MIAMI, April 25, 2019 /PRNewswire-PRWeb/ -- The United States foreclosure market went through many ups and downs in 2018, with the same holding true over the first few months of 2019.
According to ATTOM Data Solutions report, foreclosure filings – which includes bank repossessions, scheduled auctions, and default notices – were reported on 624,753 properties in the United States in 2018.
Not only is this a decrease of eight percent from the prior year, but it also marked a 78 percent decline from a peak of roughly 2.9 million foreclosures in 2010. Furthermore, this is the lowest level of foreclosure filings the country has experienced since 2005.
ATTOM Data Solutions also made a note of new data for December 2018, which showed the following:
- 52,069 properties with foreclosure filings
- A 2% decrease from November 2018
- A 19% decrease from December 2017
- December 2018 also marked the sixth consecutive month with a year-over-year decline in foreclosure filings.
Areas Hit the Hardest
Although foreclosure filings are down across the country as a whole, some states and metro areas were hit harder than others.
In 2018, these states posted the top foreclosure rates:
- New Jersey
- Delaware
- Maryland
- Illinois
- Connecticut
New Jersey has had the top foreclosure rate for the past four years.
Here are the metro areas (with a minimum population of 200,000) with the highest foreclosure rates:
- Atlantic City, New Jersey
- Trenton, New Jersey
- Flint, Michigan
- Philadelphia, Pennsylvania
- Peoria, Illinois
- Cleveland, Ohio
- Columbia, South Carolina
- Lakeland, Florida
- Baltimore, Maryland
- Jacksonville, Florida
Many of these cities have been at the top end of foreclosure activity for the past several years.
According to Simon Campbell of BankForeclosuresSale – an online service for finding foreclosed properties for sale – foreclosure investment opportunities still exist, despite an overall decline in the number of filings.
"It's always a good thing to see foreclosure filings declining, as this typically points toward an uptick in the real estate market and the economy as a whole," Campbell said. "However, even with fewer foreclosures, investors are still finding high-quality deals throughout the country.
For example, we're seeing an increase in activity in the Atlanta, Georgia area, thanks to an overabundance of properties and below average prices."
ATTOM Data also notes that the average time to foreclosure has declined for the fourth consecutive quarter. This is important for investors, as it gives them a better idea of how long it takes for a property to become available.
Here are some key statistics:
Properties foreclosed on in Q4 2018 were in the foreclosure process for an average of 811 days. This is an increase over the previous quarter, but down 21% year-over-year.
Here are the states with the longest average time to foreclose:
- Hawaii – 1,429 days
- Florida – 1,311 days
- Indiana – 1,214 days
- Arizona – 1,183 days
- New Jersey – 1,162 days
"Investors like to keep a close eye on the average time to foreclosure, as it helps them better plan their next purchase," added Campbell. "But, despite the recent decrease, the average time in the foreclosure process is still more than two years."
Information for Q1 2019
Although foreclosure statistics for Q1 2019 have not been released in their entirety, Housing Wire reports a three percent decline of foreclosure filings from January 2019. This also signified an 11 percent decrease year-over-year from 2018.
Here are some additional statistics:
- 29,735 properties started the foreclosure process in February
- 54,783 properties were listed as foreclosure filings
However, some states experienced a year-over-year increase in February, including:
- Florida – 68% increase
- Oregon – 46% increase
- Louisiana – 34% increase
- llinois – 9% increase
- Texas – 9% increase
- Colorado – 3% increase
As first-quarter statistics become available, pay attention to how things have changed from the final quarter of 2018.
To learn more about investing on foreclosed homes, visit https://www.bankforeclosuressale.com/.
SOURCE BankForeclosuresSale.com
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