U.S. Foreclosure Activity Increases from 2022 but Still Below Pre-Pandemic Levels
Industry Update
January 11, 2024
Source: ATTOM
ATTOM, a leading curator of land, property, and real estate data, today released its Year-End 2023 U.S. Foreclosure Market Report, which shows foreclosure filings— default notices, scheduled auctions and bank repossessions — were reported on 357,062 U.S. properties in 2023, up 10 percent from 2022 and up 136 percent from 2021 but down 28 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2023 were also down 88 percent from a peak of nearly 2.9 million in 2010.
Those 357,062 properties with foreclosure filings in 2023 represented 0.26 percent of all U.S. housing units, up slightly from 0.23 percent in 2022, but down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010.
“Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility,” said Rob Barber, CEO at ATTOM. “Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade. Instead, we foresee a market that is more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape. This shift offers a silver lining — the opportunity for investors, homeowners, and industry professionals to plan and strategize with greater confidence and insight.”
ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, accounting for more than 99 percent of the U.S. population – also available for licensing or customized reporting. See full methodology below.
The report also includes new data for December 2023, showing there were 30,314 U.S. properties with foreclosure filings, down 6 percent from the previous month and down 2 percent from a year ago.
For full report, please click the source link above.