Completed Foreclosures (REOs) Increase Monthly in 19 States;
Foreclosure Starts Up Monthly and Annually Nationwide
IRVINE, Calif. — February 13, 2024 — ATTOM, a leading curator of land, property, and real estate data, today released its January 2024 U.S. Foreclosure Market Report, which shows there were a total of 33,270 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, and up 10 percent from the prior month.
“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system,” said Rob Barber, CEO at ATTOM. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics. We remain vigilant in monitoring these trends to understand their full impact on foreclosure activity.”
Foreclosure Completion Numbers Increase Monthly in 19 States
Lenders repossessed 3,954 U.S. properties through completed foreclosures (REOs) in January 2024, up 1 percent from a year ago and up 13 percent from last month – the first month over month increase in completed foreclosures since July 2023.
States that had at least 50 or more REOs and that saw the greatest monthly increase in January 2024 included: Michigan (up 200 percent); Minnesota (up 47 percent); California (up 43 percent); Pennsylvania (up 36 percent); and Missouri (up 34 percent).
Among the 224 metropolitan statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Detroit, MI (609 REOs); Chicago, IL (194 REOs); New York, NY (163 REOs); Philadelphia, PA (107 REOs); and San Francisco, CA (107 REOs).
Highest Foreclosure Rates in Delaware, Nevada, and Indiana
Nationwide one in every 4,236 housing units had a foreclosure filing in January 2024. States with the highest foreclosure rates were Delaware (one in every 2,269 housing units with a foreclosure filing); Nevada (one in every 2,272 housing units); Indiana (one in every 2,499 housing units); Maryland (one in every 2,588 housing units); and New Jersey (one in every 2,647 housing units).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclosure rates in January 2024 were Spartanburg, SC (one in every 1,579 housing units with a foreclosure filing); Columbia, SC (one in every 1,651 housing units); Cleveland, OH (one in every 1,742 housing units); Detroit, MI (one in every 1,799 housing units); and Las Vegas, NV (one in every 1,923 housing units).
Other than Cleveland, Detroit and Las Vegas, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in January 2024 included: Riverside, CA (one in every 1,944 housing units); and Indianapolis, IN (one in every 2,235 housing units).
Foreclosure Starts Increase Monthly and Annually
Lenders started the foreclosure process on 21,770 U.S. properties in January 2024, up 6 percent from last month and up 5 percent from a year ago.
Those states that saw the greatest number of foreclosures starts in January 2024 included: California (2,719 foreclosure starts); Texas (2,613 foreclosure starts); Florida (2,330 foreclosure starts); New York (1,341 foreclosure starts); and Illinois (913 foreclosure starts).
Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in January 2024, included: New York, NY (1,470 foreclosure starts); Houston, TX (1,015 foreclosure starts); Los Angeles, CA (817 foreclosure starts); Miami, FL (804 foreclosure starts); and Chicago, IL (763 foreclosure starts).
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Report methodology
The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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