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Foreclosure Activity in First Half of 2024 Down from Previous Year

Foreclosure Starts Decrease 3.5 Percent in First Six Months of 2024 By ATTOM Team ATTOM, a leading curator of land, property and real estate data, released its Midyear 2024 U.S. Foreclosure Market Report, which shows there were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2024. That figure is down 4.4% from the same time period a year ago but up 7.8% from the same time period two years ago. “In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” stated Rob Barber, CEO for ATTOM. “In addition, U.S. foreclosure starts also decreased by 3% in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.” States that saw the greatest increases in foreclosure activity compared to a year ago in the first half of 2024 included:  »             South Dakota (up 93%)  »             North Dakota (up 86%)  »             Kentucky (up 73%)  »             Massachusetts (up 46%)  »             Idaho (up 30%). States with highest foreclosure rates Nationwide, 0.13% of all housing units (one in every 794) had a foreclosure filing in the first half of 2024. States with the highest foreclosure rates in the first half of 2024 were:  »             New Jersey (0.21% of housing units with a foreclosure filing)  »             Illinois (0.21%)  »             Florida (0.20%)  »             Nevada (0.19%)  »             South Carolina (0.19%) Other states with first-half foreclosure rates among the 10 highest nationwide were:  »             Maryland (0.19%)  »             Connecticut (0.19%)  »             Delaware (0.18%)  »             Ohio (0.18%)  »             Indiana (0.16%) Metros with highest foreclosure rates Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2024 were:  »             Lakeland, Florida (0.32% of housing units with foreclosure filings)  »             Columbia, South Carolina (0.31%)  »             Atlantic City, New Jersey (0.28%)  »             Cleveland, Ohio (0.27%)  »             Spartanburg, South Carolina (0.27%) Other major metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2024 were:  »             Jacksonville, Florida (0.25% of housing units with a foreclosure filing)  »             Bakersfield, California (0.25%)  »             Elkhart, Indiana (0.24%)  »             Orlando, Florida (0.24%)  »             Chicago, Illinois (0.24%) Foreclosure starts down 3.5% from last year A total of 130,369 U.S. properties started the foreclosure process in the first six months of 2024, down 3.5% from the first half of last year and down 32% from the first half of 2020. States that saw the greatest number of foreclosures starts in the first half of 2024 included:  »             Texas (15,375 foreclosure starts)  »             Florida (15,251 foreclosure starts)  »             California (14,964 foreclosure starts)  »             New York (7,523 foreclosure starts)  »             Illinois (7,240 foreclosure starts) Bank repossessions decline in first half of 2024 from last year Lenders foreclosed (REO) on a total of 18,726 U.S. properties in the first six months of 2024, down 17% from the first half of 2023 and down 10% from the first half of 2022, but up 92% from the first half of 2021. States that posted the greatest number of REOs in the first half of 2024 included:  »             California (1,575 REOs)  »             Pennsylvania (1,568 REOs)  »             Illinois (1,540 REOs)  »             Michigan (1,432 REOs)  »             Texas (1,197 REOs) Average time to foreclose increases for second quarter in a row Properties foreclosed in Q2 2024 had been in the foreclosure process an average of 815 days. That figure was up 11% from the previous quarter and down 33% from Q2 2023. View the full report at: https://www.attomdata.com/news/most-recent/mid-year-2024-foreclosure-market-report/

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Yancy Riggs joins ServiceLink’s default division

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ServiceLink, the nation’s premier provider of tech-enabled services for all phases of the mortgage lifecycle, is pleased to welcome Yancy Riggs, vice president, national sales executive, to its default division. Riggs, who will be responsible for driving client growth and new business development for default solutions, is an accomplished and respected mortgage banking professional with more than 20 years of industry experience. He has a proven track record of success developing and implementing complex initiatives to drive improved customer satisfaction and performance. An enthusiastic producer, he brings a sense of urgency to capture market opportunities and a passion for winning. Riggs joins ServiceLink after a stint at Covius (RealtyBid), where he was responsible for all facets of revenue generating activities. He previously held leadership roles at CoreLogic, Black Knight Financial and Equifax. Riggs possesses a solid understanding of topical issues surrounding his customer base and has a thorough understanding of applicable sales techniques and strategies to develop and improve customer satisfaction and loyalty. Riggs, whose mission is to help his clients achieve their strategic goals, realize greater success and better serve their customers, has a reputation for building long lasting customer relations through a relentless commitment to innovation, quality and customer satisfaction. Contact: Stephanie Hacke Public Relations & Communications Lead,  Marketing E: stephanie.hacke@svclnk.com M: 412.377.6629

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The Staffing That Real Estate Entrepreneurs Need Today

Brian Flaherty, the CEO of Global Strategic, is an industry expert with over 20 years of experience in Medical Staffing, IT Contractor Placement, Executive Staffing ITO, and BPO. He is on the show today to help us understand the value of quality staffing and how it plays into the success of every business across multiple industries in the world. Listen to this episode to learn more about the world of staffing, how the working landscape has changed through COVID-19, and what businesses can do to find the best outsourcing partners! Quotables “I don’t think you can set out to develop a skillset, per se. I think you have to be adaptive and always looking at how to get better.” “Typically, the challenge with real estate, even investors, is they’re entrepreneurial. That’s what makes them fantastic, that’s what also makes them a challenge.” “Don’t be afraid to show your staff that there’s no job too small and lead by example.” Links Website: Global Strategic https://www.globalstrategic.com/ Website: Denise Marie Flaherty Memorial Foundation https://www.deniseflahertyfoundation…. Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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The Journey from Engineering to Real Estate Investing

Mark Abramovich, the founder of the MIRS Group and a partner at Idoni Management, is an entrepreneur with a strong background in engineering and industrial development. Over the years, Mark decided to transition into real estate investing, focusing on solving problems for real estate investors through the lending industry. Listen now to learn more about Mark’s journey into real estate, how his background in engineering played into real estate investing, and how he is helping investors do more deals today! Quotables “I was sitting in my home office, working on a couple of loans, and figuring out how to structure them and the realization suddenly hit me that I was being an engineer just in a slightly different medium.” “The bigger and better your network, the bigger and better your net worth is.” “When you meet somebody for the first time, no matter what, your brain instantly makes a decision of like or dislike.” Links Website: MIRS Group https://www.mirsgroupllc.com Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/ Email: RCN Capital info@rcncapital.com

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The Impact of AI in the Real Estate Investing Space

Scott Fahl is the founder and CEO of Privy, a real estate software that helps investors find the best deals and evaluate them, all in one place. Scott’s knack for innovation paved the way for Privy and the impact it has made on the industry, and he is with us today to talk about how it all started and where he is today. Listen to this episode to learn more about the story behind Privy, how Scott’s innovative nature impacted his career and many others’, and how technology can make real estate easier for investors! Quotables “When you can start with what everybody is having success with, you could just repeat off of that.” “That’s the biggest thing – you have to listen to what people are saying and if you give them what they want, they’re going to be happy. That’s all there is to it.” “You’re never going to get it 100% right but if you’re in the 80-90 percentile, push it out because you go back to that, you’re not afraid anymore because you’re trusting people to tell you.” Links Website: Privy https://www.privy.pro Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/

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Solving Problems for Real Estate Investors with Tech & AI

Jonny Britton is the co-founder and CEO of LandTech, the fastest growing PropTech company in the UK. His diverse background in town planning and software development helped him co-found one of the most efficient tools for real estate professionals. While it’s only been available in the UK for years, it is now starting to make waves within the US too, and we’re going to hear all about it from Jonny himself. Listen to this episode to learn more about the story behind LandTech, the solutions it is providing the US market, and how technology like it will help the real estate industry move forward! Quotables “We use memes, we use data-driven content, and some of the stuff we put out can seem quite small, but it gets picked up and it can travel very far, and the media often gets it as well.” “I’ve got quite a strong point of view about where the industry is going to change and I really think that a few things have converged – AI is coming in a big way and that’s going to change everything significantly.” “What I think is the best thing to do when trying to make some money is to ensure that all of the interests are aligned, and I think that the best way to do that is by giving people equity.” Links Website: LandTech https://www.landtech.us Website: RCN Capital https://www.rcncapital.com/podcast Website: REI INK https://rei-ink.com/ Email: RCN Capital info@rcncapital.com

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