U.S. Foreclosure Starts Increased 18% In July

July 2024 saw a total of 31,929 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 15% from a month ago and up slightly by 0.2% from a year ago.

That's according to ATTOM's July 2024 U.S. Foreclosure Market Report, released today. 

"July's foreclosure activity reflects a slight shift in the housing market," said Rob Barber, CEO at ATTOM. "With an 18% increase in foreclosure starts and a 14% rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas.  However, soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector."

Nationwide, one in every 4,414 housing units had a foreclosure filing in July 2024. States with the highest foreclosure rates were Delaware (one in every 2,214 housing units with a foreclosure filing); Nevada (one in every 2,245 housing units); and Utah (one in every 2,289 housing units).

Lenders started the foreclosure process on 21,870 U.S. properties in July 2024, up 18% from last month and up 4% from a year ago. States that had the greatest number of foreclosure starts in July 2024 were California (2,342 foreclosure starts); Florida (2,339 foreclosure starts); and Texas (2,222 foreclosure starts).

Lenders repossessed 3,282 U.S. properties through completed foreclosures (REOs) in July 2024, up 14% from last month and down 2% from last year. States that had the greatest number of REOs in July 2024 were New York (377 REOs); California (370 REOs); and Illinois (221 REOs).