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July 12, 2018
According to a new report released by Attom Data Solutions, twenty-two U.S. states posted increases in the number of new foreclosure filings for the first half of 2018, compared to the same period a year ago. Some experts believe the loosening of lending standards may be among the reasons why some of the nation’s hottest real estate markets are seeing a rise in their foreclosures.
The report noted that overall the total number of foreclosures actually fell by about 8 percent when compared to the same time last year. Yet, in major markets like Los Angeles, foreclosure filings increased by 9 percent on a year-over-year basis. Los Angeles also reported a 39 percent increase on a quarterly basis. South Florida logged a 49 percent increase in foreclosure filings on a quarterly basis, while the year-over-year comparison remained steady.
Thankfully, the report was not all negative. The news was better in New York and Chicago’s metro areas, where foreclosure starts declined by 19 percent in Chicago and 18 percent in New York on a year-over-year basis. It was also noted that foreclosure activity in the second quarter of 2018 was significantly below pre-recession levels in 121 of the 219 metro areas analyzed.
Source: The Real Deal Miami
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