IRVINE, CA—First-quarter foreclosure activity for single-family homes was below pre-recession levels nationwide and in 102 out of 216 metropolitan statistical areas, ATTOM Data Solutions said Thursday. Forty-seven percent of the markets analyzed by ATTOM saw fewer foreclosures than the pre-recession average in Q1, compared to 36% a year ago.

Nationally, Q1 foreclosure filings were reported on 234,508 US properties, a decline of 11% from Q4 of 2016 and 19% from the year-ago period for the lowest level since Q3 2006. Q1 foreclosure activity was 16% below the pre-recession average of 278,912 properties for foreclosure filings each quarter between Q1 '06 and Q3 2007.

“US foreclosure activity on a quarterly basis first dipped below pre-recession averages in the fourth quarter of last year, and this report shows that trend continuing for the second consecutive quarter,” says Daren Blomquist, SVP with ATTOM. “The number of local markets dropping below pre-recession levels continues to grow, up from 78 a year ago.”

ATTOM's latest report shows a total of 83,145 properties with foreclosure filings in March. That's up 1% from February but down 24% year over year, representing the 18th consecutive month with a Y-O-Y decrease.

Similarly, foreclosure starts were up 6% month-over-month to 36,370 but still down 24% Y-O-Y. Although March marked the second consecutive month with a month-over-month increase in foreclosure starts, ATTOM says starts in March were down on a Y-O-Y basis for the 21st consecutive month. Lenders completed foreclosures on 28,634 properties last month, a decline of 4% from the previous month and 15% from a year ago.

Among the markets in which Q1 foreclosure activity fell below pre-recession averages were Los Angeles (46% below), Dallas (73% below), Houston (52% below), Miami (44% below) and Atlanta (67% below). Others in this category included San Francisco, Riverside-San Bernardino in Southern California, Phoenix, Detroit and Seattle.

Conversely, Q1 foreclosure activity was still above pre-recession levels in 53% of US markets. Major metro areas falling into this category included New York City (80% above); Chicago (9% above); Philadelphia (97% above); Washington, DC (64% above); and Boston (26% above). Philadelphia also saw a Y-O-Y increase in foreclosure activity, as did Phoenix, with increases of 15% and 1%, respectively.

Instant Insights /

Q1 Foreclosures Reach 10-Year Low

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