Foreclosure Starts Decrease 7 Percent from
Last Month; While Completed Foreclosures Increase 8 Percent
from Last Month
IRVINE,
Calif., May 15, 2024 /PRNewswire/ -- ATTOM, a
leading curator of land, property, and real estate data, today
released its April 2024 U.S.
Foreclosure Market Report, which shows there were a total of 31,649
U.S. properties with foreclosure filings — default notices,
scheduled auctions or bank repossessions — down 4 percent from a
month ago and down 4 percent from a year ago.
"April's foreclosure numbers highlight a mixed landscape in the
U.S. housing market," said Rob
Barber, CEO at ATTOM. "While there is a general downtrend in
foreclosure starts and filings, we have also seen an increase in
completed foreclosures. This mixed activity underscores the
importance of closely monitoring these developments to understand
the ongoing dynamics in the real estate market."
Maryland, Illinois, and Nevada post highest foreclosure rates
Nationwide one in every 4,453 housing units had a foreclosure
filing in April 2024. States with the
highest foreclosure rates were Maryland (one in every 2,214 housing units
with a foreclosure filing); Illinois (one in every 2,517 housing units);
Nevada (one in every 2,546 housing
units); South Carolina (one in
every 2,573 housing units); and Florida (one in every 2,854 housing
units).
Among the 224 metropolitan statistical areas with a population
of at least 200,000, those with the highest foreclosure rates in
April 2024 were Elkhart, IN (one in every 1,565 housing units
with a foreclosure filing); Columbia,
SC (one in every 1,689 housing units); Cleveland, OH (one in every 1,859 housing
units); Lakeland, FL (one in every
1,861 housing units); and Flint,
MI (one in every 1,998 housing units).
Among those metropolitan areas with a population greater than 1
million, those with the worst foreclosure rates in April 2024, aside from Cleveland, OH, included: Baltimore, MD (one in every 2,096 housing
units); Chicago, IL (one in every
2,189 housing units); Orlando, FL
(one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing
units).
Foreclosure starts decline 7 percent from last month
Lenders started the foreclosure process on 21,753 U.S.
properties in April 2024, down 7
percent from last month and down 3 percent from a year ago.
States that had at least 100 foreclosure starts in April 2024 and saw the greatest monthly decline
included: New Jersey (down 51
percent); Indiana (down 32
percent); Colorado (down 31
percent); Massachusetts (down 21
percent); and Connecticut (down 20
percent).
Counter to the national trend those states that had at least 100
foreclosure starts in April 2024 and
saw the greatest monthly increase included: Maryland (up 85 percent); Oregon (up 80 percent); Oklahoma (up 65 percent); Mississippi (up 38 percent); and Michigan (up 25 percent).
Those major metropolitan areas with a population greater than 1
million that had the greatest number of foreclosure starts in
April 2024 included: Chicago, IL (1,211 foreclosure starts);
New York, NY (1,141 foreclosure
starts); Houston, TX (1,068
foreclosure starts); Miami, FL
(751 foreclosure starts); and Los
Angeles, CA (652 foreclosure starts).
Foreclosure completions increase 8 percent monthly
Lenders repossessed 2,904 U.S. properties through completed
foreclosures (REOs) in April 2024, up
8 percent from last month but down less than 1 percent from last
year.
Those states that had the greatest number of REOs in
April 2024 included: Illinois (244 REOs); Pennsylvania (241 REOs); California (233 REOs); New York (225 REOs); and Maryland (200 REOs).
Those major metropolitan statistical areas (MSAs) with a
population greater than 200,000 that saw the greatest number of
REOs in April 2024 included:
New York, NY (157 REOs);
Chicago, IL (150 REOs);
Baltimore, MD (95 REOs);
Washington, DC (88 REOs); and
Philadelphia, PA (74 REOs).
Report methodology
The ATTOM U.S. Foreclosure Market Report provides a count of the
total number of properties with at least one foreclosure filing
entered into the ATTOM Data Warehouse during the month and quarter.
Some foreclosure filings entered into the database during the
quarter may have been recorded in the previous quarter. Data is
collected from more than 3,000 counties nationwide, and those
counties account for more than 99 percent of the U.S. population.
ATTOM's report incorporates documents filed in all three phases of
foreclosure: Default — Notice of Default (NOD) and Lis Pendens
(LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure
Sale (NTS and NFS); and Real Estate Owned, or REO properties (that
have been foreclosed on and repurchased by a bank). For the annual,
midyear and quarterly reports, if more than one type of foreclosure
document is received for a property during the timeframe, only the
most recent filing is counted in the report. The annual, midyear,
quarterly and monthly reports all check if the same type of
document was filed against a property previously. If so, and if
that previous filing occurred within the estimated foreclosure
timeframe for the state where the property is located, the report
does not count the property in the current year, quarter or
month.
About ATTOM
ATTOM provides premium property data to power
products that improve transparency, innovation, efficiency, and
disruption in a data-driven economy. ATTOM multi-sources property
tax, deed, mortgage, foreclosure, environmental risk, natural
hazard, and neighborhood data for more than 155 million
U.S. residential and commercial properties covering 99 percent of
the nation's population. A rigorous data management process
involving more than 20 steps validates, standardizes, and enhances
the real estate data collected by ATTOM, assigning each
property record with a persistent, unique ID — the ATTOM ID. The
30TB ATTOM Data Warehouse fuels innovation in many industries
including mortgage, real estate, insurance, marketing, government
and more through flexible data delivery solutions that
include ATTOM Cloud, bulk file licenses, property
data APIs, real estate market trends, property
navigator and more. Also, introducing our newest innovative
solution, making property data more readily accessible and
optimized for AI applications– AI-Ready Solutions.
Media Contact:
Megan
Hunt
megan.hunt@attomdata.com
Data and Report
Licensing:
datareports@attomdata.com
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SOURCE ATTOM