Industry Update
October 11, 2024

Source: ATTOM

According to ATTOM’s just released September and Q3 2024 U.S. Foreclosure Market Report, there were a total of 87,108 U.S. properties with foreclosure filings in Q3 2024.  This figure reflects a 2 percent decrease compared to the previous quarter and a 13 percent decrease compared to the same period last year.

ATTOM’s latest foreclosure market analysis reveals that 29,668 U.S. properties had foreclosure filings in September 2024, which is a 2 percent decrease from the previous month and a 19 percent decrease compared to the same period last year.

The report notes that in the third quarter of 2024, 62,380 U.S. properties entered the foreclosure process, reflecting a decline of less than 1 percent from the previous quarter and a 10 percent decrease compared to the same period last year.

The analysis also indicates that states with 1,000 or more foreclosure starts in the third quarter of 2024 that experienced the largest annual decreases were North Carolina (down 44 percent), Georgia (down 29 percent), Maryland (down 22 percent), New Jersey (down 20 percent), and South Carolina (down 19 percent).

ATTOM’s foreclosure report also noted that major metropolitan areas with populations of 200,000 or more that recorded the highest number of foreclosure starts in the third quarter of 2024 were New York, NY (3,776 starts); Chicago, IL (3,231 starts); Los Angeles, CA (2,166 starts); Miami, FL (2,142 starts); and Houston, TX (1,791 starts).

The report states that in September 2024, 19,763 U.S. properties began the foreclosure process, marking a 5 percent decrease from the previous month and a 21 percent decline compared to September 2023.

In this post, we dig a bit deeper to uncover the top 10 U.S. states with the greatest numbers of foreclosure starts in September 2024. Those states include: Florida (2,511 foreclosure starts); California (2,232 foreclosure starts); Texas (2,072 foreclosure starts); New York (1,110 foreclosure starts); Illinois (1,097 foreclosure starts); Ohio (912 foreclosure starts); Michigan (710 foreclosure starts); Georgia (667 foreclosure starts); New Jersey (619 foreclosure starts); and Indiana (548 foreclosure starts).

Industry Update
October 9, 2024

Source: ATTOM

ATTOM, a leading curator of land, property data, and real estate analytics, today released its Q3 2024 U.S. Foreclosure Market Report, which shows a total of 87,108 U.S. properties with foreclosure filings during the third quarter of 2024, down 2 percent from the previous quarter and down 13 percent from a year ago.

The report also shows a total of 29,668 U.S. properties with foreclosure filings in September 2024, down 2 percent from the previous month and down 19 percent from a year ago.

“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” said Rob Barber, CEO of ATTOM. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.”

Foreclosure starts decrease nationwide

A total of 62,380 U.S. properties started the foreclosure process in Q3 2024, down less than 1 percent from the previous quarter and down 10 percent from a year ago.

States that had 1,000 or more foreclosures starts in Q3 2024 and saw the greatest annual decrease included, North Carolina (down 44 percent); Georgia (down 29 percent); Maryland (down 22 percent); New Jersey (down 20 percent); and South Carolina (down 19 percent).

Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q3 2024 included, New York, New York (3,776 foreclosure starts); Chicago, Illinois (3,231 foreclosure starts); Los Angeles, CA (2,166 foreclosure starts); Miami, FL (2,142 foreclosure starts); and Houston, Texas (1,791 foreclosure starts).

Highest foreclosure rates in Illinois, Nevada, and Florida

Nationwide one in every 1,618 housing units had a foreclosure filing in Q3 2024. States with the highest foreclosure rates were Illinois (one in every 904 housing units with a foreclosure filing); Nevada (one in every 922 housing units); Florida (one in every 971 housing units); Delaware (one in every 1,060 housing units); and South Carolina (one in every 1,069 housing units).

Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q3 2024 were Lakeland, Florida (one in 610 housing units); Provo, Utah (one in every 647 housing units); Macon, Georgia (one in every 649 housing units); Columbia, South Carolina (one in every 663 housing units); and Atlantic City, New Jersey (one in every 766 housing units).

Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, include Chicago, Illinois (one in every 775 housing units); Las Vegas, Nevada (one in every 796 housing units); Cleveland, Ohio (one in every 819 housing units); Orlando, Florida (one in every 859 housing units); and Riverside, California (one in every 867 housing units).