There were a total of 156,253 U.S. properties with a foreclosure filing during the first quarter of 2020, up 42 percent from the previous quarter, according to ATTOM Data Solutions’ Q1 2020 U.S. Foreclosure Market Report.
The report said there were 46,800 U.S. properties with foreclosure filings in March 2020, down 3 percent from the previous month and down 20 percent from March 2019 — the third consecutive month with a year-over-year decrease in U.S. foreclosure activity.
“As foreclosure activity across the country continued to decline in March, contributing to a run of quarterly declines, the number of filings remains just one-sixth of what it was following the Great Recession a decade ago,” ATTOM Chief Product Officer Todd Teta said in a release.
“This latest sign of the strong national housing market, however, comes with a huge caveat because it captures the pivotal month when millions of Americans started losing their jobs because of the economic fallout connected to the coronavirus pandemic,” Teta said. “Banks are temporarily holding off on foreclosures and we expect this will bring foreclosures even lower for at least the next few quarters. However, with unemployment and other distress factors hitting the economy now, the numbers could rise significantly later this year and into next, depending on how many people can’t keep up with their payments.”
According to the report, foreclosure activity in the first quarter was below pre-recession averages for 61 percent of the larger markets analyzed, including in Denver (89 percent below); Detroit (80 percent below); Las Vegas (80 percent below); Dallas-Fort Worth (79 percent below); and Indianapolis, Ind. (78 percent below).
However, the report said first-quarter foreclosure activity levels were remained above pre-recession averages 39 percent of the markets analyzed, including in Baltimore (114 percent above); Honolulu, Hawaii (69 percent above); Allentown, Pa. (53 percent above); Buffalo, N.Y. (33 percent above); and Baton Rouge, La. (18 percent above).
During the quarter, 11 states posted year-over-year increases in foreclosure starts, including Alaska (up 16 percent); Georgia (up 12 percent); California (up 10 percent); Delaware (up 3 percent); and Illinois (up 1 percent).
The report said the highest foreclosure rates for large cities in the first quarter were in Trenton, N.J. (one in every 286 housing units); Atlantic City, New Jersey (one in 293); Rockford, Ill. (one in 296); Lake Havasu City, Ariz. (one in 331); and Peoria, Ill. (one in 351).