- States with the highest foreclosure rates in June 2020 were Maryland (one in every 5,393 housing units
with a foreclosure filing); New
Mexico (one in every 6,346 housing units); Delaware (one in every 6,798 housing units);
New Jersey (one in every 8,800
housing units); and South Carolina
(one in every 9,326 housing units).
- 4,869 U.S. properties started the foreclosure process in
June 2020, up 12 percent from the
previous month but down 80 percent from a year ago.
- Lenders completed the foreclosure process on 2,504 U.S.
properties in June 2020, down 12
percent from the previous month and down 76 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 the 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.
Interested in finding out more about our pre-foreclosure and
foreclosure data?
Contact ATTOM for Foreclosure Data Licensing Details.
Visit RealtyTrac.com for Foreclosure Search and Listings.
About ATTOM Data Solutions
ATTOM Data Solutions provides foreclosure data licenses that
can power various enterprise industries including real estate,
insurance, marketing, government, mortgage and more. ATTOM
multi-sources from 3,000 counties property tax, deed, mortgage,
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.
About RealtyTrac (Powered by ATTOM's Property
Data)
RealtyTrac.com is the premier foreclosure listing and search
portal for investors and consumers looking to gain a competitive
edge in the distressed market. Realtytrac.com grants access to
insight that is typically only available to real estate
professionals.
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