(Irvine, Ca) In the first six months of 2018, Foreclosure rates are down 15 percent nationally and down 22.8 percent in Ventura County from the same period a year ago. Since 2010, on a national basis foreclosure rates are down 78 percent from a peak of 1,654,634 and Ventura County is down 91 percent for the same period according to ATTOM Data Solutions, curator of the nation’s most comprehensive property databases.
Releasing its Midyear 2018 U.S. Foreclosure Market Report, the data shows a total of 362,275 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions.
Only 26 of the 219 metropolitan statistical areas analyzed in the report (12 percent) posted a year-over-year increase in foreclosure activity in the first six months of 2018. The cities with increases included
- Houston, Texas (up 10 percent);
- Dallas-Fort Worth, Texas (up 11 percent);
- Cleveland, Ohio (up 4 percent);
- Phoenix, Arizona (up 5 percent); and
- Indianapolis (up 2 percent)
A total of 191,914 U.S. properties started the foreclosure process in the first six months of 2018, down 8 percent from the first half of 2017 and down 82 percent from a peak of 1,074,471 in the first half of 2009.
A total of 133,290 U.S. properties were repossessed by lenders through foreclosure (REO) in the first half of 2018, down 21 percent from the first half of 2017 and down 75 percent from a peak of 529,633 in the first half of 2010.
A total of 188,843 U.S. properties had a foreclosure filing in Q2 2018, down 1 percent from the previous quarter and down 14 percent from a year ago. The second quarter of 2018 was the seventh consecutive quarter in which U.S. foreclosure activity was below the pre-recession average of 278,912 properties with foreclosure filings per quarter in 2006 and 2007.
The ATTOM Data Solutions U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the year may have been recorded in the previous year.
Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the time frame, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure time frame for the state where the property is located, the report does not count the property in the current year, quarter or month.