12-Year Low in Foreclosure Activity for 2017

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 676,535 U.S. properties in 2017, down 27 percent from 2016 and down 76 percent from a peak of nearly 2.9 million in 2010 to the lowest level since 2005.

Those 676,535 properties with foreclosure filings in 2017 represented 0.51 percent of all U.S. housing units, down from 0.70 percent in 2016 and down from a peak of 2.23 percent in 2010 to the lowest level since 2005.

Among 217 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2017 were Atlantic City, New Jersey (2.72 percent of housing units with a foreclosure filing); Trenton, New Jersey (1.68 percent); Philadelphia, Pennsylvania (1.26 percent); Fayetteville, North Carolina (1.17 percent); and Rockford, Illinois (1.14 percent).

Rounding out the top 10 were Cleveland, Ohio (1.06 percent); Columbia, South Carolina (1.05 percent); Baltimore, Maryland (1.05 percent); Chicago, Illinois (1.04 percent); and Albuquerque, New Mexico (0.99 percent).

READ MORE:  https://thinkrealty.com/12-year-low-foreclosure-activity-2017/

Contributed by John Schmitt, LoanMLS

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