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/

Author

  • ATTOM Team

    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% 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 bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management — ATTOM Cloud.

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