Mortgage

Foreclosures fall 14% in November in comparison with the earlier month

After a 20% monthly increase in October, mortgage foreclosures fell 14% in November and 80% last year, according to Attom Data Solutions.

Foreclosure filings – including notices of default, bank withdrawals, and scheduled auctions – totaled 10,042, compared to 11,673 monthly and 49,898 year-over-year.

Every 13,581 pledged property was in a foreclosure phase in November. Florida led the nation with the highest foreclosure rate with one of 7,109 units. Illinois fell just behind with one of 7,285, followed by Oklahoma with 8,128.

St. Louis had the highest housing market rate with a population of over 1 million on one in 1,993 homes. Cleveland followed in third place with one of 5,368, Jacksonville, Florida with one of 5,877 units.

"It's not uncommon for foreclosure activities to slow down from November and during the holiday season," said Rick Sharga, executive vice president, RealtyTrac, in the report. "Both foreclosures and withdrawals were down about 80% year-over-year, but it might be worth noting that some cities potentially affected by the pandemic are flying to suburbs from urban areas – like New York City, and Chicago Miami – were among the markets with the highest levels of foreclosure. "

Foreclosure begins with mirrored filings and decreases by 13% from October and by 79% from November 2019. A total of 5,256 units initiated the foreclosure process, compared to 6,042 and 24,966 in the previous month and in the previous year. The number of launches increased 18% in Missouri, 14% in Indiana, 4% in Georgia, and 1% in Arizona and Texas.

Among the subway areas of over 1 million residents, New York led with 454 foreclosure starts, followed by 208 in St. Louis, 207 in Chicago, 151 in Miami and 147 in Los Angeles.

Lender foreclosures fell 22% monthly and 86% annually. Due to the repurchase of banks, 2,010 properties were put together in November, compared to 2,577 in October and 13,996 in the previous year. Florida submitted the most REOs with 273, followed by 167 in Illinois and 164 in California. Chicago led all of the major real estate markets with 114, followed by 93 in Phoenix and 88 in Atlanta.

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