{"id":7835,"date":"2018-01-18T00:00:00","date_gmt":"2018-01-18T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/foreclosed-homes-dip-to-12-year-low\/"},"modified":"2018-01-18T00:00:00","modified_gmt":"2018-01-18T00:00:00","slug":"foreclosed-homes-dip-to-12-year-low","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/foreclosed-homes-dip-to-12-year-low\/","title":{"rendered":"Foreclosed Homes Dip to 12-Year Low"},"content":{"rendered":"

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Foreclosures<\/a> hit a 12-year low in 2017, and the distressed properties<\/a> remain increasingly difficult to find in many markets.\u00a0Foreclosure<\/a> filings in 2017\u2014which include default notices, scheduled auctions, and bank repossessions\u2014dropped to the lowest level since 2005.<\/p>\n

In total, foreclosure filings were reported on 676,535 U.S. properties in 2017. That represents just 0.51 percent of all housing<\/a> units in the country. Filings were down 76 percent from a peak of nearly 2.9 million in 2010, ATTOM Data Solutions, a real estate<\/a> data firm, reports in its newly released 2017 U.S. Foreclosure Market Report.<\/p>\n

\u201cThanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified\u2014and low-risk\u2014borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go,\u201d says Daren Blomquist, senior vice president at ATTOM Data Solutions. \u201cThere are a few notable local market exceptions playing a different version of foreclosure limbo in which a backlog of legacy foreclosure activity left over from the last housing crisis is still winding its way through a labyrinthine foreclosure process, resulting in incongruous jumps in various stages of foreclosure activity in markets such as New York, New Jersey, and D.C.\u201d<\/p>\n

Foreclosure starts are at a new record low nationwide. Lenders<\/a> started the foreclosure process on 383,701 properties in 2017, down a whopping 82 percent from a peak of more than 2 million in 2009. That marks a new all-time low for foreclosure start data since ATTOM Data Solutions began collecting such data in 2006.<\/p>\n

But a few markets are countering that trend. For example, the District of Columbia and five states posted year-over-year increases in foreclosure starts in 2017, which include Washington, D.C. (up 54 percent); West Virginia (up 32 percent); Vermont (up 27 percent); Oklahoma (up 23 percent); Illinois (up 2 percent); and Louisiana (up 2 percent).<\/p>\n

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