U.S. Foreclosure Activity Up 3% From Last Quarter
ATTOM reported a total of 95,349 U.S. properties with a foreclosure filings during the first quarter of 2024
ATTOM today released its Q1 2024 U.S. Foreclosure Market Report, revealing that 95,349 U.S. properties saw foreclosure filings during the first quarter of 2024. That's up 3% from the previous quarter but down less than 1% from a year ago.
The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1% from the previous month and down 10% from a year ago.
“Q1 2024's foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties," explains Rob Barber, CEO at ATTOM. "While foreclosures remain relatively stable, we're closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”
Foreclosure starts saw increases nationwide. A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2% from the previous quarter and up 4% from a year ago. One in every 1,478 housing units had a foreclosure filing in Q1 2024.
The top three states that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase were New Hampshire (up 43%); Illinois (up 26%); and Florida (up 22%). However, states with the highest rate of foreclosure were Delaware (one in every 894 housing units with a foreclosure filing); New Jersey (one in every 919 housing units) and South Carolina (one in every 929 housing units).
Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2024 included, New York, New York (4,404 foreclosure starts); Houston, Texas (2,977 foreclosure starts) and Chicago, Illinois (2,867 foreclosure starts).
Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2024 were Columbia, South Carolina (one in every 569 housing units); Spartanburg, South Carolina (one in 597) and Lakeland, Florida (one in 624).
Lenders repossessed more properties than the previous quarter but remained down from last year's numbers. A total of 10,052 U.S. properties were repossessed through foreclosure (REO) in Q1 2024, up 7% from the previous quarter but down 20% from a year ago.
More takeaways from the report can be read here.