ATTOM released its August 2024 U.S. Foreclosure Market Report, which showed there were a total of 30,227 U.S. properties with foreclosure filings, down 5.3 percent from a month ago and down 11 percent from a year ago.
“Foreclosure activity has remained relatively steady in recent months, with both foreclosure starts and completed foreclosures declining in August,” Rob Barber, CEO at ATTOM, said in a release. “While overall activity is significantly lower than the peaks seen during the 2008 financial crisis, when filings exceeded 300,000 per month, the current economic environment, coupled with rising interest rates and affordability challenges, suggests a continued focus on potential housing market instability.”
Nationwide, one in every 4,662 housing units had a foreclosure filing in August. States with the highest foreclosure rates were Nevada (one in every 2,473 housing units with a foreclosure filing); Florida (one in every 2,605 housing units); Illinois (one in every 2,837 housing units); South Carolina (one in every 2,877 housing units); and New Jersey (one in every 3,227 housing units).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August were Lakeland, Fla. (one in every 1,245 housing units); Chico, Calif. (one in every 1,526 housing units); Columbia, S.C. (one in every 1,796 housing units); Bakersfield, Calif. (one in every 1,972 housing units); and Las Vegas (one in every 2,016 housing units).
Other than Las Vegas, those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August were: Riverside, Calif. (one in every 2,423 housing units); Miami (one in every 2,429 housing units); Chicago (one in every 2,450 housing units); and Orlando, Fla. (one in every 2,595 housing units).
Lenders started the foreclosure process on 20,747 properties in August, down 5.1 percent from July and down 9.4 percent from a year ago.
States that had the greatest number of foreclosure starts in August included: Florida (2,668 foreclosure starts); California (2,443 foreclosure starts); Texas (1,857 foreclosure starts); New York (1,328 foreclosure starts); and Illinois (1,208 foreclosure starts).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in August included: New York (1,332 foreclosure starts); Chicago (1,069 foreclosure starts); Miami (743 foreclosure starts); Los Angeles (675 foreclosure starts); and Houston (507 foreclosure starts).
Lenders repossessed 2,889 properties through completed foreclosures (REOs) in August, down 12 percent from July and down 13.9 percent from a year ago.
States that had the greatest number of REOs in August included: Pennsylvania (266 REOs); California (229 REOs); Illinois (224 REOs); Michigan (206 REOs); and Florida (202 REOs).
Those major metropolitan statistical areas with a population greater than 1 million that saw the greatest number of REOs in Augustincluded: Chicago (154 REOs); Detroit (114 REOs); New York (112 REOs); Pittsburgh (100 REOs); and Baltimore (56 REOs).