While mortgage delinquency rates continue to decline around the U.S., there are still a handful of counties seeing relatively high rates of foreclosure starts.
For the first quarter of 2019, a total of 161,875 U.S. properties began the foreclosure process, which is a drop of 23 percent from the previous quarter and down 15 percent from a year ago, according to ATTOM Data Solutions. The less than 162,000 foreclosure filings are the lowest level since Q1 2008, the real estate analytics company said.
A foreclosure start is the first public foreclosure notice and can be the indication of a mortgage default, a Lis pendens, or a notice of trustee sale.
Leading U.S. counties in foreclosure starts is Los Angeles County, California, which had 837 properties initiating the foreclosure process in March 2019, ATTOM reported. The figure is a whopping 54 percent increase from the previous year.
Following Los Angeles County is Cook County, Illinois, at 803 properties starting the foreclosure process, ATTOM found, which is a decline of 17 percent from last year.
No. 3 Harris County, Texas, reported 546 properties, No.4 Broward County, Florida, posted 381 properties and No. 5 Maricopa County, Arizona, had 377 properties.
A handful of states are reporting year-over-year increases in foreclosure starts, including Montana (up 48 percent), Minnesota (up 29 percent), Nebraska (up 28 percent), Texas (up 15 percent), and Florida (up 13 percent). To compile its report, ATTOM looks at areas where completed foreclosures are increasing as well as its overall foreclosure activity.
Check out the graph below for more on the top 10 counties with foreclosure starts.