Newsletter - March 2020
In its Year-End 2019 U.S. Foreclosure Market Report , ATTOM Data Solutions reported that in 2019 foreclosure filings were at their lowest level since tracking began in 2005.
Lenders started the foreclosure process on 335,985 properties last year in the United States, down 9% from 2018 and a whopping 84% down from a peak of 2.1 million in 2009.
Nevada, New York, California and Arizona were among the states that saw a decline in foreclosure starts last year, while others saw year-over-year increases, such as Arkansas, Georgia, Louisiana, Mississippi, and Rhode Island. New Jersey, Delaware, Maryland, Florida, and Illinois posted the highest foreclosure rates last year.
“The continued decline in distressed properties is one of many signs pointing to a much-improved housing market compared to the bad old days of the Great Recession,” said ATTOM CPO Todd Teta.
“That said,” he continued, “there is some reason for concern about the potential for change in the wrong direction, given that residential foreclosure starts increased in about a third of the nation’s metro housing markets in 2019.”
But so far, the foreclosure forecast for 2020 is looking sunny.
According to Black Knight , 1.95 million properties were in default or foreclosure status in January, which is 96,000 fewer than December 2019 and 259,000 fewer than January 2019 — and the lowest of any month since the company started tracking the data in 2000.
But “even when foreclosure rates dip — which is a good thing on many fronts — there are still opportunities for those interested in investing,” said Simon Campbell of BankForeclosureSale.com.
“In 2020, there will remain cities and states that have more available properties than others. For example, it makes sense to believe that New Jersey, Illinois, and Florida will continue to have some of the highest foreclosure rates in the country.”
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