Foreclosures have increased this year, but declined between October and November, according to a new report from ATTOM.
According to the report, there were a total of 32,120 U.S. properties with foreclosure filings in November 2023. This figure represented a 5% increase compared to the same period the previous year. However, there was a notable 7% decrease in foreclosure activity when compared to the prior month.
“While we've observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it's essential to note that these fluctuations are a part of the cyclical nature of the market,” said Rob Barber, CEO at ATTOM. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.
The report highlighted states with the highest foreclosure rates in November 2023:
Delaware: One in every 2,393 housing units had a foreclosure filing.
Maryland: One in every 2,537 housing units.
Ohio: One in every 2,656 housing units.
South Carolina: One in every 2,771 housing units.
New Jersey: One in every 2,834 housing units.
Among metropolitan statistical areas (MSAs) with a population of at least 200,000, the following had the highest foreclosure rates in November 2023:
Bakersfield, CA: One in every 1,595 housing units had a foreclosure filing.
Cleveland, OH: One in every 1,818 housing units.
Canton, OH: One in every 1,820 housing units.
Columbia, SC: One in every 1,922 housing units.
Stockton, CA: One in every 1,961 housing units.
In MSAs with a population greater than one million, the worst foreclosure rates in November 2023, including Cleveland, OH, were observed in:
Philadelphia, PA: One in every 2,114 housing units.
Baltimore, MD: One in every 2,206 housing units.
Riverside, CA: One in every 2,327 housing units.
Las Vegas, NV: One in every 2,372 housing units.
The report indicated that lenders repossessed 2,558 U.S. properties through completed foreclosures (REOs) in November 2023. This number represented a substantial 23% decrease from the previous month and a 32% decrease compared to the same period the previous year.
States with the highest number of REOs in November 2023 included:
Michigan: 247 REOs
California: 228 REOs
Illinois: 198 REOs
Ohio: 191 REOs
Pennsylvania: 179 REOs
Major metropolitan statistical areas (MSAs) with a population greater than one million that saw the most REOs in November 2023 included:
Detroit, MI: 144 REOs
Chicago, IL: 104 REOs
New York, NY: 100 REOs
Baltimore, MD: 64 REOs
St. Louis, MO: 64 REOs
Lenders initiated the foreclosure process on 22,363 U.S. properties in November 2023, reflecting a 4% decrease from the previous month but an 8% increase compared to the same period the previous year.
States with the greatest number of foreclosure starts in November 2023 included:
Texas: 2,702 foreclosure starts
California: 2,495 foreclosure starts
Florida: 2,078 foreclosure starts
New York: 1,450 foreclosure starts
Ohio: 1,069 foreclosure starts
Major metropolitan areas with a population greater than 1 million that had the most foreclosure starts in November 2023 were:
New York, NY: 1,516 foreclosure starts
Houston, TX: 969 foreclosure starts
Philadelphia, PA: 733 foreclosure starts
Chicago, IL: 673 foreclosure starts
Miami, FL: 669 foreclosure starts
