Foreclosures Have Increased In These 12 Markets As The Number Of Foreclosures Fall Nationwide
There has been a nationwide decline of 17% of foreclosures from April 2017. Yet, these real estate markets have bucked the trend and have seen in an increase of the number of foreclosures.
Attom Data Solutions also claims the number of foreclosure filings has increased over the previous year in 99 of the 219 metro areas last month.
The nationwide rate is one filing for every 2,089 housing units. There were also 64,183 properties in foreclosure for April 2018. Yet, the total foreclosure activity increased compared with April 2017 in 24 of the markets
The number of foreclosures fell nationwide in April compared with the previous year. However, even with the small decline, foreclosures have fallen 34 consecutive months with fewer foreclosure starts on a year-to-year average.
Lenders also came into possession of 14,233 properties during the month. REOs were also down by 45% from March 2017 and by 45% from April 2017. This makes 15 consecutive months where the number of properties becoming owned declined.
The Top 12 Housing Markets That Have Seen An Increase In Foreclosures
Here’s a look at 12 housing markets with a population over 1 million people where the number of foreclosure starts increased the most on a percentage basis from a year ago.
A foreclosure start is also measured as the first notice the borrower received from the servicer.
In addition, the data also includes a notice of default and a Lis Pendens or a notice or trustee sale. Furthermore, foreclosure completion is when a property has become an REO of the mortgage holder following a foreclosure sale.
It is also no surprise that the increase in foreclosures is happening in non-judicial foreclosure states. The seven non-judicial foreclosure states are also some of the toughest states to fight a foreclosure. California and Colorado have also made it almost impossible to fight a foreclosure.
12. San Francisco-Oakland, California +17%
11. Memphis, Tennesee +21%
10. Denver, Colorado +23%
9. Riverside, California +24%
8. San Jose, California +31%
7. Austin, Texas +36%
6. Grand Rapids, Michigan +61%
5. Sacramento, California +76%
4. Nashville, Tennesee +96%
3. Detroit, Michigan +112%
2. Indianapolis, Indiana +156%
1. Tucson, Arizona +157%