Property data curator ATTOM released its April 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,649 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from both a month ago and a year ago.
‘‘April’s foreclosure numbers highlight a mixed landscape in the U.S. housing market,’’ Rob Barber, CEO at ATTOM, said in a release. ‘‘While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.’’
Nationwide, one in every 4,453 housing units had a foreclosure filing in April 2024. States with the highest foreclosure rates were Maryland (one in every 2,214 housing units with a foreclosure filing); Illinois (one in every 2,517 housing units); Nevada (one in every 2,546 housing units); South Carolina (one in every 2,573 housing units); and Florida (one in every 2,854 housing units).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April were Elkhart, Ind. (one in every 1,565 housing); Columbia, S.C. (one in every 1,689 housing units); Cleveland (one in every 1,859 housing units); Lakeland, Fla. (one in every 1,861 housing units); and Flint, Mich. (one in every 1,998 housing units).
Among those metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates, aside from Cleveland, included: Baltimore (one in every 2,096 housing units); Chicago (one in every 2,189 housing units); Orlando, Fla. (one in every 2,199 housing units); and Jacksonville, Fla. (one in every 2,237 housing units).
Lenders started the foreclosure process on 21,753 U.S. properties, down 7 percent from last month and down 3 percent from a year ago.
States that had at least 100 foreclosure starts and saw the greatest monthly decline included: New Jersey (down 51 percent); Indiana (down 32 percent); Colorado (down 31 percent); Massachusetts (down 21 percent); and Connecticut (down 20 percent).
Counter to the national trend, those states that had at least 100 foreclosure starts and saw the greatest monthly increase included: Maryland (up 85 percent); Oregon (up 80 percent); Oklahoma (up 65 percent); Mississippi (up 38 percent); and Michigan (up 25 percent).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts included: Chicago (1,211 foreclosure starts); New York (1,141 foreclosure starts); Houston (1,068 foreclosure starts); Miami (751 foreclosure starts); and Los Angeles (652 foreclosure starts).
Lenders repossessed 2,904 properties through completed foreclosures (REOs), up 8 percent from last month but down less than 1 percent from last year.
Those states that had the greatest number of REOs included: Illinois (244 REOs); Pennsylvania (241 REOs); California (233 REOs); New York (225 REOs); and Maryland (200 REOs).
Those major metropolitan statistical areas with a population greater than 200,000 that saw the greatest number of REOs included: New York (157 REOs); Chicago (150 REOs); Baltimore (95 REOs); Washington, D.C. (88 REOs); and Philadelphia (74 REOs).