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.
