Foreclosure Activity Increases in Q1 2024
Bank Repossessions Up 7%
By ATTOM Team
ATTOM, a leading curator of land, property, and real estate data, released its Q1 2024 U.S Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filing during the first quarter of 2024, up 3% from the previous quarter but down less than 1% from a year ago.
The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1% from the previous month and down 10% from a year ago.
“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we are closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”
Foreclosure Starts Increase Nationwide
A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2% from the previous quarter and up 4% from a year ago.
States that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase included:
» New Hampshire (up 43%)
» Illinois (up 26%)
» Florida (up 22%)
» Rhode Island (up 21%)
» Nevada (up 16%)
Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2024 included:
» New York, New York (4,404 foreclosure starts)
» Houston, Texas (2,977 foreclosure starts)
» Chicago, Illinois (2,867 foreclosure starts)
» Los Angeles, CA (2,398 foreclosure starts)
» Miami, FL(2,319 foreclosure starts)
Highest Foreclosure Rates in DE, NJ, and SC
Nationwide, one in every 1,478 housing units had a foreclosure filing in Q1 2024. States with the highest foreclosure rates were:
» Delaware (one in every 894 housing units with a foreclosure filing)
» New Jersey (one in every 919 housing units)
» South Carolina (one in every 929 housing units)
» Nevada (one in every 961 housing units)
» Florida (one in every 973 housing units)
Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2024 were:
» Columbia, South Carolina (one in every 569 housing units)
» Spartanburg, South Carolina (one in 597)
» Lakeland, Florida (one in 624)
» Atlantic City, New Jersey (one in 628)
» Cleveland, Ohio (one in 662)
Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, included:
» Cleveland, Ohio at No.5
» Riverside, California at No. 9
» Orlando, Florida at No.10
» Las Vegas, Nevada at No. 13
» Jacksonville, Florida at No. 15
Bank Repossessions Increase 7%
Lenders repossessed 10,052 U.S. properties through foreclosure (REO) in Q1 2024, up 7% from the previous quarter but down 20% from a year ago.
Those states that had the greatest number of REOs in Q1 2024 were:
» Michigan (1,049 REOs)
» California (845 REOs)
» Pennsylvania (838 REOs)
» Illinois (810 REOs)
» Texas (596 REOs).
Average Time to Foreclose Increases 2%
Properties foreclosed in Q1 2024 had been in the foreclosure process for an average of 736 days. While this marks a slight increase from the previous quarter, it represents a 20% decrease from the same time last year, continuing a downward trajectory observed since mid-2020.
States with the longest average foreclosure timelines for homes foreclosed in Q1 2024 were:
» Louisiana (2,641 days)
» Hawaii (2,031 days)
» New York (1,958 days)
» Nevada (1,701 days)
» Kentucky (1,701 days).
States with the shortest average foreclosure timelines for homes foreclosed in Q1 2024 were:
» Montana (123 days)
» Virginia (152 days)
» Texas (163 days)
» Wyoming (191 days)
» West Virginia (217 days)
