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/
