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Central Pa. foreclosures continue to fall from 2010 peak.

Byline: Jason Scott

In York County, specifically, one of the top foreclosure counties in the country after the housing market crash, foreclosure filings have fallen nearly 70 percent since 2010, when there were 3,154 foreclosure filings in the county, according to California-based ATTOM Data Solutions. That was the peak year for county foreclosures.

Last year, York County saw 1,014 foreclosure filings after seeing 1,187 in 2017.

ATTOM's 2018 foreclosure report shows a 78 percent decrease in national foreclosure filings last year compared with 2010. There were 624,753 filings across the country last year, down from nearly 2.9 million in 2010. Last year's figure was the lowest level since 2005, according to ATTOM.

As the economy has improved this decade, buyer demand led to six years of increased home sales in Central Pennsylvania. Home sales dipped a bit last year due to a dearth of available homes for sale.

Home sales had been rising by double digits annually this decade, but the supply of homes hitting the market has dwindled over the past two years, a challenge that is expected to continue.Compared with York County, the Harrisburg area and Lancaster County have seen foreclosure filings fall by 40 to 50 percent since 2010, according to ATTOM. There were 970 filings in the Harrisburg area last year and 820 in Lancaster County.

Unlike York County, Lancaster County's peak year for filings was 2013 with 1,720 filings. In the Harrisburg area, the high was 2016 with 2,123.

Many U.S. properties are in the foreclosure process for years. The U.S. average at the end of 2018 was 811 days. ATTOM said lenders started the foreclosure process on 369,170 properties in 2018, down 6 percent from 2017 and 83 percent from a peak of more than 2.1 million in 2009.

Last year's start rate for foreclosures is a new all-time low, ATTOM said, with foreclosure start data available back to 2006.

In Central Pennsylvania, the peak year for foreclosure starts was 2010. York County was No. 1 with 1,849 new foreclosure starts in 2010.View the full article from the Central Penn Business Journal at Copyright 2019 BridgeTower Media. All Rights Reserved.

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Author:Scott, Jason
Publication:Central Penn Business Journal
Article Type:Statistical data
Geographic Code:1U2PA
Date:Jan 18, 2019
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