DataMarkets & Economy

Foreclosure filings at 11-year low, new report shows

Repossessions fell more than 30 percent annually in September
  • In September, foreclosure filings dropped 13 percent month-over-month and 24 percent year-over-year – hitting the lowest rates since September 2005.
  • Foreclosure filings across the third quarter were down 10 percent from Q3 2015.
  • Foreclosure timelines saw their first annual drop since tracking data, moving from a 630-day average to a 625-day average year-over-year.

If there were any doubts about the housing market rebound, a new report from Attom Data Solutions may help you see the glass half full. According to the September and Q3 U.S. Foreclosure Market Report, foreclosure filings are at their lowest since September 2005. One in every 1,600 U.S. properties filed for foreclosure in September, the report shows. This is a 13 percentage point month-over-month and 24 percentage point year-over-year drop. In the third quarter, 293,190 foreclosures were filed throughout the U.S., including default notices, scheduled auctions and bank repossessions, dropping 10 percent annually. This is the fourth straight quarter illustrating annual drops in foreclosure activity, according to Attom. Meanwhile, Attom's foreclosure timeline illustrated the steepest year-over-year plunge since it began tracking back in the first quarter of 2007. Last year, foreclosures took an average 630 days to complete, compared to a 625-day average for Q3. ...