Overview

• ATTOM reported 36,128 foreclosure filings in July, marking an 11% increase from June and a 13% rise year-over-year.
• Lenders initiated foreclosure proceedings on 24,302 properties in July, up 12% month-to-month and 11% year-over-year, while completed bank repossessions totaled 3,866, down 1% from June but up 18% from last year.
• Foreclosure rates were highest in Nevada (one in every 2,326 homes), Florida (one in every 2,420) and Maryland (one in every 2,566), and Texas, Florida and California led in total foreclosure starts.
• Market analysts point to the expiration of FHA relief, the resumption of federal student-loan collections and sustained affordability pressures as key drivers of the uptick.
• A newly enacted law extending protections for VA-backed mortgages is expected to temper foreclosure activity among veterans in the coming months.