Fewer foreclosures are on the market. First-quarter foreclosure activity has fallen below pre-recession levels nationwide in 102 out of 216 metro areas analyzed, according to ATTOM Data Solutions. Still, a few markets are showing elevated levels of foreclosures.
Read more: Where Foreclosure Backlogs Remain a Problem
For example, first-quarter foreclosure activity levels were still above pre-recession averages in Philadelphia (97 percent above); New York (80 percent above); Washington, D.C. (64 percent above); Boston (26 percent above); and Chicago (9 percent above).
Nationally, one in every 1,604 properties had a foreclosure filing in March, according to ATTOM Data Solutions’ report. The following metro areas with populations of at least 200,000 had the highest foreclosure rates in March:
- Trenton, N.J.: 1 in every 355 housing units received a foreclosure filing
- Atlantic City, N.J.: 1 in every 452
- Philadelphia: 1 in every 577
- Rockford, Ill.: 1 in every 631
- Peoria, Ill.: 1 in every 710
Additional metros among the top 10 list of foreclosure rates in March were Reading, Pa.; Las Vegas; Chicago; Baltimore; and Ocala, Fla.
A handful of metros also are posting year-over-year increases in foreclosure activity, such as New Jersey (34 percent increase); Oklahoma (13 percent); and Louisiana (7 percent increase).
Foreclosures sold for an average discount of 18 percent below market value in February, according to the National Association of REALTORS®.
Source: RealtyTrac
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