ATTOM has released its April 2024 U.S. Foreclosure Market Report, showing that there were a total of 31,649 U.S. properties with foreclosure filings—default notices, scheduled auctions, or bank repossessions—down 4% from a month ago and 4% from the previous year.
“April’s foreclosure numbers highlight a mixed landscape in the U.S. housing market,” said Rob Barber, CEO at ATTOM. “While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.”
Maryland, Illinois, and Nevada Post Highest Foreclosure Rates
In April 2024, the 224 metropolitan statistical areas with a population of at least 200,000 had the highest foreclosure rates: Elkhart, IN (one in every 1,565 housing units with a foreclosure filing); Columbia, SC (one in every 1,689 housing units); Cleveland (one in every 1,859 housing units); Lakeland, FL (one in every 1,861 housing units); and Flint, MI (one in every 1,998 housing units).
Aside from Cleveland, the metro areas with the highest foreclosure rates in April 2024 were: Baltimore (one in every 2,096 housing units); Chicago (one in every 2,189 housing units); Orlando, FL (one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing units).
Foreclosure Starts Decline From Last Month
In April 2024, lenders began the foreclosure process on 21,753 properties in the U.S., a decrease of 7% from the previous month and 3% from a year before. States with at least 100 foreclosure starts in April 2024 and the highest monthly reduction included New Jersey (down 51%), Indiana (down 32%), Colorado (down 31%), Massachusetts (down 21%), and Connecticut (down 20%).
Contrary to national trends, the states with at least 100 foreclosure starts in April 2024 and the highest monthly rise were Maryland (up 85%), Oregon (up 80%), Oklahoma (up 65%), Mississippi (up 38%), and Michigan (up 25%). In April 2024, the following major metropolitan areas with populations greater than one million had the most foreclosure starts: Chicago (1,211 foreclosure starts); New York (1,141 foreclosure starts); Houston (1,068 foreclosure starts); Miami (751 foreclosure starts); and Los Angeles.
Foreclosure Completions Jumped 8% Monthly
In April 2024, lenders seized 2,904 U.S. homes through completed foreclosures (REOs), an increase of 8% from the previous month but a decrease of less than 1% from the previous year. The states with the most REOs in April 2024 were Illinois (244), Pennsylvania (241), California (233), New York (225), and Maryland (200).
In April 2024, the following major metro statistical areas (MSAs) with populations more than 200,000 had the highest number of REOs: New York (157 REOs); Chicago (150 REOs); Baltimore (95 REOs); Washington, DC (88 REOs); and Philadelphia (74 REOs).
To read the full report, including ore data, charts, and methodology, click here.
