DS News

DS News May 2017

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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96 THE BIG FINISH WRAP YOUR HEAD AROUND THE MARKET'S LEADING INDICATORS NATION, 47 PERCENT OF METROS BELOW PRE-RECESSION FORECLOSURE LEVELS Nationwide foreclosure activity is now below pre-recession levels, according to the March 2017 U.S. Foreclosure Market Report released by ATTOM Data Solutions. In total, 102 out of 216 metro areas analyzed were below pre-recession levels when it came to foreclosure filings, meaning default notices, bank repossessions, or scheduled actions. Foreclosures are now at their lowest point since the third quarter of 2006. HIGHEST FORECLOSURE RATES BY STATE As a nation, one in every 1,604 housing units had foreclosure activity in Q1 2017. Broken down, a number of states showed much higher rates of foreclosure filings. These included New Jersey, Maryland, Nevada, Delaware, and Illinois. NEW JERSEY: 1 IN EVERY 497 HOUSING UNITS MARYLAND: 1 IN EVERY 820 HOUSING UNITS NEVADA: 1 IN EVERY 857 HOUSING UNITS DELAWARE: 1 IN EVERY 858 HOUSING UNITS ILLINOIS: 1 IN EVERY 863 HOUSING UNITS TRENTON, NEW JERSEY: 1 IN EVERY 355 HOUSING UNITS ATLANTIC CITY, NEW JERSEY: 1 IN EVERY 452 HOUSING UNITS PHILADELPHIA: 1 IN EVERY 577 HOUSING UNITS ROCKFORD, ILLINOIS: 1 IN EVERY 631 HOUSING UNITS PEORIA, ILLINOIS: 1 IN EVERY 710 HOUSING UNITS HIGHEST FORECLOSURE RATES BY METRO Trenton, New Jersey, clocked in as the metro with the highest rate of foreclosure for Q1 2017. Big cities like Philadelphia; Las Vegas, Chicago, and Baltimore also made the list. DALLAS ATLANTA HOUSTON LOS ANGELES MIAMI PHILADELPHIA NEW YORK WASHINGTON, D.C. BOSTON CHICAGO 73% 97% 80% 64% 26% 9% ABOVE BELOW 67% 52% 46% 44% MARKETS BELOW PRE-RECESSION FORECLOSURE LEVELS Nearly half of U.S. markets are below pre-recession levels when it comes to foreclosure activity. Top cities below the mark included Dallas, Atlanta, Houston, Los Angeles, Miami, San Francisco, Phoenix, Detroit, and Seattle. MARKETS ABOVE PRE-RECESSION FORECLOSURE LEVELS For the first quarter of 2017, 53 percent of U.S. markets were above pre-recession foreclosure levels. Cities coming in over pre-recession point included Philadelphia; New York; Washington, D.C.; Boston; Chicago; Baltimore; New Orleans; Virginia Beach and Richmond, Virginia; and Providence, Rhode Island.

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