Property data curator ATTOM released its January 2024 U.S. Foreclosure Market Report, which showed there were a total of 33,270 U.S. properties with foreclosure filings, up 5 percent from a year ago and up 10 percent from December 2023.
“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,” Rob Barber, CEO at ATTOM, said in a release. “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.”
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 included: Michigan (up 200 percent); Minnesota (up 47 percent); California (up 43 percent); Pennsylvania (up 36 percent); and Missouri (up 34 percent), ATTOM data shows.
The 224 metropolitan statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Detroit (609 REOs); Chicago (194 REOs); New York (163 REOs); Philadelphia (107 REOs); and San Francisco (107 REOs).
Nationwide, one in every 4,236 housing units had a foreclosure filing in January. 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); Indiana (one in every 2,499); Maryland (one in every 2,588); and New Jersey (one in every 2,647).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 with the highest foreclosure rates in January were Spartanburg, S.C. (one in every 1,579 housing units with a foreclosure filing); Columbia, S.C. (one in every 1,651); Cleveland (one in every 1,742); Detroit (one in every 1,799); and Las Vegas (one in every 1,923
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 included: Riverside, Calif. (one in every 1,944 housing units); and Indianapolis (one in every 2,235).
Lenders started the foreclosure process on 21,770 properties in January, 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 included: California (2,719 foreclosure starts); Texas (2,613); Florida (2,330); New York (1,341); and Illinois (913).
Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in January included: New York (1,470 foreclosure starts); Houston (1,015); Los Angeles (817); Miami (804); and Chicago (763).