U.S. FORECLOSURE ACTIVITY DECLINES BOTH MONTHLY AND ANNUALLY IN AUGUST 2024

Foreclosure Starts Decrease 5.1 Percent from Last Month; Completed Foreclosures Decrease 12 Percent from Last Month

IRVINE, Calif., Sept. 12, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data and analytics, today released its August 2024 U.S. Foreclosure Market Report, which shows there were a total of 30,227 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 5.3 percent from a month ago and down 11 percent from a year ago.

“Foreclosure activity has remained relatively steady in recent months, with both foreclosure starts and completed foreclosures declining in August,” said Rob Barber, CEO at ATTOM. “While overall activity is significantly lower than the peaks seen during the 2008 financial crisis, when filings exceeded 300,000 per month, the current economic environment, coupled with rising interest rates and affordability challenges, suggests a continued focus on potential housing market instability.”

Nevada, Florida, and Illinois post highest foreclosure rates

Nationwide, one in every 4,662 housing units had a foreclosure filing in August 2024. States with the highest foreclosure rates were Nevada (one in every 2,473 housing units with a foreclosure filing); Florida (one in every 2,605 housing units); Illinois (one in every 2,837 housing units); South Carolina (one in every 2,877 housing units); and New Jersey (one in every 3,227 housing units).

Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2024 were Lakeland, FL (one in every 1,245 housing units with a foreclosure filing); Chico, CA (one in every 1,526 housing units); Columbia, SC (one in every 1,796 housing units); Bakersfield, CA (one in every 1,972 housing units); and Las Vegas, NV (one in every 2,016 housing units).

Other than Las Vegas, those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2024 were: Riverside, CA (one in every 2,423 housing units); Miami, FL (one in every 2,429 housing units); Chicago, IL (one in every 2,450 housing units); and Orlando, FL (one in every 2,595 housing units).

Greatest numbers of foreclosure starts in Florida, California, and Texas

Lenders started the foreclosure process on 20,747 U.S. properties in August 2024, down 5.1 percent from last month and down 9.4 percent from a year ago.

States that had the greatest number of foreclosure starts in August 2024 included: Florida (2,668 foreclosure starts); California (2,443 foreclosure starts); Texas (1,857 foreclosure starts); New York (1,328 foreclosure starts); and Illinois (1,208 foreclosure starts).

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in August 2024 included: New York, NY (1,332 foreclosure starts); Chicago, IL (1,069 foreclosure starts); Miami, FL (743 foreclosure starts); Los Angeles, CA (675 foreclosure starts); and Houston, TX (507 foreclosure starts).

Foreclosure completion numbers decrease from last month and last year

Lenders repossessed 2,889 U.S. properties through completed foreclosures (REOs) in August 2024, down 12.0 percent from last month and down 13.9 percent from a year ago.

States that had the greatest number of REOs in August 2024, included: Pennsylvania (266 REOs); California (229 REOs); Illinois (224 REOs); Michigan (206 REOs); and Florida (202 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2024 included: Chicago, IL (154 REOs); Detroit, MI (114 REOs); New York, NY (112 REOs); Pittsburgh, PA (100 REOs); and Baltimore, MD (56 REOs).

Report methodology

The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

About ATTOM

ATTOM provides premium property data and analytics that power a myriad of solutions that improve transparency, innovation, digitization and efficiency in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions.