What’s Leading to Foreclosure Upticks in Some States

Blomquist: “We’re back to normal pre-recession foreclosure activity, and we’re seeing the numbers go back to a new normal that is lower than what we were seeing prior to the Great Recession.”

IRVINE, CA—Whether they’re still working through the bad loans from the Great Recession, dealing with the aftermath of statute-of-limitations legislation or seeing the results of relaxing standards, it’s not time to sound the alarm in states that are seeing home-loan foreclosure upticks, ATTOM Data Solutions’ SVP Daren Blomquist tells GlobeSt.com. According to data from the firm that was released today, overall national foreclosure activity in February dropped to a new 11-year low, the lowest since November 2005, but has increased in Washington, DC, on a year-over-year basis for 12 consecutive months ending in February. Also, counter to the national trend, foreclosure starts increased on a year-over-year basis in 15 states and the District of Columbia.

The data shows that national foreclosure activity decreased on a year-over-year basis for the 17^th consecutive month, but increased on a year-over-year basis in 10 states and the District of Columbia, where foreclosure activity increased 235% from a year ago. States with a year-over-year increase included New Jersey (up 16%); Delaware (up 14%); Louisiana (up 12%); Alabama (up 10%); and Hawaii (up 8%).