Seasonal Influence Eases U.S. Foreclosure Activity, Marking Slight Decline
Industry Update
December 11, 2023
Source: ATTOM
ATTOM, a leading curator of land, property, and real estate data, today released its November 2023 U.S. Foreclosure Market Report, which shows there were a total of 32,120 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, but down 7 percent from the prior month.
“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” said Rob Barber, CEO at ATTOM. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.
Highest foreclosure rates in Delaware, Maryland, and Ohio
Nationwide one in every 4,347 housing units had a foreclosure filing in November 2023. States with the highest foreclosure rates were in: Delaware (one in every 2,393 housing units with a foreclosure filing); Maryland (one in every 2,537 housing units); Ohio (one in every 2,656 housing units); South Carolina (one in every 2,771 housing units); and New Jersey (one in every 2,834 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November 2023 were Bakersfield, CA (one in every 1,595 housing units with a foreclosure filing); Cleveland, OH (one in every 1,818 housing units); Canton, OH (one in every 1,820 housing units); Columbia, SC (one in every 1,922 housing units); and Stockton, CA (one in every 1,961 housing units).
Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in November 2023, including Cleveland, OH were: Philadelphia, PA (one in every 2,114 housing units); Baltimore, MD (one in every 2,206 housing units); Riverside, CA (one in every 2,327 housing units); and Las Vegas, NV (one in every 2,372 housing units).
For full report, please click the source link above.