U.S. Foreclosure Activity Remains Steady in October 2023
November 14, 2023
ATTOM, a leading curator of land, property, and real estate data, released its October 2023 U.S. Foreclosure Market Report, which shows there were a total of 34,472 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 6 percent from a month ago but up 6 percent from a year ago.
“Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.”
Delaware, Ohio and New Jersey post highest foreclosure rates
Nationwide one in every 4,051 housing units had a foreclosure filing in October 2023. States with the highest foreclosure rates were Delaware (one in every 2,432 housing units with a foreclosure filing); Ohio (one in every 2,492 housing units); New Jersey (one in every 2,550 housing units); Maryland (one in every 2,565 housing units); and South Carolina (one in every 2,569 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2023 were Cleveland, OH (one in every 1,403 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,547 housing units); Spartanburg, SC (one in every 1,708 housing units); Bakersfield, CA (one in every 1,785 housing units); and Jacksonville, NC (one in every 1,848 housing units).
Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2023, including Cleveland, OH, were: Miami-Fort Lauderdale, FL (one in every 2,180 housing units); Riverside, CA (one in every 2,254 housing units); Houston, TX (one in every 2,269 housing units); and Philadelphia, PA (one in every 2,323 housing units).
For full report, please click the source link above.