Skip to main content

U.S. Foreclosures Down In Q3 2024, But Experts Urge Caution

Oct 09, 2024
ATTOM Q3 2024 U.S. Foreclosure Market Report
Staff Writer

ATTOM's Q3 2024 saw foreclosure starts down 10% from last year

ATTOM’s Q3 2024 U.S. Foreclosure Market Report, released today, reveals a drop in foreclosures, with 87,108 properties receiving filings — a 2% decrease from the previous quarter and a 13% drop compared to last year. September saw further improvement, with filings down 19% year-over-year. Overall, previous data from ATTOM reported dwindling foreclosure activity.

CEO of ATTOM, Rob Barber, urged caution, however, commenting "While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend."

Barber continued, "Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures."

Foreclosure Trends and Key Data

ATTOM observed 62,380 properties enter the foreclosure process in Q3, down 1% from Q2 and down 10% year-over-year. States that had 1,000 or more foreclosures starts in Q3 2024 and saw the greatest annual decrease included, North Carolina (down 44%); Georgia (down 29%); and Maryland (down 22%). 

Major cities, meaning metros with a population of 200,000 or more, such as New York (3,776 starts), Chicago (3,231), and Los Angeles (2,166) had the most foreclosure starts. However, Illinois, Nevada, and Florida lead in foreclosure rates, with Illinois seeing one foreclosure for every 904 housing units.

Bank Repossessions and Foreclosure Timelines

Lenders repossessed 8,795 properties in Q3, up 1% from Q2 2024 but down 12% from last year. Properties spent an average of 815 days in foreclosure, a 6% increase from last year.  Louisiana (3,520 days) and Hawaii (2,531 days) have the longest timelines, while New Hampshire (165 days) and Minnesota (172 days) have the shortest.

About the author
Staff Writer
Sarah Wolak is a staff writer at NMP.
Published
Oct 09, 2024
Mortgage Applications, Rates Locked In Terrible Tango

The MBA's weekly index decreased for the fifth consecutive week as mortgage rates have risen nearly 70 basis points in that period

Nov 06, 2024
When Will Baby Boomers Relinquish Their Homes?

MBA RIHA updated report notes 'housing supply is being impacted by increased life expectancy'

Nov 06, 2024
Personal Bankruptcies Jump In October

Some originators specialize in helping borrowers facing these financial hardships.

Nov 06, 2024
Angel Oak Reports Profitable Third Quarter

The Non-QM originator, aggregator, and investment trust purchased nearly $265 million of newly-originated Non-QM residential loans in the third quarter.

Nov 06, 2024
Tripling Rentership Rate Highlights Pooling Purchase Demand

Rentership rates geolocate markets where borrowers can still find affordable homes — and where they can't find any.

Nov 05, 2024
Home Price Growth Slows to 3.4% YoY In September

CoreLogic economists expect the growth rate to slow to 2.3% by next fall

Nov 05, 2024