ATTOM Data Solutions noticed that 60 of the 220 major U.S. metropolitan areas posted a y/y increase in foreclosure activity in January 2019, an ominous sign of deceleration in the housing market.
According to the report, the hardest hit areas in January include Orlando, Florida (up 72% y/y); Austin, Texas (up 60% y/y); Miami, Florida (up 41% y/y); San Diego, California (up 12% y/y); and Seattle, Washington (up 10% y/y).
Across the U.S., a total of 29,382 U.S. properties started foreclosure proceedings in January, up more than 4% from the previous month and 2% from January 2018. January marked the second consecutive month with a y/y increase in foreclosure starts.
More than two dozen states including Washington, D.C. posted annual increases in foreclosure starts. States with the highest activity include Florida (up 91% y/y); Texas (up 50% y/y); Washington (up 41% y/y); Hawaii (up 31% y/y); and Arizona (up 28% y/y).
Mortgage companies repossessed 12,228 homes through foreclosure (REO) in January 2019, up 18% from the previous month but down 54% from 2018. The report notes that repossessions have moved higher for the third consecutive month with an overall y/y decrease.
Zerohedge readers have been well informed on recent housing market gyrations that could undoubtedly make 2019 one of the worst years for real estate in quite some time. Homeowners are struggling to sell their homes as inventory floods that market - forcing prices lower amid higher mortgage rates. Housing affordability continues to plague millions who have been priced out of starter homes. All this comes as the U.S. is expected to rapidly slow as recession fears soar.