Attom Data Solutions Says Residential Foreclosure Rates Dropped 20% On Average.
A new report from Attom Data Solutions indicates residential home foreclosure rates dropped 20% in the third quarter. The report shows the New York metro area, South Florida and Los Angeles all showed double-digit declines.
Attom says 143,105 properties had foreclosure filings from July through September of this year. This is down from nearly 172,000 over the same period last year. The numbers include default notices, scheduled auctions or bank repossessions. The reports also indicate foreclosure rates are at the lowest level since the second quarter of 2005.
Foreclosure reports from month to month can be volatile. However, the data could indicate the market is not at the level of distress it was prior to the last recession. It could also mean that despite numerous indicators showing a slowdown in the housing market, borrowers have yet to default on their payments.