Foreclosures Down for 7th Straight Year

Those looking for a great deal on a foreclosed home will have to wait longer as overall foreclosure activity continued to plunge annually for the 11th month in a row from last year.

Foreclosure filings declined 22% from a year ago, according to the ATTOM Data Solutions’ Foreclosure Market Report.

“We are continuing to see a downward trend with overall foreclosure activity, especially in completed foreclosures declining year after year,” said Todd Teta, chief product officer at ATTOM Data Solutions.

Lenders completed foreclosures on 10,634 properties, a drop of 4% from the prior month and 50% from a year ago for the seventh consecutive annual decline, the report showed.

It also revealed that one in every 2,411 housing units had a foreclosure filing nationwide. New Jersey had the highest foreclosure rate, with a foreclosure filing on one in every 1,117 housing units.

Source: ATTOM Data Solutions’ Foreclosure Market Report