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U.S. consumer confidence hits 18-year high

BOSTON – Feb. 27, 2018 – The Conference Board Consumer Confidence Index surged higher in February following a modest increase in January. The Index now stands at 130.8, up from 124.3 in January. 

The Present Situation Index increased from 154.7 to 162.4, while the Expectations Index that gauges attitudes about the economy six months from now improved from 104.0 last month to 109.7 this month.

“Consumer confidence improved to its highest level since 2000 after a modest increase in January,” says Lynn Franco, director of economic indicators at The Conference Board. “Consumers’ assessment of current conditions was more favorable this month, with the labor force the main driver.

“Despite the recent stock market volatility, consumers expressed greater optimism about short-term prospects for business and labor market conditions, as well as their financial prospects. Overall, consumers remain quite confident that the economy will continue expanding at a strong pace in the months ahead.”

Current conditions
Consumers’ assessment of business conditions was moderately more positive than in January. The percentage saying business conditions are “good” increased slightly from 35.0 percent to 35.8 percent, while those saying business conditions are “bad” decreased from 13.0 percent to 10.8 percent.

Consumers’ assessment of the labor market was considerably more favorable. Those claiming jobs are “plentiful” increased from 37.2 percent to 39.4 percent, while those claiming jobs are “hard to get” decreased from 16.3 percent to 14.7 percent.

Short-term outlook
Consumers were also more optimistic about the short-term outlook in February. The percentage of consumers anticipating business conditions will improve over the next six months increased from 21.5 percent to 25.8 percent, while those thinking that business conditions will worsen decreased from 9.8 percent to 9.4 percent.

Consumers’ outlook for the job market was also more positive. The proportion expecting more jobs in the months ahead increased from 18.7 percent to 21.6 percent, while those anticipating fewer jobs declined from 12.5 percent to 11.9 percent.

Regarding their short-term income prospects, the percentage of consumers expecting an improvement increased from 20.6 percent to 23.8 percent, however, the proportion expecting a decrease also rose, from 7.9 percent to 8.6 percent.

The monthly Consumer Confidence Survey, based on a probability-design random sample, is conducted for The Conference Board by Nielsen. The cutoff date for the preliminary results was February 15.

© 2018 Florida Realtors®


NAR: U.S. home prices rose 5.3% in 4Q 2017

WASHINGTON – Feb. 13, 2018 – An uptick in existing-home sales in the last three months of 2017 pulled housing inventory down to an all-time low and kept home-price growth at its recent robust pace, according to the latest quarterly report by the National Association of Realtors® (NAR).

The national median existing single-family home price in the fourth quarter was $247,800, which is up 5.3 percent from the fourth quarter of 2016 ($235,400). The median price during last year’s third quarter climbed 5.6 percent from the third quarter of 2016.

Single-family home prices last quarter increased in 92 percent of measured markets, with 162 out of 177 metropolitan statistical areas1 (MSAs) showing sales price gains in the fourth quarter compared to a year ago.

Twenty-six metro areas (15 percent) saw double-digit increases (11 percent in the third quarter), and 18 metros eclipsed their previous peak sales price.

Overall, home prices are now at their all-time high in 114 markets (64 percent).

Lawrence Yun, NAR chief economist, says 2017 capped off another year where home prices in most markets ascended at a steady clip amidst improving sales and worsening inventory conditions.

“A majority of the country saw an upswing in buyer interest at the end of last year, which ultimately ended up putting even more strain on inventory levels and prices,” Yun says. “Remarkably, home prices have risen a cumulative 48 percent since 2011, yet during this same timeframe, incomes are up only 15 percent. In the West region, where very healthy labor markets are driving demand, the gap is even wider.”

Yun says the “consistent, multi-year price gains have certainly been great news for homeowners,” notably those who had negative equity during and after the recession. “However, the shortage of new homes being built over the past decade is really burdening local markets and making home buying less affordable.”

Total existing-home sales, including single family and condos, increased 4.3 percent to a seasonally adjusted annual rate of 5.62 million in the fourth quarter from 5.39 million in the third quarter. It was 1.3 percent higher than the 5.55 million pace during the fourth quarter of 2016.

At the end of the fourth quarter, there were 1.48 million existing homes available for sale, which was 10.3 percent below the 1.65 million homes for sale one year earlier. The average supply during the fourth quarter was 3.5 months – a drop from 4.2 months in the fourth quarter of 2016.

The national family median income rose to $74,4924 in the fourth quarter, but overall affordability still edged downward compared to a year ago because of the combination of rising mortgage rates and home prices. To purchase a single-family home at the national median price, a buyer making a 5 percent downpayment would need an income of $55,585, a 10 percent downpayment would require an income of $52,659, and $46,808 would be needed for a 20 percent downpayment.

“While tight supply is expected to keep home prices on an upward trajectory in most metro areas in 2018, both the uptick in mortgage rates and the impact of the new tax law on some high-cost markets could cause price growth to moderate nationally,” says Yun. “In areas where homebuilding has severely lagged job creation in recent years, it’s going to be a slow slog before there’s enough new construction to cool price appreciation to a pace that aligns more closely with incomes.”

The five most expensive housing markets in the fourth quarter were the San Jose, California metro area, where the median existing single-family price was $1,270,000; San Francisco-Oakland-Hayward, California, $920,000; Anaheim-Santa Ana-Irvine, California, $785,000; urban Honolulu, $760,600; and San Diego-Carlsbad, $610,000.

The five lowest-cost metro areas in the fourth quarter were Cumberland, Maryland, $84,600; Youngstown-Warren-Boardman, Ohio, $90,200; Decatur, Illinois, $100,000; Binghamton, New York, $108,900; and Wichita Falls, Texas, $110,400.

Metro area condominium and cooperative prices – covering changes in 61 metro areas – showed the national median existing-condo price was $237,500 in the fourth quarter, up 7.0 percent from the fourth quarter of 2016 ($222,000). Eighty-four percent of metro areas showed gains in their median condo price from a year ago.

Regional breakdown

Total existing-home sales in the Northeast jumped 10.1 percent in the fourth quarter but are 0.4 percent below the fourth quarter of 2016. The median existing single-family home price in the Northeast was $268,100 in the fourth quarter, up 4.2 percent from a year ago.

In the Midwest, existing-home sales rose 6.0 percent in the fourth quarter and are 2.3 percent above a year ago. The median existing single-family home price in the Midwest grew 7.2 percent to $193,800 in the fourth quarter from the same quarter a year ago.

Existing-home sales in the South increased 3.8 percent in the fourth quarter and are 1.8 percent higher than the fourth quarter of 2016. The median existing single-family home price in the South was $221,600 in the fourth quarter, 5.0 percent above a year earlier.

In the West, existing-home sales in the fourth quarter were at an annualized rate of 1.23 million (unchanged from the third quarter), up 0.3 percent from a year ago. The median existing single-family home price in the West increased 7.2 percent to $374,400 in the fourth quarter from the fourth quarter of 2016.

© 2018 Florida Realtors®

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Lic. Real Estate Broker

Ocean Realty

Housing sentiment at new high on higher home price expectations

WASHINGTON –Feb. 7, 2018 – The Fannie Mae Home Purchase Sentiment Index® (HPSI) rose 3.7 points in January to 89.5, reversing the decrease seen last month and reaching a new all-time survey high. The rise can be attributed to increases in five of the six HPSI components. The HPSI is up 6.8 points compared with the same time last year.

The net share of respondents who said now is a good time to buy a home increased 3 percentage points to 27%, reversing some of December’s decline. Additionally, the net share who reported that now is a good time to sell a home increased 4 percentage points and is now up 23 percentage points year-over-year.

The net share who said home prices will go up in the next 12 months increased 8 percentage points in January, reaching a new survey high of 52%. The percentage who said home prices will go up reached a new survey high of 58%.

Meanwhile, Americans also expressed a greater sense of job security, with the net share who say they are not concerned about losing their job increasing 5 percentage points to 73%.

Finally, the net share of consumers who said mortgage rates will go down over the next 12 months increased 2 percentage points in January, while the net share reporting that their income is significantly higher than it was 12 months ago remained at 16% from December.

“HPSI rebounded from last month’s dip to a new survey high in January, in large part due to the spike in consumers’ net expectations that home prices will increase over the next year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Results may continue to fluctuate over the coming months as consumers sort out the implications of the newly passed tax legislation on their household finances.

Over the past year, continued home price growth has helped spur a sizable increase in the net share of consumers who say it’s a good time to sell a home but also a modest weakening in the net share who say it is a good time to buy. At the start of 2018, it is still too early to determine the overall effect of the new tax legislation on housing, and we will need to see whether positive impacts on both housing demand and supply materialize in the coming months.’

The Home Purchase Sentiment Index distills information about consumers’ home purchase sentiment from Fannie Mae’s National Housing Survey® (NHS) into a single number. The HPSI reflects consumers’ current views and forward-looking expectations of housing market conditions and complements existing data sources to inform housing-related analysis and decision-making.

The January 2018 National Housing Survey was conducted between Jan. 2, 2018 and Jan. 25, 2018, polling about 1,000 Americans. Most of the data collection occurred during the first two weeks of this period. Interviews were conducted by PSB, in coordination with Fannie Mae.

© 2018 Florida Realtors®

Cash sales hit post-recession high

CHICAGO – Feb. 5, 2018 – Cash sales accounted for 8 percent of new-home sales in the fourth quarter of 2017, matching a high not seen since 2014, the National Association of Home Builders reports on its Eye on Housing blog.

Cash sales make up an even larger share of existing-home sales – about 20 percent in December, according to the National Association of Realtors®.

Cash hardly makes up the bulk of financing options for buyers, however, though the share of new homes financed with conventional mortgages dropped slightly from 73.2 percent to 72.7 percent.

In the fourth quarter of 2017, 12.9 percent of new-home buyers used FHA loans. The share of sales financed with FHA-backed mortgages has dropped 4 percentage points since reaching a peak in the second quarter of 2015.

“Different sources of financing serve distinct market segments, which is revealed in part by the median new-home price associated with each,” NAHB reports.

Split by types of financing, the median prices of new homes by loan type is:

  • Conventional loans: $347,800
  • FHA loans: $233,900
  • VA loans: $294,400
  • Cash: $349,300

Source: “Cash Sales Tie Post-Recession High,” National Association of Home Builders’ Eye on Housing blog (Jan. 26, 2018)

© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688

Builders: Demand for 55+ housing hits record high

WASHINGTON – Feb. 1, 2018 – Builder confidence in the single-family 55+ housing market hit at least a nine-year high in the fourth quarter of 2017– the highest reading since the National Association of Home Builders’ (NAHB) created the index in 2008.

The index rose to 71 in the last three months of 2017, up 12 points from the previous quarter, according to the National Association of Home Builders’ (NAHB) 55+ Housing Market Index (HMI).

“Builders and developers in the 55+ housing market are reporting strong demand across the country,” says Chuck Ellison, chairman of NAHB’s 55+ Housing Industry Council. “However, regulations in some parts of the country can make it challenging to meet the demand.”

There are separate 55+ HMIs for two segments of the 55+ housing market: single-family homes and multifamily condominiums. Each 55+ HMI measures builder sentiment based on a survey that asks if current sales, prospective buyer traffic and anticipated six-month sales for that market are good, fair or poor.

All three index components of the 55+ single-family HMI posted increases from the previous quarter: Present sales posted a record high, increasing 14 points to 79; expected sales for the next six months jumped 10 points to 73; and traffic of prospective buyers rose seven points to 51.

The 55+ multifamily condo HMI posted a gain of three points to 54. The index component for present sales increased four points to 59; expected sales for the next six months rose five points to 60; and traffic of prospective buyers remained even at 40.

Two of the four components of the 55+ multifamily rental market went up from the third quarter: present production increased three points to 62 and expected future production rose four points to 61. However, present demand for existing units fell four points to 71 and future expected demand dropped nine points to 67.

“The strong performance of the 55+ HMI at the end of 2017 is consistent with recent increases in broader measures of the housing market, including the NAHB/Wells Fargo HMI,” says NAHB Chief Economist Robert Dietz. “We expect continued growth in the market for new 55+ housing in 2018 due to favorable demographics, rising homeowner wealth and the current tight supply of existing homes on the market.”

© 2018 Florida Realtors®

Florida consumer sentiment soars entering 2018

GAINESVILLE, Fla. – Jan. 30, 2018 – Consumer sentiment among Floridians started the year at its highest level in 16 years, increasing 2.3 points in January to 99.8 from a revised December figure of 97.5.

These confidence levels for Florida’s residents haven’t been observed since March 2002, when consumer sentiment reached 102 points.

Among the five components that make up the index, one decreased and four increased. In general, attitudes about current conditions remained stable but future expectations rose optimistically.

Perceptions of personal financial situations now compared with a year ago increased one-tenth of a point, from 88.9 to 89. Opinions as to whether it’s a good time to buy a big-ticket household item such as an appliance fell two points, from 106 to 104.

“Despite the increase in perception of personal finances, overall opinions of the current economic conditions for the U.S. decreased in January, particularly among those aged 60 and younger and those with income levels under $50,000,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.

However, the three components representing expectations for future economic conditions significantly improved this month. Anticipation of personal finances a year from now increased 4.4 points, from 104.2 to 108.6. Overall opinion of U.S. economic conditions over the next year had a 7.9 increase from 96.1 to 104. Finally, anticipated U.S. economic conditions over the next five years increased seven-tenths of a point, from 92.5 to 93.2.

The monthly unemployment rate in Florida increased one-tenth of a point in December to 3.7 percent. With the labor market adding jobs statewide, compared with December 2016, the number of jobs in December rose 2.5 percent to 213,500. The industries with the most job gains were professional and business services, followed by construction and trade, and transportation and utilities industries.

Florida’s housing market in December 2017 showed a 2.6 percent increase in homes sales. Despite decreased number of listings compared with December 2016, median and average prices, both rose according to Florida Realtors.

Real gross domestic product increased in every state between the second and third quarter of 2017; and in Florida, the real state GDP increased 3 percent. The finance and insurance sector was the main contributor, followed by retail trade and information sectors. Personal income also increased slightly among Floridians in the third quarter of 2017.

“These latest consumer sentiment figures support the expected positive economic trends from previous readings. In fact, we expect consumer sentiment in Florida to continue its upward trend as household income and wealth improve alongside the current local labor and housing market conditions,” Sandoval says.

Conducted Jan. 1-25, the UF study reflects the responses of 482 individuals who were reached on cellphones, representing a demographic cross section of Florida. The index is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2, the highest is 150.

© 2018 Florida Realtors®

Expect growth in Fla. employment, population and visitors

ORLANDO, Fla. – Jan. 26, 2018 – Florida’s economy grew in 2017, and that positive momentum should continue in 2018, according to economists and business data experts who spoke to a crowd of about 500 Realtors®at the 2018 Florida Real Estate Trends event Thursday during Florida Realtors Mid-Winter Business Meetings.

“For 2018, from a business point of view, Florida’s economy benefits from a growing population, strong and growing employment, and a rising number of visitors,” said Dr. Tony Villamil, founder and principal advisor of The Washington Economics Group and a former U.S. Undersecretary of Commerce for Economic Affairs under President George H.W. Bush.

“In fact, Florida is growing faster in terms of employment growth than the rest of the U.S., which is good for Florida real estate.”

He noted the three major drivers of the state’s economy are 1) Florida’s business climate, including real estate sales; 2) the U.S. economy and financial market trends; and 3) the global economy.

“Overall, Florida is a positive, pro-business climate state and I don’t see that changing significantly,” Villamil said. “For U.S. economic activity, I see a lot of enthusiasm on tax reform and deregulation – the U.S. economy is poised for a strong performance this year. We’ll likely see about 3 percent growth in the GDP (Gross Domestic Product) for the U.S.” He added that Florida’s GDP growth in 2018 is likely to also be about 3 to 3.5 percent.

Global economy activity is rebounding from its sluggish performance and growing, especially in major markets like Brazil and Canada, he noted. “Here in Florida, one of the sleepers is going to be India – it deserves a closer look,” Villamil said.

Another positive: Household net worth is at record levels, leaving consumers ready to spend – so real estate is in demand, he added.

However, “One downer here, is D.C. dysfunction,” Villamil cautioned. “In Washington, there’s a lot of animosity between the political parties. The key (for action) is going to be how we move toward less polarization between the parties.

“Florida’s economy depends on open markets. Looking at the global economy, in this area, I’m concerned about the administration’s policies. ”

Other speakers who discussed trends for 2018 and beyond were Kevin Foreman, general manager of GeoAnalytics for INRIX Inc.; and Dr. Brad O’Connor, Florida Realtors chief economist.

Foreman discussed how self-driving cars will impact real estate in the future, noting that there are currently about 7,000 on the roads, with that figure expected to reach 4.5 million by 2035. There are four trends in self-driving cars: autonomous (Tesla, Uber, Google and others are working on versions of autonomous cars); also shared; electric; and connected. And there are five levels of autonomy, including hands-on at level 1, hands-off at 2, eyes-off at 3, mind-off at 4, and no-wheel at 5.

At his Seattle office, INRIX offers, on a rotating basis, the chance to get to work using a Tesla autonomous vehicle, Foreman said.

“It’s really nice to go to work and be able to shave, to eat (with both hands) and check email – oh, yes, you’re all Realtors – you already do that,” he said, earning laughs from the crowd.

Foreman added, “We as humans are starting to measure distance differently. It used to be in miles or kilometers. Now, it’s minutes – how long will it take me to get to the airport?Take a picture of traffic signals and milepost signs; they’ll be gone in 30 years. “Now, many people want to search for homes in drive time, to see how long their commute would be to work, to school, and so on.”

According to Foreman, with self-driving cars, the new landscape for real estate will include:

  • No more speeding tickets
  • No more drunk driving
  • No more drivers’ licenses – the blind, elderly and kids can “drive”
  • No distracted driving – more texting, sleeping
  • Two-handed eating
  • Longer “drive” times – people can eat, sleep, work during commutes
  • Less office infrastructure
  • ″More agent productivity

Wrapping up the event, Florida Realtors Chief Economist Brad O’Connor took a look at what happened in Florida real estate in 2017 after Hurricane Irma, which made landfall on Cudjoe Key on Sept. 10 as a Category 4 with winds of more than 130 mph. Prior to Irma, Florida had not been hit by a major (Category 3 or above) hurricane in about 10 years.

To analyze what Hurricane Irma’s long-term impact might be on the market, Florida Realtors Research Department reviewed residential real estate sales data from Florida Realtors from 2004 and 2005 (during the span of time when Hurricanes Charley, Frances, Jeanne, Ivan, Dennis and Wilma struck Florida) as well hurricane claims data from the Florida Office of Insurance Regulation.

“Long-term market impacts from landfalling hurricanes are rare and highly localized,” O’Connor said. “Long-term sales declines were observed only in coastal areas where a significant percentage of structures were severely damaged by Category 4-plus winds.”

Short-term market impacts from a hurricane are more common and widespread, he added.

“Sales in areas where most homes did not experience severe structural damage rebounded within a month or two of landfall,” he said. “These temporary slowdowns were due to business activity halting ahead of the storm and power outages, regulations and additional required inspections afterwards.

“Sale prices don’t seem to care much about hurricanes. Plenty of buyers are happy to line up to buy the real estate as long as it’s not completely annihilated.”

Summarizing 2017 housing market activity, O’Connor said single-family existing home sales in Florida were up 1.2 percent over 2016’s sales level – and would have been up by about 3 percent if there had been no Hurricane Irma. 2017 sales of existing condos and townhouses were up about 3 percent year-over-year; and would likely have been about 6 percent higher than 2016 without Irma. The statewide median price in both sectors was up about 8 percent compared to a year ago.

“Dollar volume is up, time on market is down and inventory is down,” he said. “It’s really inventory constraints that’s bringing sales down. Not only aren’t enough homes being built, but people who own their homes aren’t moving. They used to stay in a home on average about seven years, and that median has moved up to 11 years now.”

The Miami Association of Realtors®was the title sponsor for the 2018 Florida Real Estate Trends event; co-sponsors included the Realtors®of the Palm Beaches and Greater Fort Lauderdale; the Northeast Florida Association of Realtors®; Orlando Regional Realtor®Association; My Florida Regional MLS; and the Royal Palm Coast Realtor®Association.

© 2018 Florida Realtors®

Fla. housing market: Sales, median prices rise in Dec. 2017

ORLANDO, Fla. – Jan. 24, 2018 – Florida’s housing market reported more closed sales and higher median prices in December, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,903 last month, up 2.6 percent compared to December 2016.

“Florida’s housing market continued to experience tight inventory of for-sale homes in December, and that’s definitely impacting the market,” said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “Last month, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for 72 months in row. For sellers, that’s good news; however, rising prices and tight inventory are putting pressure on first-time homebuyers and those who may be looking for their next ‘move-up’ home.

“Any consumer looking to buy or sell a home in Florida should consult a local Realtor, who can who can help them understand local market conditions and be prepared to act when the time is right.”

In fact, sellers continued to get more of their original asking price at the closing table. Sellers of existing single-family homes in December received 96.3 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 95.1 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $244,185, up 8 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Thestatewide median price for condo-townhouse properties in December was $180,000, up 7.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

According to the National Association of Realtors®(NAR), the national median sales price for existing single-family homes in November 2017 was $, up percent from the previous year; the national median existing condo price was $546,820; in Massachusetts, it was $384,000; in Maryland, it was $280,570; and in New York, it was ®Chief Economist Dr. Brad O’Connor.< p=”” style=”margin: 0px; padding: 0px; font-size: 11px; border: none; border-spacing: 0px; border-collapse: collapse;”></SPAN<>

December’s for-sale inventory remained tight with a 3.6-months’ supply for single-family homes and a 5.6-months’ supply for condo-townhouse properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.95 percent in December 2017, down from the 4.20 percent averaged during the same month a year earlier.

For the full statewide housing activity reports, go to the Florida Realtors Research & Statistics section on Realtors also have access to local market stats (password protected) on Florida Realtors’ website.

© 2018 Florida Realtors®

Foreclosed homes dip to 12-year low

2539334956_5446b33610_oWASHINGTON – Jan. 22, 2018 – Foreclosures hit a 12-year low in 2017, and the distressed properties remain increasingly difficult to find in many markets. Foreclosure filings in 2017 – which include default notices, scheduled auctions and bank repossessions – dropped to the lowest level since 2005.

In total, foreclosure filings were reported on 676,535 U.S. properties in 2017. That represents just 0.51 percent of all housing units in the country. Filings were down 76 percent from a peak of nearly 2.9 million in 2010, ATTOM Data Solutions, a real estate data firm, reports in its newly released 2017 U.S. Foreclosure Market Report.

For 2017, ATTOM reports Florida had:

  • 24,215 scheduled foreclosure auctions scheduled for a 45 percent drop compared to 2016
  • 29,258 foreclosure starts for a 28 percent decline compared to 2016
  • 26,544 bank repossessions for a 44 percent decline compared to 2016

“Thanks to a housing boom driven primarily by a scarcity of supply, which has helped to limit home purchases to the most highly qualified – and low-risk – borrowers, the U.S. housing market has the luxury of playing a version of foreclosure limbo in which it searches for how low foreclosures can go,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.

Blomquist says a few U.S. markets are exceptions to the dropping foreclosure rule, however.

“There are a few notable local market exceptions playing a different version of foreclosure limbo, in which a backlog of legacy foreclosure activity left over from the last housing crisis is still winding its way through a labyrinthine foreclosure process,” he says.

Foreclosure starts are at a new record low nationwide. Lenders started the foreclosure process on 383,701 properties in 2017, down 82 percent from a peak of more than 2 million in 2009. That marks a new all-time low for foreclosure start data since ATTOM Data Solutions began collecting such data in 2006.

But a few markets are countering that trend. For example, the District of Columbia and five states posted year-over-year increases in foreclosure starts in 2017, which include Washington, D.C. (up 54 percent); West Virginia (up 32 percent); Vermont (up 27 percent); Oklahoma (up 23 percent); Illinois (up 2 percent); and Louisiana (up 2 percent).

© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688