U.S. lenders started the public foreclosure process on 29,675 U.S. properties in July 2017, a drop of 5 percent from June and 19 percent from a year earlier.
Newly initiated home foreclosures have been below the pre-crisis (2005 and 2006) monthly average of 52,280 since March 2015.
Lenders completed the foreclosure process (bank repossessions or REOs) on 18,149 U.S. properties in July, a decrease of 29 percent from the previous month and 35 percent from the previous year.
The pre-crisis (2005–2006) average of U.S. home foreclosure completions was 23,120 properties a month. Year-over-year foreclosure completions have declined every month but one since March 2016.
Prior to that, annual foreclosure completions had declined for 27 consecutive months before starting to increase in March 2015.
It is good to note that foreclosure activity has been volatile over the last few years as states with a substantial pool of foreclosure inventory moved to reduce the backlog.