Top 10 Counties with Greatest Number of REOs in August 2024
Industry Update
September 13, 2024
Source: ATTOM
According to ATTOM’s just released August 2024 U.S. Foreclosure Market Report, there were a total of 30,227 U.S. properties had foreclosure filings, which include default notices, scheduled auctions, or bank repossessions. This represents a 5.3% decrease from the previous month and an 11% decrease compared to the same period last year.
ATTOM’s latest foreclosure activity analysis reported that nationwide, in August, one in every 4,662 housing units nationwide had a foreclosure filing. The states with the highest foreclosure rates were Nevada (one in every 2,473 housing units), Florida (one in every 2,605), Illinois (one in every 2,837), South Carolina (one in every 2,877), and New Jersey (one in every 3,227).
The report also noted that in August 2024, lenders initiated the foreclosure process on 20,747 U.S. properties, reflecting a 5.1% decrease from the previous month and a 9.4% decline compared to the same time last year. In August 2024, the states that had the greatest number of foreclosure starts were: 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).
ATTOM’s foreclosure analysis also reported that in August 2024, lenders repossessed 2,889 U.S. properties through completed foreclosures (REOs), representing a 12.0% decrease from the previous month and a 13.9% drop compared to the same time last year. In August, the states that had the greatest number of REOs were: Pennsylvania (266 REOs); California (229 REOs); Illinois (224 REOs); Michigan (206 REOs); and Florida (202 REOs).
In this post, we take a more granular look by diving deep into the data behind ATTOM’s August 2024 foreclosure report to uncover the top 10 U.S. counties that had the greatest number of REOs. Those counties include: Cook County, IL (104 REOs); Wayne County, MI (90 REOs); Chemung County, NY (51 REOs); Los Angeles County, CA (49 REOs); Allegheny County, PA (38 REOs); Westmoreland County, PA (31 REOs); Baltimore City County, MD (28 REOs); San Diego County, CA (23 REOs); East Baton Rouge County, LA (21 REOs); and Queens County, NY (21 REOs).
For full report, please click the source link above.