U.S. FORECLOSURE ACTIVITY INCREASES IN OCTOBER 2024

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Nov 12, 2024, 10:00 ET

Foreclosure Starts Increase 6 Percent from Last Month; Completed Foreclosures Increase 12 Percent from Last Month

IRVINE, Calif., Nov. 12, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property data, and real estate analytics, today released its October 2024 U.S. Foreclosure Market Report, which shows there were a total of 30,784 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 4 percent from a month ago but down 11 percent from a year ago.

"Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October," said Rob Barber, CEO of ATTOM. "As we approach 2025, the recent Fed rate cut, and the new administration could impact mortgage rates and market stability. While seasonal factors may slow things down briefly, we'll be watching closely to see how these recent dynamics affect the market in the coming year."

Nevada, New Jersey, and Florida post highest foreclosure rates
Nationwide, one in every 4,578 housing units had a foreclosure filing in October 2024. States with the highest foreclosure rates were Nevada (one in every 2,741 housing units with a foreclosure filing); New Jersey (one in every 3,059 housing units); Florida (one in every 3,086 housing units); California (one in every 3,152 housing units); and South Carolina (one in every 3,272 housing units).

Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2024 were Vallejo, CA (one in every 1,464 housing units with a foreclosure filing); Bakersfield, CA (one in every 1,640 housing units); Chico, CA (one in every 1,724 housing units); Stockton, CA (one in every 1,802 housing units); and Lakeland, FL (one in every 1,894 housing units).

Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2024 were: Riverside, CA (one in every 1,978 housing units); Cleveland, OH (one in every 2,186 housing units); Fresno, CA (one in every 2,247 housing units); and Indianapolis, IN (one in every 2,293 housing units); and Las Vegas, NV (one in every 2,314 housing units).

Greatest numbers of foreclosure starts in California, Texas, and Florida
Lenders started the foreclosure process on 20,950 U.S. properties in October 2024, up 6 percent from last month but down 10 percent from a year ago.

States that had the greatest number of foreclosure starts in October 2024 included: California (2,915 foreclosure starts); Texas (2,282 foreclosure starts); Florida (2,227 foreclosure starts); New York (1,187 foreclosure starts); and Michigan (1,035 foreclosure starts).

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in October 2024 included: New York, NY (1,247 foreclosure starts); Los Angeles, CA (911 foreclosure starts); Chicago, IL (761 foreclosure starts); Miami-Fort Lauderdale, FL (727 foreclosure starts); and Houston, TX (624 foreclosure starts).

Foreclosure completion numbers increase from last month
Lenders repossessed 2,938 U.S. properties through completed foreclosures (REOs) in October 2024, up 12 percent from last month but down 12 percent from last year.

States that had the greatest number of REOs in October 2024, included: California (306 REOs); Illinois (252 REOs); Texas (249 REOs); New York (212 REOs); and Florida (140 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2024 included: Chicago, IL (162 REOs); New York, NY (147 REOs); Los Angeles, CA (61 REOs); Detroit, MI (59 REOs); and San Antonio (58 REO's).

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 and analytics that power a myriad of solutions that improve transparency, innovation, digitization and efficiency 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.