Foreclosure filings record annual drop for 14th consecutive month

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While there was a slight rise in foreclosure filings in August over July, there was a decline when compared with the previous year for the 14th consecutive month, according to Attom Data Solutions.

There were 53,007 properties in the foreclosure process in August, up 4% from July's 51,056, but down 24% from a year ago. Nationally, one in every 2,554 properties had a foreclosure filing during August.

In August 2018, there were 70,166 properties with a foreclosure filing, a rate of one in every 1,910 housing units.

The states with the worst foreclosure rates last month were Delaware with one in every 1,106 housing units; New Jersey, one in every 1,192 housing units; Maryland, one in every 1,218 housing units; Illinois, one in every 1,562 housing units; and Florida, one in every 1,633 housing units.

By city, the worst two were in New Jersey: Trenton, at one in every 543 housing units, and Atlantic City, with one in every 794 housing units.

There was an increase in foreclosure starts versus July, filing for the first time on 27,886 property owners in August, up 7%. But this was down 15% from August 2018.

In addition, August marked 10 consecutive months of year-over-year declines in the number of properties being taken back as real estate owned, Attom said.

There were 19 states with year-over-year increases in foreclosure starts, including Georgia (up 43%), Louisiana (up 41%), Michigan (up 18%), Hawaii (up 13%) and Ohio (up 9%).

Lenders repossessed 11,493 properties in August, up 4% from the previous month, but down 47% from a year ago.

The only state with an annual increase in foreclosures was Hawaii, with an 8% rise, Attom said.

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