Property data curator ATTOM released its February 2024 U.S. Foreclosure Market Report, which showed there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from January but up 8 percent from February 2023.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” Rob Barber, CEO at ATTOM, said in a release. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”
Lenders repossessed 3,397 U.S. properties through completed foreclosures (REOs) in February, down 14 percent from January and 11 percent from a year before.
States that had at least 50 or more REOs and that saw the greatest annual decrease in February included: Georgia (down 52 percent); New York (down 41 percent); North Carolina (down 34 percent); New Jersey (down 28 percent); and Maryland (down 26 percent).
Counter to the national trend, those states with at least 50 or more REOs that saw the greatest annual increase in February included: South Carolina (up 51 percent); Missouri (up 50 percent); Pennsylvania (up 46 percent); Texas (up 7 percent); and Indiana (up 0.8 percent).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those that saw the greatest number of REOs included: Chicago (207 REOs); Philadelphia (182 REOs); New York (173 REOs); Pittsburgh (105 REOs); and Detroit (88 REOs).
Nationwide, one in every 4,279 housing units had a foreclosure filing in February. States with the highest foreclosure rates were South Carolina (one in every 2,248 housing units with a foreclosure filing); Delaware (one in every 2,428 housing units); Florida (one in every 2,632 housing units); Ohio (one in every 2,828 housing units); and Connecticut (one in every 2,884 housing units).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclosure rates in February were Columbia, S.C. (one in every 1,478 housing units with a foreclosure filing); Lakeland, Fla. (one in every 1,600); Spartanburg, S.C. (one in every 1,742); Merced, Calif. (one in every 1,794); and Florence, S.C. (one in every 1,809).
Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates included: Orlando, Fla. (one in every 1,938 housing units); Cleveland, (one in every 2,176); Riverside, Calif. (one in every 2,293); Philadelphia (one in every 2,355); and Miami (one in every 2,392).
Lenders started the foreclosure process on 22,575 U.S. properties in February, up 4 percent from last month and up 11 percent from a year before.
Those states that saw the greatest number of foreclosures starts in February included: Florida (2,732 foreclosure starts); California (2,730 foreclosure starts); Texas (2,694 foreclosure starts); New York (1,289 foreclosure starts); and Ohio (1,097 foreclosure starts).
Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts included: New York (1,367 foreclosure starts); Houston (998 foreclosure starts); Los Angeles (808 foreclosure starts); Chicago (792 foreclosure starts); and Miami (777 foreclosure starts).