October foreclosures reach yearly high

November 21, 2019

Default notices, scheduled auctions or bank repossessions jumped 13 percent month-over-month during October 2019, according to a report from ATTOM Data Solutions.

 

The 55,197 foreclosure filings in October were down 17 percent from one year ago, ATTOM found.

 

“While foreclosure activity across the United States rose in October, in looking at historical trends, October numbers tend to increase as lenders may be pushing filings through the pipeline before the holiday season,” ATTOM Chief Product Officer Todd Teta said in a release. “The latest number is still below where it was a year ago and less than 15 percent of what it was during the depths of the Great Recession.”

 

During October, lenders repossessed 13,484 properties through completed foreclosures, up 14 percent from September, hitting the highest point in total number of completed foreclosures in 2019.

 

According to the report, the states with the highest numbers of completed foreclosures in October were Florida (1,493); Texas (912); Michigan (890); California (824); and Illinois (805).

 

The metropolitan areas with the highest numbers of completed foreclosures in October were Detroit (705); New York (684); Chicago (679); Philadelphia (470); and Atlanta (430).

 

ATTOM said the highest foreclosure rates in October were in New Jersey (one in every 1,316 housing units); Illinois (one in every 1,336); Maryland (one in every 1,484); South Carolina (one in every 1,534); and Florida (one in every 1,571).

 

The metropolitan areas with the highest foreclosure rates in October were Peoria, Ill.; Atlantic City, N.J.; Fayetteville, N.C.; and Columbia, S.C.

 

via TheTitleReport

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