Foreclosure activity is at the lowest level in over a decade
First-quarter foreclosure activity was down 19% from the same period last year to the lowest level since the third quarter of 2006.
Foreclosure filings were reported on 234,508 U.S. properties in the first quarter of 2017, according to Attom Data Solutions.
There are now 102 markets (out of 216 monitored by Attom) where foreclosure activity — which includes default notices, scheduled property auctions and bank repossessions — were below their prerecession levels, up from 78 one year ago.
"Foreclosure activity on a quarterly basis first dipped below prerecession averages in the fourth quarter of last year, and this report shows that trend continuing for the second consecutive quarter," said Daren Blomquist, senior vice president at Attom Data Solutions, in a press release.
But among the major markets where foreclosure activity remained elevated were Philadelphia (97% above the pre-recession average), New York (80% above), Washington (64% above) Boston (26% above) and Chicago (9% above).
There were 83,145 properties which had new or existing foreclosure filings in March, up 1% from the previous month but down 24% from a year ago.
A total of 36,370 properties started the foreclosure process in March, up 6% from February but still down 24% from a year ago.