What Factors Are Impacting Foreclosure Filings?

According to ATTOM Data’s January 2024 U.S. Foreclosure Market Report, there were 33,270 properties across the country with foreclosure filings against them, a number which is up 5% year-over-year and 10% from the prior month. 

A foreclosure filing is defined as a default notice, scheduled auction, or bank repossession. 

“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,” said Rob Barber, CEO at ATTOM. “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 reposessed 3,945 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 2024 included: Michigan (up 200%); Minnesota (up 47%); California (up 43%); Pennsylvania (up 36%); and Missouri (up 34%). 

Looking at foreclosure rates on a national scale, one in every 4,236 dwellings had a foreclosure filing against it. 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). 

Finally, foreclosure starts increased on a monthly and yearly basis as lenders started the foreclosure process on 21,770 dwellings in January, up 6% from the previous month and up 5% from a year earlier. Those states that saw the greatest number of foreclosures starts in January 2024 included: California (2,719 foreclosure starts); Texas (2,613 starts); Florida (2,330 starts); New York (1,341 starts); and Illinois (913 starts). 

Click here to see the report in its entirety. 

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Kyle G. Horst

Kyle G. Horst is a reporter for MortgagePoint. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at kyle.horst@thefivestar.com.
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