ATTOM has issued its Q3 2024 U.S. Foreclosure Market Report, which shows a total of 87,108 U.S. properties with foreclosure filings during Q3 of 2024, down 2% from the previous quarter, and down 13% year-over-year. ATTOM’s report also shows a total of 29,668 U.S. properties with foreclosure filings in September 2024, down 2% from the previous month, and down 19% from a year ago.
Nationwide in September 2024, one in every 4,750 properties had a foreclosure filing.
“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” said Rob Barber, CEO of ATTOM. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.”
A total of 62,380 U.S. properties began the foreclosure process in Q3 2024, down less than 1% from the previous quarter, and down 10% year-over-year. There were 19,763 U.S. properties that started the foreclosure process in September 2024, down 5% from the previous month, and down 21% from September 2023.
Lenders completed the foreclosure process on 2,624 U.S. properties in September 2024, down 9% from the previous month, and down 21% from September 2023.
States that had 1,000 or more foreclosures starts in Q3 2024 and saw the greatest annual decrease included:
- North Carolina (down 44%)
- Georgia (down 29%)
- Maryland (down 22%)
- New Jersey (down 20%)
- South Carolina (down 19%)
Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q3 2024 included:
- New York, New York (3,776 foreclosure starts)
- Chicago (3,231 foreclosure starts)
- Los Angeles (2,166 foreclosure starts)
- Miami, Florida (2,142 foreclosure starts)
- Houston, Texas (1,791 foreclosure starts)
Nationwide, one in every 1,618 housing units had a foreclosure filing in Q3 2024. States with the highest foreclosure rates were:
- Illinois (one in every 904 housing units with a foreclosure filing)
- Nevada (one in every 922 housing units)
- Florida (one in every 971 housing units)
- Delaware (one in every 1,060 housing units)
- South Carolina (one in every 1,069 housing units)
Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q3 2024 were:
- Lakeland, Florida (one in 610 housing units)
- Provo, Utah (one in every 647 housing units)
- Macon, Georgia (one in every 649 housing units)
- Columbia, South Carolina (one in every 663 housing units)
- Atlantic City, New Jersey (one in every 766 housing units)
Other major metros with a population of at least one million and foreclosure rates in the top 15 highest nationwide, include:
- Chicago (one in every 775 housing units)
- Las Vegas (one in every 796 housing units)
- Cleveland (one in every 819 housing units)
- Orlando, Florida (one in every 859 housing units)
- Riverside, California (one in every 867 housing units)
Lenders repossessed 8,795 U.S. properties through foreclosure (REO) in Q3 2024, up 1% from the previous quarter, but down 12% from a year ago. Those states that had the greatest number of REOs in Q3 2024 were:
- California (852 REOs)
- Pennsylvania (715 REOs)
- New York (670 REOs)
- Illinois (668 REOs)
- Michigan (559 REOs)
Properties foreclosed in Q3 2024 had been in the foreclosure process for an average of 815 days. This remains the same from the previous quarter, but represents a 6% increase from the same time last year, continuing an upward trajectory since Q3 2023.
States with the longest average foreclosure timelines for homes foreclosed in Q3 2024 were:
- Louisiana (3,520 days)
- Hawaii (2,531 days)
- New York (2,087 days)
- Rhode Island (1,880 days)
- Georgia (1,876 days)
States with the shortest average foreclosure timelines for homes foreclosed in Q3 2024 were:
- New Hampshire (165 days)
- Minnesota (172 days)
- Texas (181 days)
- Michigan (189 days)
- Montana (248 days)
States with the highest foreclosure rates in September 2024 were:
- Illinois (one in every 2,494 housing units with a foreclosure filing)
- Florida (one in every 2,670 housing units)
- Delaware (one in every 2,720 housing units)
- Nevada (one in every 2,735 housing units)
- Indiana (one in every 3,159 housing units)