In total, some 30,227 U.S. homes had foreclosure filings, such as default notifications, scheduled auctions, or bank repossessions, according to ATTOM’s August 2024 U.S. Foreclosure Market Report. This number was down 5.3% from a month ago and down 11% from a year ago.
“Foreclosure activity has remained relatively steady in recent months, with both foreclosure starts and completed foreclosures declining in August,” said Rob Barber, CEO at ATTOM. “While overall activity is significantly lower than the peaks seen during the 2008 financial crisis, when filings exceeded 300,000 per month, the current economic environment, coupled with rising interest rates and affordability challenges, suggests a continued focus on potential housing market instability.”
Highest Foreclosure Rates Found in Nevada, Florida, and Illinois
In August 2024, one foreclosure filing was made for every 4,662 housing units nationwide. Nevada had one foreclosure filing for every 2,473 housing units; Florida had one for every 2,605 housing units; Illinois had one for every 2,837 housing units; South Carolina had one for every 2,877 housing units; and New Jersey had one for every 3,227 housing units. These states had the highest rates of foreclosure.
The highest percentage of foreclosures among the 224 metropolitan statistical areas with a population of at least 200,000 were found in Lakeland, Florida (1 in every 1,245 housing units with a foreclosure filing); Chico, CA (1 in every 1,526 housing units); Columbia, SC (1 in every 1,796 housing units); Bakersfield, CA (1 in every 1,972 housing units); and Las Vegas (1 in every 1,526 housing units).
The worst rates of foreclosure, excluding Las Vegas, were found in the following metropolises with a population of at least one million: Riverside, CA (one foreclosure for every 2,423 housing units); Miami (one foreclosure for every 2,429 housing units); Chicago (one foreclosure for every 2,450 housing units); and Orlando, FL (one foreclosure for every 2,595 housing units).
Greatest Numbers of Foreclosure Starts in Florida, California, and Texas
In August 2024, lenders began the foreclosure process on 20,747 properties in the U.S., a decrease of 5.1% from the previous month and 9.4% from the previous year. Florida (2,668 foreclosure starts), California (2,443 foreclosure starts), Texas (1,857 foreclosure starts), New York (1,328 foreclosure starts), and Illinois (1,208 foreclosure starts) were the states with the highest number of foreclosure starts in August 2024.
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in August 2024 included: New York (1,332 foreclosure starts); Chicago (1,069 foreclosure starts); Miami (743 foreclosure starts); Los Angeles (675 foreclosure starts); and Houston (507 foreclosure starts).
Lenders repossessed 2,889 U.S. properties through completed foreclosures (REOs) in August 2024, down 12.0 percent from last month and down 13.9% from a year ago. States that had the greatest number of REOs in August 2024, included: Pennsylvania (266 REOs); California (229 REOs); Illinois (224 REOs); Michigan (206 REOs); and Florida (202 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2024 included: Chicago (154 REOs); Detroit (114 REOs); New York (112 REOs); Pittsburgh (100 REOs); and Baltimore (56 REOs).
To read the full report, including more data, charts, and methodology, click here.
