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Housing Slump: Foreclosure Activity Jumps In Austin, Miami, San Diego, And Seattle

• Zero Hedge - Tyler Durden

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. 

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