Top 10 States Posting Midyear Declines in Foreclosure Filings
Industry Update
July 12, 2024
Source: ATTOM
According to ATTOM’s just released Midyear 2024 U.S. Foreclosure Market Report, a total of 177,431 U.S. properties had foreclosure filings—including default notices, scheduled auctions, or bank repossessions—during the first six months of 2024. This figure represents a 4.4 percent decrease compared to the same period last year, but a 7.8 percent increase compared to the same period two years ago.
ATTOM’s latest foreclosure activity analysis stated that according to ATTOM CEO Rob Barber, “In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” stated Rob Barber, CEO for ATTOM. “In addition, U.S. foreclosure starts also decreased by 3 percent in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”
Also, according to the report, In the first half of 2024, the states with the greatest increases in foreclosure activity compared to the previous year included South Dakota (up 93 percent), North Dakota (up 86 percent), Kentucky (up 73 percent), Massachusetts (up 46 percent), and Idaho (up 30 percent).
ATTOM’s Midyear 2024 foreclosure analysis also reported that Nationwide 0.13 percent of all housing units had a foreclosure filing. This equates to one in every 794 housing units having a foreclosure filing in the first half of 2024. The states with the highest foreclosure rates during this period were New Jersey (0.21 percent of housing units with a foreclosure filing), Illinois (0.21 percent), Florida (0.20 percent), Nevada (0.19 percent), and South Carolina (0.19 percent).
According to the report, among the 224 metropolitan statistical areas with a population of at least 200,000, the ones with the highest foreclosure rates in the first 6 months of 2024 were Lakeland, Florida (0.32 percent of housing units with foreclosure filings), Columbia, South Carolina (0.31 percent), Atlantic City, New Jersey (0.28 percent), Cleveland, Ohio (0.27 percent), and Spartanburg, South Carolina (0.27 percent).
For full report, please click the source link above.