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U.S. Foreclosure Activity Drops to 15-Year Low In 2019 ,New Jersey Still Leads

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the staff of the Ridgewood blog

Ridgewood NJ, according to ATTOM data solutions  US Foreclosure Starts  have hit a new record low nationwide, with the highest foreclosure rates in metropolitan areas along  the East Coast.

ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Year-End 2019 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 493,066 U.S. properties in 2019, down 21 percent from 2018 and down 83 percent from a peak of nearly 2.9 million in 2010 to the lowest level since tracking began in 2005.

Those 493,066 properties with foreclosure filings in 2019 represented 0.36 percent of all U.S. housing units, down from 0.47 percent in 2018 and down from a peak of 2.23 percent in 2010.

States with the highest foreclosure rates in 2019 were New Jersey (0.82 percent of housing units with a foreclosure filing); Delaware (0.73 percent); Maryland (0.66 percent); Florida (0.63 percent); and Illinois (0.63 percent). New Jersey has held the top spot since 2015. Rounding out the top 10 states with the highest foreclosure rates were Connecticut (0.53 percent); South Carolina (0.52 percent); Ohio (0.48 percent); Nevada (0.42 percent); and New York (0.41 percent).

Among 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in 2019 were Atlantic City, New Jersey (1.33 percent of housing units with a foreclosure filing); Trenton, New Jersey (0.91 percent); Jacksonville, Florida (0.85 percent); Rockford, Illinois (0.82 percent); and Lakeland, Florida (0.81 percent).

Metro areas with a population greater than 1 million that had the highest foreclosure rate, including Jacksonville, Florida were: Philadelphia, Pennsylvania (0.75 percent); Cleveland, Ohio (0.73 percent); Chicago, Illinois (0.71 percent); and Baltimore, Maryland (0.68 percent).

The good news for New Jersey is that it had one of the biggest declines in forcosure rates. States that saw the decline in foreclosure starts from last year included Nevada (down 30 percent); New York (down 28 percent); New Jersey (down 21 percent); California (down 13 percent); and Arizona (down 11 percent).

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