The 22,385 homes entering foreclosure in May represents a 3% monthly increase but a 4% decline from the same time last year, according to Attom Data Solutions' May U.S. Foreclosure Market Report. The numbers follow other data on embattled borrowers that indicate wavering, but
"While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates a resilience in certain areas," said Attom CEO Rob Barber in a press release.
Attom in the past month has also published data showing largely muted activity regarding zombie properties and the number of homeowners
The property analytics firm defines foreclosures as houses that have either received default notices, are scheduled for auction or have been repossessed by a bank. In all, 32,621 homes have foreclosure filings, or 1 in every 4,320 properties.
Repossessions are also trending down, with last month's 2,879 completed foreclosures representing 1% and 28% monthly and annual decreases, respectively.
New Jersey has the nation's highest foreclosure rate, with 1 in every 1,939 homes in some stage of the process. It's followed by Illinois, Delaware, Connecticut and Florida.
Garden State metros Trenton and Atlantic City are also two of the top-three cities with the highest foreclosure rates, trailing Longview, Texas where 1 in every 1,162 homes is in foreclosure, Attom said.
The nation's most populous cities and states topped Attom's lists for foreclosures and homes beginning the process last month. Post-pandemic hotspots including
