US foreclosures continue to soar

Large metropolitan areas with the greatest number of foreclosure starts last month included: New York with 1,593, followed by Chicago (1,028) and Houston (685). Miami reported 657.

On a slightly more positive note, although foreclosure starts have jumped by 98% compared to last year, they were down 5% from last month. In addition, foreclosure completions were also down during the same November period (9%).

Foreclosure completions

Data from ATTOM shows that lenders repossessed a total of 3,770 properties through completed foreclosures (REOs) across the country in November.

States with the largest number of REOs included Illinois (343 REOs); New York (313); Pennsylvania (220); Michigan (210); and Ohio (208).

Major metropolitan statistical areas (MSAs) with a population greater than one million reporting the greatest number of REOs last month included: Chicago (278 REOs); New York (174 REOs); Philadelphia (103 REOs); Detroit (77 REOs); and Houston (59 REOs).