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Foreclosure Picture Improves, but Some States Drag Behind
Foreclosure activity continued to subside nationwide in February, reaching an 11-year-low.
The number of foreclosure filings in February was the lowest since November 2005, according to a press release from Attom Data Solutions, a property data provider.
Foreclosure activity dropped on a year-over-year basis for the 17th consecutive month. However, foreclosures persisted in some places.
Ten states, as well as the District of Columbia, saw a rise in filings on a year-over-year basis. New Jersey, already among the states foreclosure has hit hardest, experienced a 16% year-over-year increase in filings, the biggest in the country.
The national trend remained positive, however. One good sign: Foreclosure starts were down 13% in February from the prior year, the 20th consecutive month with a year-over-year drop.
Bank repossessions, which accounted for the largest share of foreclosure activity in February, were also down, not only from January but compared to February 2016 as well.
Losing your home to foreclosure can wreck your credit. If you're struggling with mortgage payments, keep up with how your loan is affecting your credit by viewing a free credit report summary every two weeks on Credit.com.
Here are the 10 states that had the highest foreclosure rates in February.
10. Pennsylvania
February 2017 foreclosure rate: 1 in every 1,406 housing units
Change from January 2017: up 1.25% (was No. 11)
Change from February 2016: down 11.79% (was No. 12)
9. Florida
February 2017 foreclosure rate: 1 in every 1,194 housing units
Change from January 2017: down 2.74% (was No. 6)
Change from February 2016: down 31.2% (was No. 6)
8. South Carolina
February 2017 foreclosure rate: 1 in every 1,176 housing units
Change from January 2017: up 4.46% (was No. 8)
Change from February 2016: down 5.76% (was No. 9)
7. Connecticut
February 2017 foreclosure rate: 1 in every 1,167 housing units
Change from January 2017: up 4.16% (was No. 7)
Change from February 2016: down 9.1% (was No. 8)
6. Ohio
February 2017 foreclosure rate: 1 in every 1,088 housing units
Change from January 2017: up 18.43% (was No. 10)
Change from February 2016: down 4.8% (was No. 7)
To see the full list of states with the highest foreclosure rates in February, visit Credit.com.
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