U.S. foreclosure activity in May 2016 was down from a year ago for the eighth consecutive month and continuing to run below 2006 average monthly levels, according to a new report from leading national data provider RealtyTrac.
There were 100,841 properties with foreclosure filings in May, virtually unchanged from the previous month and down 21 percent from a year ago — the eighth consecutive month with a year-over-year decrease, the data show.
States with the highest foreclosure rates were New Jersey (one in every 559 housing units with a foreclosure filing); Maryland (one in every 693); Delaware (one in every 716); Florida (one in every 738); and Nevada (one in every 851).
Among metropolitan statistical areas with a population of at least 200,000 (216), those with the top five foreclosure rates were Atlantic City, New Jersey (one in every 448 housing units with a foreclosure filing); Trenton, New Jersey (one in every 446 housing units); Rockford, Illinois (one in every 556); Tucson, Arizona (one in every 774); and Tampa-St Petersburg, Florida (one in every 588).
Among the nation’s 20 largest metro areas, only two posted a year-over-year increase in overall foreclosure activity in May: Boston (up 62 percent) and Minneapolis (up 19 percent).
You can view a county level May 2016 foreclosure activity heat map by clicking here.
Counter to the national trend, 18 states and the District of Columbia posted a year-over-year increase in overall foreclosure activity in May, including Louisiana (up 80 percent), Massachusetts (up 71 percent), Connecticut (up 68 percent), Minnesota (up 29 percent), Alabama (up 22 percent), Arizona (up 20 percent) and New York (up 17 percent).
A total of 42,279 properties started the foreclosure process in May, down 3 percent from the previous month and down 18 percent from a year ago — the 11th consecutive month with a year-over-year decrease.
Counter to the national trend, 15 states and the District of Columbia posted a year-over-year increase in foreclosure starts in May, including Louisiana (up 812 percent), Connecticut (up 192 percent), Maine (up 64 percent), Arizona (up 55 percent), Massachusetts (up 55 percent), Minnesota (up 37 percent) and Ohio (up 21 percent).
There were 34,014 bank repossessions (REO), up 1 percent from the previous month but still down 24 percent from a year ago — the third consecutive month with a year-over-year decrease.
Counter to the national trend, 16 states and the District of Columbia posted a year-over-year increase in REOs, including New York (up 61 percent), Alabama (up 42 percent), Massachusetts (up 41 percent), South Carolina (up 32 percent), New Jersey (up 31 percent), Minnesota (up 20 percent) and Louisiana (up 20 percent).
About RealtyTrac
RealtyTrac is a leading provider of comprehensive U.S. housing and property data, including nationwide parcel-level records for more than 130 million U.S. properties. Detailed data attributes include property characteristics, tax assessor data, sales and mortgage deed records, distressed data, including default, foreclosure and auctions status, and Automated Valuation Models (AVMs). Sourced from RealtyTrac subsidiary Homefacts.com, the company’s proprietary national neighborhood-level database that includes more than 50 key local and neighborhood level dynamics for residential properties, providing unrivaled pre-diligence capabilities and a parcel risk database for portfolio analysis. RealtyTrac’s data is widely viewed as the industry standard and, as such, is relied upon by real estate professionals and service providers, marketers and financial institutions, as well as the Federal Reserve, U.S. Treasury Department, HUD, state housing and banking departments, investment funds and tens of millions of consumers. In January 2016, RealtyTrac announced the beta launch of its new consumer-focused, mobile-first, property report website, HomeDisclosure.com, which provides real estate consumers and professionals alike with detailed pre-diligence data for nearly 120 million U.S. homes.
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