ATTOM Data Solutions’ July 2018 U.S. Foreclosure Market Report reveals that foreclosure started to increase from a last year in 96 of the 219 metropolitan statistical areas (44%) analyzed in the report. 
Florida foreclosure starts up 35% in July
Twenty-one states posted a year-over-year increased amount of foreclosures which starts in July, including Florida (up 35%); California (up 3%); Texas (up 7%); Illinois (up 7%); and Ohio (up 2%). Nationwide, 30,187 U.S. properties started the foreclosure process for the first time in July – a 1 percent increase throughout the previous month and less than 1 percent year-to-year.
However, it’s the first rise in foreclosures after 36 consecutive months of year-over-year decreases. As outlined by ATTOM’s report, four Florida cities have experienced a notable change in foreclosures which started during the last 90 days, including: Miami May: 4% increase June: 35% increase July: 29% increase Jacksonville May: 22% increase June: 22% increase July: 81% increase Orlando May: 12% increase June: 22% increase July: 41% increase Cape Coral-Fort Myers May: 11% increase June: 64% increase July: 59% increase
“The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego and Austin,” says Daren Blomquist, senior vice president with ATTOM Data Solutions.
“Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets across the country,” Blomquist says.
“Most susceptible to rising foreclosure starts are affordability-challenged markets where home-buyers are more financially stretched and markets with some type of trigger event such as a natural disaster or large-scale layoffs.”
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