FORECLOSURE ACTIVITY NATIONWIDE SHOWS SLIGHT DECLINE IN APRIL 2024
Foreclosure Starts Decrease 7 Percent from Last Month; While Completed Foreclosures Increase 8 Percent from Last Month
ATTOM, a leading curator of land, property, and real estate data, released its April 2024 U.S. Foreclosure Market Report, which shows there were a total of 31,649 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 4 percent from a month ago and down 4 percent from a year ago.
“April’s foreclosure numbers highlight a mixed landscape in the U.S. housing market,” said Rob Barber, CEO at ATTOM. “While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.”
Maryland, Illinois, and Nevada post highest foreclosure rates
Nationwide one in every 4,453 housing units had a foreclosure filing in April 2024. States with the highest foreclosure rates were Maryland (one in every 2,214 housing units with a foreclosure filing); Illinois (one in every 2,517 housing units); Nevada (one in every 2,546 housing units); South Carolina (one in every 2,573 housing units); and Florida (one in every 2,854 housing units).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April 2024 were Elkhart, IN (one in every 1,565 housing units with a foreclosure filing); Columbia, SC (one in every 1,689 housing units); Cleveland, OH (one in every 1,859 housing units); Lakeland, FL (one in every 1,861 housing units); and Flint, MI (one in every 1,998 housing units).
Among those metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in April 2024, aside from Cleveland, OH, included: Baltimore, MD (one in every 2,096 housing units); Chicago, IL (one in every 2,189 housing units); Orlando, FL (one in every 2,199 housing units); and Jacksonville, FL (one in every 2,237 housing units).
Foreclosure starts decline 7 percent from last month
Lenders started the foreclosure process on 21,753 U.S. properties in April 2024, down 7 percent from last month and down 3 percent from a year ago.
States that had at least 100 foreclosure starts in April 2024 and saw the greatest monthly decline included: New Jersey (down 51 percent); Indiana (down 32 percent); Colorado (down 31 percent); Massachusetts (down 21 percent); and Connecticut (down 20 percent).
Counter to the national trend those states that had at least 100 foreclosure starts in April 2024 and saw the greatest monthly increase included: Maryland (up 85 percent); Oregon (up 80 percent); Oklahoma (up 65 percent); Mississippi (up 38 percent); and Michigan (up 25 percent).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in April 2024 included: Chicago, IL (1,211 foreclosure starts); New York, NY (1,141 foreclosure starts); Houston, TX (1,068 foreclosure starts); Miami, FL (751 foreclosure starts); and Los Angeles, CA (652 foreclosure starts).
Foreclosure completions increase 8 percent monthly
Lenders repossessed 2,904 U.S. properties through completed foreclosures (REOs) in April 2024, up 8 percent from last month but down less than 1 percent from last year.
Those states that had the greatest number of REOs in April 2024 included: Illinois (244 REOs); Pennsylvania (241 REOs); California (233 REOs); New York (225 REOs); and Maryland (200 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs in April 2024 included: New York, NY (157 REOs); Chicago, IL (150 REOs); Baltimore, MD (95 REOs); Washington, DC (88 REOs); and Philadelphia, PA (74 REOs).
Media Contact:
Megan Hunt
megan.hunt@attomdata.com
SOURCE ATTOM
