Foreclosures of all types were filed on 109,434 properties in July, an increase of 2% from June, but the figure is still down 16% from one year ago, according to July’s Foreclosure Market Report from RealtyTrac.
July’s report shows that one out of every 1,203 homes in the U.S. had a foreclosure filing during the month of July.
Foreclosure activity recorded includes all default notices, scheduled auctions and bank repossessions.
“July was the 46th consecutive month where U.S. foreclosure activity was down on a year-over-year basis,” said Daren Blomquist, vice president at RealtyTrac. “After nearly four years of falling foreclosures, we are starting to see evidence that foreclosure numbers are normalizing at the national level. The 16% decrease in July was exactly half the annual decrease we saw a year ago in July 2013, when U.S. foreclosure activity was down 32% on a year-over-year basis.”
Per RealtyTrac’s report, a total of 49,624 U.S. properties started the foreclosure process for the first time in July, which represents a 5% increase from June. But the figure is still down 18% from a year ago, which marks the 24th consecutive month with a year-over-year decrease in U.S. foreclosure starts.
Other highlights from the RealtyTrac report:
Despite the annual decrease nationally, foreclosure starts increased from a year ago in 14 states, including Nevada (up 128%), Texas (up 29%), New York (up 17%), Massachusetts (up 12%), and Michigan (up 6%).
A total of 51,595 U.S. properties were scheduled for foreclosure auction in July, up 10% from the previous month but still down 3% from a year ago. Non-judicial foreclosure auctions increased 26% from June to July, but were still down 7% on a year-over-year basis.
Despite the annual decrease nationally, scheduled foreclosure auctions increased from a year ago in 20 states, including New Jersey (up 105%), Oregon (up 50%), Louisiana (up 32%), Utah (up 30%), Connecticut (up 18%), and New York (up 16%).
Lenders repossessed a total of 25,937 U.S. properties via foreclosure in July, down 4% from the previous month and down 30% from a year ago to the lowest level since April 2007.
Bank repossessions were up in seven states, including Maryland (up 77%), California (up 22%), Oregon (up 13%), and New Jersey (up 12%).
Click next to see a breakdown of the cities and states that saw the largest rises and falls in foreclosure activity in July.
In five of the nation’s 20 largest cities, foreclosure activity increased in July.
The Houston metro area posted the biggest annual increase in foreclosure activity from a year ago among the 20 largest metro areas, up 66%. The increase in Houston came on the heels of 23 consecutive months of decreasing foreclosure activity on an annual basis and was driven primarily by a 116% jump in scheduled foreclosure auctions, RealtyTrac said.
Washington, D.C., documented the second highest annual increase in foreclosure activity in July, up 24% from a year ago. July marked the 14th out of the last 17 months where DC metro area foreclosure activity has increased on an annual basis.
Florida foreclosure activity decreased 30% on a year-over-year basis in July — the 12th consecutive month with an annual decrease — but the state still posted the nation’s highest state foreclosure rate for the 10th consecutive month. One in every 469 Florida housing units had a foreclosure filing in July, more than two and a half times the national average.
Maryland foreclosure activity increased 5% in July from the previous month and was up 9% from a year ago — continuing a two-year trend in rising foreclosure activity in the state. One in every 553 Maryland housing units had a foreclosure filing during the month, the nation’s second highest state foreclosure rate for the sixth consecutive month.
Following nine consecutive months of annual decreases, Nevada foreclosure activity in July increased 15% from a year ago and was up 36% on a month-over-month basis, boosting the state’s foreclosure rate to third highest nationally after ranking sixth highest in June. One in every 639 Nevada housing units had a foreclosure filing during the month.
Illinois foreclosure activity decreased 9% from a year ago in July, the 20th consecutive month where the state’s foreclosure activity has decreased on an annual basis, but Illinois still posted the nation’s fourth highest foreclosure rate: one in every 747 housing units with a foreclosure filing.
Ohio foreclosure activity decreased 24% from a year ago in July, the 11th consecutive month where the state’s foreclosure activity has decreased on an annual basis, but Ohio still posted the nation’s fifth highest foreclosure rate: one in every 839 housing units with a foreclosure filing.
Other states with foreclosure rates among the nation’s 10 highest in July were South Carolina (one in every 893 housing units with a foreclosure filing); Indiana (one in every 911 housing units); Delaware (one in every 948 housing units); Utah (one in every 1,010 housing units); and California (one in every 1,032 housing units).
