Property data curator ATTOM released its October 2023 U.S. Foreclosure Market Report, which shows there were a total of 34,472 properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 6 percent from a month ago but up 6 percent year-over-year.
“Foreclosure filings continue to paint a concerning picture,” ATTOM CEO Rob Barber said in a release. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. 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.”
Nationwide, one in every 4,051 housing units had a foreclosure filing in October 2023. States with the highest foreclosure rates were Delaware (one in every 2,432 housing units with a foreclosure filing); Ohio (one in every 2,492 housing units); New Jersey (one in every 2,550 housing units); Maryland (one in every 2,565 housing units); and South Carolina (one in every 2,569 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2023 were Cleveland (one in every 1,403 housing units with a foreclosure filing); Atlantic City, N.J. (one in every 1,547 housing units); Spartanburg, S.C. (one in every 1,708 housing units); Bakersfield, Calif. (one in every 1,785 housing units); and Jacksonville, N.C. (one in every 1,848 housing units).
Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2023, including Cleveland, were: Miami-Fort Lauderdale, Fla. (one in every 2,180 housing units); Riverside, Calif. (one in every 2,254 housing units); Houston (one in every 2,269 housing units); and Philadelphia (one in every 2,323 housing units).
Lenders started the foreclosure process on 23,343 properties in October 2023, down 7 percent from last month but up 7 percent from a year ago.
States that had the greatest number of foreclosure starts in October 2023 included: Texas (2,966 foreclosure starts); California (2,747 foreclosure starts); Florida (2,319 foreclosure starts); New York (1,405 foreclosure starts); and Georgia (1,054 foreclosure starts).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in October 2023 included: New York (1,412 foreclosure starts); Houston (1,132 foreclosure starts); Miami-Fort Lauderdale, Fla. (941 foreclosure starts); Los Angeles (808 foreclosure starts); and Chicago (705 foreclosure starts).
Lenders repossessed 3,332 properties through completed foreclosures (REOs) in October 2023, down less than 1 percent from last month and down 20 percent from last year.
States that had the greatest number of REOs in October 2023, included: Pennsylvania (297 REOs); Illinois (273 REOs); Ohio (231 REOs); California (219 REOs); and Michigan (216 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2023 included: Chicago (213 REOs); New York (166 REOs); Philadelphia (102 REOs); Washington, D.C. (79 REOs); and Detroit (76 REOs).