According to the latest ATTOM Data Solutions U.S. Foreclosure Market Report, year-over-year foreclosure starts increased in 44% in 96 of the 219 metropolitan statistical areas (44%) analyzed for the report. There are a total of 30,187 U.S. properties that started the foreclosure process for the first time in July, which is up 1% from June and up less than 1% from 2017. ATTOM says this represents the first year-over-year increase in foreclosure starts nationwide following 36 consecutive months of year-over-year decreases. In addition, twenty-one states posted a year-over-year increase in foreclosure starts in July, including Florida (up 35%); California (up 3%); Texas (up 7%); Illinois (up 7%); and Ohio (up 2%).
“…Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country…” Said Daren Blomquist, senior vice president with ATTOM Data Solutions.