November Statistics: One in Every 4,300 Homes in Foreclosure Danger

ATTOM Data, a real estate data and research company, has released its latest U.S. Foreclosure Market Report covering the month of November 2023 which revealed there were a total of 32,120 properties with some sort of foreclosure filing against them, up 5 % year-over-year, but down 7% on the short term from the prior month. 

“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” said Rob Barber, CEO at ATTOM. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.” 

Nationwide one in every 4,347 housing units had a foreclosure filing in November 2023. States with the highest foreclosure rates were in: Delaware (one in every 2,393 housing units with a foreclosure filing); Maryland (one in every 2,537); Ohio (one in every 2,656); South Carolina (one in every 2,771); and New Jersey (one in every 2,834). 

Among the 223 metropolitan statistical areas with a population of at least 200,000—as determined by the U.S. Census Bureau—those with the highest foreclosure rates in November 2023 were Bakersfield, CA (one in every 1,595 housing units with a foreclosure filing); Cleveland, OH (one in every 1,818); Canton, OH (one in every 1,820); Columbia, SC (one in every 1,922); and Stockton, CA (one in every 1,961).

Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in November 2023, including Cleveland, Ohio were: Philadelphia, Pennsylvania (one in every 2,114 housing units); Baltimore, Maryland (one in every 2,206); Riverside, California (one in every 2,327); and Las Vegas, Nevada (one in every 2,372). 

On the good side, foreclosure completions are now down 32% from last year as lenders repossessed 2,558 properties through the completion process (REOs) in November, a number which is also down 23% from last month. 

States that had the greatest number of REOs in November 2023, included: Michigan (247 REOs); California (228); Illinois (198); Ohio (191); and Pennsylvania (179). 

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in November 2023 included: Detroit, Michigan (144 REOs); Chicago, Illinois (104); New York, New York (100); Baltimore, Maryland (64); and St. Louis, Missouri (64). 

Though, the greatest number of foreclosures starts still remain in the red-hot real estate markets of California, Florida, and Texas. 

States that had the greatest number of foreclosure starts in November 2023 again included: Texas (2,702 foreclosure starts); California (2,495); Florida (2,078); New York (1,450); and Ohio (1,069). 

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in November 2023 included: New York, New York (1,516 foreclosure starts); Houston, Texas (969); Philadelphia, Pennsylvania (733); Chicago, Illinois (673); and Miami, Florida (669). 

Click here for the report in its entirety. 

Share this post :

Facebook
Twitter
LinkedIn
Pinterest
Sasa

Sasa

Biographical Info
Latest News
Categories

Unleash the Power of Knowledge

Stay in the know with our suite of email blasts
Receive the latest news

Gain Access to Exclusive Mortgage Knowledge!

Stay at the forefront of industry developments! By subscribing to MortgagePoint, you’re aligning yourself with the latest insights, updates and exclusive promotions in the mortgage industry. As an industry professional, it’s critical to stay informed and up-to-date. Don’t miss out – subscribe now!