ATTOM Data, a provider of all manors of real estate data, has released its first quarter Foreclosure Market Report which revealed that there were a total of 95,349 U.S. properties with foreclosure filings against them, down less than 1% year-over-year, but up 3% from the fourth quarter of 2023.
The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1% from the previous month and down 10% from a year ago.
“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”
Foreclosure starts increase nationwide
Among all dwellings, a total of 65,657 properties started the foreclosure process during the first quarter, up 4% year-over-year, and up 2% from the previous quarter.
States that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase included, New Hampshire (up 43%); Illinois (up 26%); Florida (up 22%); Rhode Island (up 21%); and Nevada (up 16%).
Highest foreclosure rates in Delaware, New Jersey, and South Carolina
Nationwide one in every 1,478 housing units had a foreclosure filing during the first quarter. States with the highest foreclosure rates were Delaware (one in every 894 housing units with a foreclosure filing); New Jersey (one in 919); South Carolina (one in 929); Nevada (one in 961); and Florida (one in 973).
Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates during the first quarter of 2024 were Columbia, South Carolina (one in every 569 housing units); Spartanburg, South Carolina (one in 597); Lakeland, Florida (one in 624); Atlantic City, New Jersey (one in 628); and Cleveland, Ohio (one in 662).
Bank repossessions increase 7% from last quarter
Lenders repossessed 10,052 U.S. properties through foreclosure (REO) in Q1 2024, up 7% from the previous quarter but down 20% from a year ago.
U.S. Completed Foreclosures (REOs)
Those states that had the greatest number of REOs during the first quarter were Michigan (1,049 REOs); California (845 REOs); Pennsylvania (838 REOs); Illinois (810 REOs); and Texas (596 REOs).
Average time to foreclose increases 2% from previous quarter
Properties foreclosed in Q1 2024 had been in the foreclosure process for an average of 736 days. While this marks a slight increase from the previous quarter, it represents a 20 percent decrease from the same time last year, continuing a downward trajectory observed since mid-2020.
Average Days to Complete Foreclosure
States with the longest average foreclosure timelines for homes foreclosed during the first quarter were Louisiana (2,641 days); Hawaii (2,031 days); New York (1,958 days); Nevada (1,701 days); and Kentucky (1,701 days).
States with the shortest average foreclosure timelines for homes foreclosed during the first quarter were Montana (123 days); Virginia (152 days); Texas (163 days); Wyoming (191 days); and West Virginia (217 days).
March 2024 Foreclosure Activity High-Level Takeaways
- Nationwide in March 2024, one in every 4,286 properties had a foreclosure filing.
- States with the highest foreclosure rates in March 2024 were Illinois (one in every 2,548 housing units with a foreclosure filing); Connecticut (one in 2,609); New Jersey (one in 2,638); Florida (one in 2,779); and South Carolina (one in 2,867).
- 23,312 U.S. properties started the foreclosure process in March 2024, up 3% from the previous month but down 4% from March 2023.
- Lenders completed the foreclosure process on 2,701 U.S. properties in March 2024, down 20% from the previous month and down 44% from March 2023.
Click here to view the data in its entirety, including a foreclosure ranking of all 50 states.
