The number of U.S. properties with a foreclosure filing during the first quarter of 2019 dropped 23 percent from the previous quarter and 15 percent from a year ago, according to a report from ATTOM Data Solutions.
ATTOM said the 161,875 foreclosure filings during the first quarter were fewest since the first quarter 2008. During March, there were a total of 58,550 foreclosure filings, up 7 percent from the previous month but down 21 percent from a year.
“While some markets saw a slight uptick in foreclosure filings that is above pre-recession levels, the majority of the major markets are well below pre-recession levels,” ATTOM Chief Product Officer Todd Teta said in a release. “While we did see a slight increase in U.S. foreclosure starts from last quarter, bank repossessions reached an all-time low in the first quarter of 2019, showing continuing signs of a strong housing market.”
According to the report, 60 percent of markets with a population greater than 200,000 had first quarter foreclosure activity below pre-recession averages, including San Jose, Calif. (79 percent below); Memphis (77 percent below); Dallas-Fort Worth (77 percent below); Las Vegas (74 percent below); and Phoenix (68 percent below).
ATTOM said other markets with first quarter foreclosure activity below pre-recession averages included San Francisco, Riverside-San Bernardino, Calif.; Chicago; Detroit and Seattle.
Forty percent of markets analyzed by ATTOM had first quarter foreclosure activity levels above pre-recession averages, including Baltimore (189 percent above); Washington D.C. (26 percent above); Philadelphia (20 percent above); New York (13 percent above); and Hartford, Conn. (4 percent above).
Other major markets with first quarter foreclosure activity above pre-recession averages included Richmond, Va.; Virginia Beach, Va.; Providence, R.I.; and New Orleans.