Key Takeaways
- Total foreclosure filings in October were down 6% from the prior month but are still 6% higher than a year ago.
- New foreclosure proceedings in October also fell, off 7% from September, but were 7% higher than October 2022.
- One in every 4,051 housing units had a foreclosure filing, with the highest foreclosure rates in Delaware, Ohio, and New Jersey.
Foreclosure activity in the U.S. was steady in October, as foreclosures dropped back from September levels but remained elevated compared with last year’s foreclosure data.
Real estate data firm ATTOM’s October 2023 U.S. Foreclosure Market Report showed 34,472 U.S. properties had a foreclosure filing, which can include default notices, scheduled auctions, or bank repossessions, dropping 6% from September, but 6% higher than the October 2022 foreclosure filings.
“Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “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.”
Lenders started foreclosure proceedings on 23,343 properties, a 7% decline from September, but also 7% higher than October 2022. They repossessed 3,332 properties in October, down about 1% from the prior month, and 20% lower year-over-year.
One in every 4,051 housing units had a foreclosure filing, the report showed. States with the highest foreclosure rates included Delaware, Ohio and New Jersey. Texas, California, and Florida had the most foreclosure starts last month, while Pennsylvania, Illinois, and Ohio had the most property repossessions.
