In January of 2017, ATTOM Data Solutions, which manages one of the largest property databases in the country, released its Year-End 2016 U.S. Foreclosure Market Report tracking the number of foreclosure filings in the United States. The information in ATTOM’s annual report is based on publicly recorded and published foreclosure filings collected in more than 2,500 counties throughout the United States.
Foreclosure filings consisting of default notices, scheduled auctions and bank repossessions numbered 933,045 in 2016, which were a decrease of 14 percent from 2015. This total was also the lowest level of foreclosure filings since 2006 when 717,522 U.S. properties were reported. The rate of 0.70 percent of all U.S. housing units having at least one foreclosure filing in 2016 was also the lowest annual rate since 2006 when it was reported that 0.58 percent of housing units had at least one foreclosure filing.
In December of 2016, there were 85,919 U.S. properties with foreclosure filings, a decrease of one percent from the previous month and 17 percent from 2015. December of 2016 was the 15th consecutive month with a year-to-year decrease in reported foreclosures.
The processing of legacy foreclosures continues to occur. A legacy foreclosure is a foreclosure that originated between 2004 and 2008 during the country's real estate crisis. While the evidence shows that many banks pushed legacy foreclosures through in the fourth quarter of 2016, a substantial increase from the third quarter, the evidence also indicates that despite this push, more than half of all active foreclosures are on loans originated between 2004 and 2008, with some markets having a much higher share of legacy foreclosures.
Of all the foreclosures in the nation, 55 percent of all loans actively in foreclosure as of the end of 2016 were legacy foreclosures originating between 2004 and 2008. The District of Columbia had the highest share of legacy foreclosures with 76 percent, followed by Hawaii (66 percent), New Jersey (64 percent), Nevada (63 percent), Delaware (61 percent), and Massachusetts (61 percent).
Homeowners need sufficient time to address financial problems. Timely action by a foreclosure defense attorney may help homeowners find such time and opportunity. At Loan Lawyers, our South Florida consumer rights and debt defense attorneys help individuals with problems related to the payment of their mortgage. If you are facing foreclosure and require assistance with this and loss mitigation, contact our office today by calling (888) FIGHT-13 (344-4813) and see how we can help.