January 12, 2017
Recently released data figures by ATTOM data solutions paint a pretty picture for property owners in the United States. Foreclosure filings hit a 10-year low in 2016, dropping by 14% YOY. The company’s data is based on publicly disclosed foreclosure filings, including bank repossessions, default notices and scheduled auctions.
In 2016, there were 933,000 filings, which is part of the aftermath of the housing crisis of the Great Recession. More than half (55%) of the loans in the process of foreclosure were originated between 2004 and 2008. CoreLogic reports that November saw a nearly 26% decrease in completed foreclosures YOY.
The majority of pending foreclosures that are backlogged from the crisis remain in states like California, Florida, Illinois, New York and New Jersey, because they are “judicial foreclosure” states, meaning that the filings must go through the court system.
While the numbers signal an optimistic outlook, there is also some downside for first-time buyers, due to rising home prices, increased interest rates, and required credit scores, as restrictions have tightened.
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