Foreclosures Fall by 50%

July 9, 2019
foreclosure
May marked the 11th consecutive month with an annual decline in foreclosures.

 

ATTOM Data Solutions, Irvine, Calif., reported 56,152 foreclosure filings in May, up by 1 percent from April but down by 22 percent from a year ago. Additionally, it said completed foreclosures fell by 50 percent from a year ago. The company's May U.S. Foreclosure Market Report said May marked the 11th consecutive month with an annual decline in foreclosure filings. "We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year," said Todd Teta, chief product officer at ATTOM Data Solutions. "However, in May 2019 we did see an uptick in the number of states increasing in foreclosure starts going from 17 to 23 states rising annually." The report said lenders completed foreclosures on 10,634 U.S. properties in May, down 4 percent from the previous month and down 50 percent from a year ago, the 7th consecutive annual decline. ATTOM said lenders started the foreclosure process on 30,554 U.S. properties in May, slightly up (less than 1 percent) from last month but down 9 percent from a year ago, the fourth consecutive month with an annual decline. 

Source: The Mortgage Bankers Association