According to recently released data from 2016 foreclosure filings were reported on 933,045 U.S. properties, down 14 percent from 2015 to the lowest level since 2006.
The Year-End 2016 Foreclosure Market report shows that 0.7 percent of U.S. housing units had at least one foreclosure filing in 2016, the lowest annual foreclosure rate nationwide since 2006, when 0.58 percent of housing units had at least one foreclosure filing.
The District of Columbia had the highest share of legacy foreclosures with 76 percent, followed by Hawaii (66%), New Jersey (64%), Nevada (63%), Delaware (62%), and Massachusetts (61%). In terms of total number of legacy foreclosures, New Jersey led the way with 32,279, followed by New York (31,838), Florida (29,411), California (17,208), and Illinois (12,244).
Counter to the national trend, 15 states and the District of Columbia posted a year-over-year increase in foreclosure starts in 2016, including Delaware (up 37 percent); Connecticut (up 35 percent); Maine (up 30 percent); Rhode Island (up 26 percent); Arizona (up 15 percent); and Massachusetts (up 12 percent).
“The national foreclosure rate stayed within an historically normal range for the third consecutive year in 2016, even as banks continued to clear out legacy foreclosures from the last housing bubble, particularly in the final quarter of the year,” says Daren Blomquist, senior vice president at ATTOM Data Solutions, “Data still show that more than half of all active foreclosures nationwide are on loans originated between 2004 and 2008.”