Nationwide foreclosure filings fell 9% in November from last year, and 5% from the month prior.
But, foreclosure rates remain relatively high across Florida, Nevada, and Connecticut, according to ATTOM’s November 2024 Foreclosure Market Report.
The company's CEO, Rob Barber, noted that the decline in foreclosure activity during November is typically observed this time of year, though higher foreclosure filings persist in some states.
“As we move into 2025, we’ll be closely monitoring how economic pressures and market dynamics may influence a potential rebound in activity,” Barber said.
In November 2024, one in every 4,795 housing units nationwide had a foreclosure filing. States with the highest foreclosure rates were Nevada (one in every 2,941 housing units), Florida (one in every 3,047), Connecticut (one in every 3,210), Maryland (one in every 3,535), and Indiana (one in every 3,567).
Among metropolitan areas with populations of at least 200,000, California saw some of the highest foreclosure rates. Those occurred in Modesto, Calif. (one in every 1,890 housing units), Reading, Pa. (one in every 2,133), Bakersfield, Calif. (one in every 2,155), Riverside, Calif. (one in every 2,207), and Chico, Calif. (one in every 2,270).
For metro areas with populations exceeding 1 million, the highest foreclosure rates were seen in Riverside, Calif. (one in every 2,207), Cleveland (one in every 2,385), Philadelphia (one in every 2,414), Miami (one in every 2,551), and Las Vegas (one in every 2,645).
The list of states that had the greatest number of foreclosure starts in November 2024 again included Texas (2,542 foreclosure starts); Florida (2,438 foreclosure starts); California (2,239 foreclosure starts); New York (1,167 foreclosure starts); and Pennsylvania (844 foreclosure starts).
Major metropolitan areas with a population greater than 1 million that saw the greatest number of foreclosure starts in November 2024 included New York (1,184 foreclosure starts); Houston (969 foreclosure starts); Miami (768 foreclosure starts); Philadelphia (723 foreclosure starts); and Los Angeles (641 foreclosure starts).
Overall, lenders repossessed 3,089 U.S. properties through completed foreclosures (REOs) in November 2024, up 5% from last month and a 21% bump up from last year.
States that had the greatest number of REOs in November 2024 included California (402 REOs); Texas (232 REOs); New York (223 REOs); Illinois (206 REOs); and Pennsylvania (160 REOs).
Major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in November 2024 included New York (198 REOs); Chicago (177 REOs); Baltimore (88 REOs); San Francisco (83 REOs); and Los Angeles (80 REOs).
