residential foreclosure rates

Attom Data Solutions Says Residential Foreclosure Rates Dropped 20% On Average. 

residential foreclosure ratesA new report from Attom Data Solutions indicates residential home foreclosure rates dropped 20% in the third quarter. The report shows the New York metro area, South Florida and Los Angeles all showed double-digit declines.

Attom says 143,105 properties had foreclosure filings from July through September of this year. This is down from nearly 172,000 over the same period last year. The numbers include default notices, scheduled auctions or bank repossessions. The reports also indicate foreclosure rates are at the lowest level since the second quarter of 2005.

Foreclosure reports from month to month can be volatile. However, the data could indicate the market is not at the level of distress it was prior to the last recession. It could also mean that despite numerous indicators showing a slowdown in the housing market, borrowers have yet to default on their payments.

However, some states fared worse than the national average. Residential foreclosure rates in Florida showed 1 in every 577 properties had a foreclosure filing in the third quarter. This is significantly worse than the national average of 1 in every 946 properties.

Foreclosures plummeted 34.7% in South Florida to 1,812 filings. In New York City, foreclosure filings fell 33.7% to 5,062.

Chicago, meanwhile, saw an uptick of 6.9 percent to 2,740.

Yet, the news wasn’t so good in some cities. Residential foreclosure rates in metro Atlanta were up 37%. Columbus, Ohio saw a jump of 27% and San Antonio was up 24 percent%.

“Overall, the foreclosure numbers reflect a market in which buyers can afford their homes and lenders remain careful in loaning to home buyers who have little chance of repaying,” said Attom’s Todd Teta.

Meanwhile, an increasing number of indicators are signaling that home prices could soon fall after years of price appreciation.

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