According to ATTOM Data’s latest Foreclosure Market Report covering the month of February 2024, there were a total of 32,938 properties with foreclosure filings against them, down 1% from January, but this number is up 8% year-over-year.
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “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.”
Foreclosure completion numbers decrease annually in 28 states
Through the REO process, lenders repossessed 3,397 properties during the month down both on a monthly (14%) and yearly basis (11%).
States that had at least 50 or more REOs and that saw the greatest annual decrease in February 2024 included: Georgia (down 52%); New York (down 41%); North Carolina (down 34%); New Jersey (down 28%); and Maryland (down 26%).
Counter to the national trend, those states with at least 50 or more REOs that saw the greatest annual increase in February 2024 included: South Carolina (up 51%); Missouri (up 50%); Pennsylvania (up 46%); Texas (up 7%); and Indiana (up 0.8%).
Highest foreclosure rates in South Carolina, Delaware, and Florida
Nationwide, one in every 4,279 housing units had a foreclosure filing in February 2024. States with the highest foreclosure rates were South Carolina (one in every 2,248 housing units with a foreclosure filing); Delaware (one in 2,428); Florida (one in 2,632); Ohio (one in 2,828); and Connecticut (one in 2,884).
Foreclosure starts increase monthly and annually
Lenders started the foreclosure process on 22,575 U.S. properties in February 2024, up 4% from last month and up 11% from a year ago.
Those states that saw the greatest number of foreclosures starts in February 2024 included: Florida (2,732 foreclosure starts); California (2,730); Texas (2,694); New York (1,289); and Ohio (1,097).
Click here to view the report in its entirety.
