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)

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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