ATTOM Report Reveals Mixed Trends In U.S. Foreclosure Activity For February 2024
Annual uptick reflects shifting dynamics in housing market: while some states witness decreases, others experience notable increases; South Carolina, Delaware, and Florida top foreclosure rates nationwide.
In February, ATTOM found a nuanced landscape of foreclosure activity across various states and metropolitan areas, highlighting both declines and increases in foreclosure numbers.
According to the report, there were a total of 32,938 U.S. properties with foreclosure filings in February 2024. While this marks a marginal 1% decrease from the previous month, it represents an 8% increase from the same period last year.
"The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market," ATTOM CEO Rob Barber said. "These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity."
Despite the national trend, foreclosure completion numbers decreased annually in 28 states. Lenders repossessed 3,397 U.S. properties through completed foreclosures (REOs) in February 2024, reflecting a 14% decrease from the previous month and an 11% decrease from the same period last year. States such as Georgia, New York, and North Carolina experienced significant annual decreases in REOs, while others, like South Carolina and Missouri, witnessed notable increases.
South Carolina, Delaware, and Florida emerged with the highest foreclosure rates nationwide, with one in every 2,248, 2,428, and 2,632 housing units respectively having a foreclosure filing in February 2024. Major metropolitan statistical areas (MSAs) such as Columbia, SC, Lakeland, FL, and Spartanburg, SC, topped the list with the highest foreclosure rates among areas with a population greater than 200,000.
Foreclosure starts saw an increase both monthly and annually, with lenders initiating the foreclosure process on 22,575 U.S. properties in February 2024. Notable states with high foreclosure start numbers included Florida, California, and Texas, while major metropolitan areas like New York, Houston, and Los Angeles witnessed a significant number of foreclosure starts.