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NYC tops national list of foreclosure activity

New York City is seeing some of the highest foreclosure activity in the nation as pandemic-driven flight to the suburbs squeezes property owners.

According to a new report from ATTOM Data Solutions, New York, along with Chicago, and Miami were among the markets with the highest levels of foreclosure actions during November, a month when the numbers nationally actually went down.

“It’s not unusual to see foreclosure activity slow down beginning in November and through the holiday season,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM Data Solutions company.

“Both foreclosure starts and repossessions were down about 80% on a year-over-year basis, but it might be worth noting that a few cities that may be vulnerable to the pandemic-driven flight from urban areas to the suburbs – like New York City, Chicago, and Miami – were among the markets with the highest levels of foreclosure actions.”

ATTOM’s November 2020 U.S. Foreclosure Market Report shows there were a total of 10,042 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in November 2020, down 14 percent from a month ago and down 80 percent from a year ago.

Florida, Illinois and Oklahoma post highest state foreclosure rates

Nationwide one in every 13,581 housing units had a foreclosure filing in November 2020. States with the highest foreclosure rates were Florida (one in every 7,109 housing units with a foreclosure filing); Illinois (one in every 7,285 housing units); Oklahoma (one in every 8,128 housing units); New Mexico (one in every 9,236 housing units); and Delaware (one in every 9,310 housing units).

Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November 2020 were Champaign, IL (one in every 3,636  housing units with a foreclosure filing); Shreveport, LA (one in every 3,806 housing units); Macon, GA (one in every 3,947 housing units); Davenport, IA (one in every 4,038 housing units); and Evansville, IN (one in every 4,296 housing units).

Those metropolitan areas with a population greater than 1 million that posted the worst foreclosure rates in November 2020, were St. Louis, MO (one in every 4,454 housing units); Cleveland, OH (one in every 5,368 housing units); Jacksonville, FL (one in every 5,877 housing units); Louisville, KY (one in every 6,373 housing units), and Birmingham, AL (one in every 6,591 housing units).

Foreclosure starts decline monthly nationwide

A total of 5,256 U.S. properties started the foreclosure process in November 2020, down 13 percent from last month and down 79 percent from a year ago.

While foreclosure starts are down in many states across the nation, a few states did see monthly increases in foreclosure starts in November 2020, including Missouri (up 18 percent), Indiana (up 14 percent), Georgia (up 4 percent), Arizona (up 1 percent), and Texas (up 1 percent).

Among metropolitan areas with a population greater than 1 million, those with the greatest number of foreclosure starts in November 2020 were New York, NY (454 foreclosure starts); St. Louis, MO (208 foreclosure starts), Chicago, IL (207 foreclosure starts); Miami, FL (151 foreclosure starts); and Los Angeles, CA (147 foreclosure starts).

Bank repossessions see a 22 percent decline from last month

Lenders foreclosed (REO) on a total of 2,010 U.S. properties in November 2020, down 22 percent from last month and down 86 percent from a year ago.

States that posted the greatest number of completed foreclosures (REOs) in November 2020, included Florida (273 REOs filed); Illinois (167 REOs filed); California (164 REOs filed); Arizona (141 REOs filed); and Georgia (117 REOs filed).

Among the metropolitan areas with a population greater than one million, those with the greatest number of REOs filed in November 2020, included Chicago, IL (114 REOs filed); Phoenix, AZ (93 REOs filed); Atlanta, GA (88 REOs filed); Birmingham, AL (60 REOs filed); and Miami, FL (58 REOs filed).

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