Q3 U.S. Foreclosure Snapshot

According to ATTOM‘s October 2024 U.S. Foreclosure Market Report, 30,784 properties in the U.S. had foreclosure filings, such as default notifications, scheduled auctions, or bank repossessions. This represents an 11% decrease from a year ago but a 4% increase from a month ago.

“Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October,” said Rob Barber, CEO of ATTOM. “As we approach 2025, the recent Fed rate cut, and the new administration could impact mortgage rates and market stability. While seasonal factors may slow things down briefly, we’ll be watching closely to see how these recent dynamics affect the market in the coming year.” 

Highest Foreclosure Rates Found in Western, Southern States

The states with the highest foreclosure rates were:

1. South Carolina (one in every 3,272 housing units)
2. California (one in every 3,152 housing units)
3. Florida (one in every 3,086 housing units)
4. New Jersey (one in every 3,059 housing units)
5. Nevada (one in every 2,741 housing units with a foreclosure filing)

In October, there was a foreclosure filing for one out of every 4,578 housing units nationwide.

California Metros Lead in Highest Foreclosure Rates

Among the metro areas with a population of at least 200,000, those with the highest foreclosure rates in October were:

1. Vallejo, CA (one in every 1,464 housing units with a foreclosure filing)
2. Bakersfield, CA (one in every 1,640 housing units)
3. Chico, CA (one in every 1,724 housing units)
4. Stockton, CA (one in every 1,802 housing units)
5. Lakeland, FL (one in every 1,894 housing units)

The metros areas with a population greater than 1 million with the worst foreclosure rates in October were:

1. Riverside, CA (one in every 1,978 housing units)
2. Cleveland (one in every 2,186 housing units)
3. Fresno, CA (one in every 2,247 housing units)
4. Indianapolis (one in every 2,293 housing units)
5. Las Vegas (one in every 2,314 housing units)

California, Texas, & Florida See the Largest Share of Foreclosure Starts

In October, lenders began foreclosure proceedings on 20,950 properties in the U.S., a decrease of 10% from a year ago but an increase of 6% from the previous month.

The U.S. states that had the greatest number of foreclosure starts in October included:

1. California (2,915 foreclosure starts)
2. Texas (2,282 foreclosure starts)
3. Florida (2,227 foreclosure starts)
4. New York (1,187 foreclosure starts)
5. Michigan (1,035 foreclosure starts)

The major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts in October included:

1. New York (1,247 foreclosure starts)
2. Los Angeles (911 foreclosure starts)
3. Chicago (761 foreclosure starts)
4. Miami-Fort Lauderdale, FL (727 foreclosure starts)
5. Houston (624 foreclosure starts)

Foreclosure Completions Tick Up from October

Last month, some 2,938 U.S. residences were repossessed by lenders through completed foreclosures (REOs), a decrease of 12% from the previous year but an increase of 12% from the previous month.

The U.S. states that had the greatest number of REOs in October included:

1. California (306 REOs)
2. Illinois (252 REOs)
3. Texas (249 REOs)
4. New York (212 REOs)
5. Florida (140 REOs)

The major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October included:

1. Chicago (162 REOs)
2. New York (147 REOs)
3. Los Angeles (61 REOs)
4. Detroit (59 REOs)
5. San Antonio (58 REO’s)

To read the full report, including more data, charts, and methodology, click here.