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Foreclosures Follow Downtrend in First Quarter

Foreclosures in the first quarter of 2017 followed a downtrend, tumbling 11 percent since the last quarter of 2016 and 19 percent since the first quarter of 2016, according to ATTOM Data Solutions’ recently released Q1 and March 2017 U.S. Foreclosure Market Report.

Foreclosures, which totaled 234,508 in the first quarter, continue on at a pre-recession level, says ATTOM Data Solutions Senior Vice President Daren Blomquist. One in every 1,604 properties had a foreclosure filing (bank repossession, default notice or scheduled auction) in the first quarter.

“U.S. foreclosure activity on a quarterly basis first dipped below pre-recession averages in the fourth quarter of last year, and this report shows that trend continuing for the second consecutive quarter,” Blomquist says. “The number of local markets dropping below pre-recession levels continues to grow, up from 78 a year ago to 102 in this report.”

Included in the 102 markets with foreclosures below pre-recession figures in the first quarter were Dallas, Texas (73 percent below); Atlanta, Ga. (67 percent below); Houston, Texas (52 percent below); Los Angeles, Calif. (46 percent below); and Miami, Fla. (44 percent below).

To compare, included in the 114 markets with foreclosures above pre-recession figures in the first quarter were Philadelphia, Pa. (97 percent above); New York, N.Y. (80 percent above); Washington, D.C. (64 percent above); Boston, Mass. (26 percent above); and Chicago, Ill. (9 percent above).

By metropolitan area, the highest rates of foreclosure in the first quarter were in Trenton, N.J. (one in every 355 properties with a foreclosure filing); Atlantic City, N.J. (one in every 452); and Philadelphia, Pa. (one in every 577). By state, the highest rates of foreclosure in the first quarter were in New Jersey (one in every 497 properties with a foreclosure filing); Maryland (one in every 820); and Nevada (one in every 857).

Source: ATTOM Data Solutions

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