U.S. FORECLOSURE ACTIVITY INCREASES IN OCTOBER 2024
Foreclosure Starts Increase 6 Percent from Last Month; Completed Foreclosures Increase 12 Percent from Last Month
ATTOM, a leading curator of land, property data, and real estate analytics, released its October 2024 U.S. Foreclosure Market Report, which shows there were a total of 30,784 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 4 percent from a month ago but down 11 percent from a year ago.
“Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October,” said Rob Barber, CEO of ATTOM. “As we approach 2025, the recent Fed rate cut, and the new administration could impact mortgage rates and market stability. While seasonal factors may slow things down briefly, we’ll be watching closely to see how these recent dynamics affect the market in the coming year.”
Nevada, New Jersey, and Florida post highest foreclosure rates
Nationwide, one in every 4,578 housing units had a foreclosure filing in October 2024. States with the highest foreclosure rates were Nevada (one in every 2,741 housing units with a foreclosure filing); New Jersey (one in every 3,059 housing units); Florida (one in every 3,086 housing units); California (one in every 3,152 housing units); and South Carolina (one in every 3,272 housing units).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October 2024 were Vallejo, CA (one in every 1,464 housing units with a foreclosure filing); Bakersfield, CA (one in every 1,640 housing units); Chico, CA (one in every 1,724 housing units); Stockton, CA (one in every 1,802 housing units); and Lakeland, FL (one in every 1,894 housing units).
Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in October 2024 were: Riverside, CA (one in every 1,978 housing units); Cleveland, OH (one in every 2,186 housing units); Fresno, CA (one in every 2,247 housing units); and Indianapolis, IN (one in every 2,293 housing units); and Las Vegas, NV (one in every 2,314 housing units).
Greatest numbers of foreclosure starts in California, Texas, and Florida
Lenders started the foreclosure process on 20,950 U.S. properties in October 2024, up 6 percent from last month but down 10 percent from a year ago.
States that had the greatest number of foreclosure starts in October 2024 included: California (2,915 foreclosure starts); Texas (2,282 foreclosure starts); Florida (2,227 foreclosure starts); New York (1,187 foreclosure starts); and Michigan (1,035 foreclosure starts).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in October 2024 included: New York, NY (1,247 foreclosure starts); Los Angeles, CA (911 foreclosure starts); Chicago, IL (761 foreclosure starts); Miami-Fort Lauderdale, FL (727 foreclosure starts); and Houston, TX (624 foreclosure starts).
Foreclosure completion numbers increase from last month
Lenders repossessed 2,938 U.S. properties through completed foreclosures (REOs) in October 2024, up 12 percent from last month but down 12 percent from last year.
States that had the greatest number of REOs in October 2024, included: California (306 REOs); Illinois (252 REOs); Texas (249 REOs); New York (212 REOs); and Florida (140 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2024 included: Chicago, IL (162 REOs); New York, NY (147 REOs); Los Angeles, CA (61 REOs); Detroit, MI (59 REOs); and San Antonio (58 REO’s).
Media Contact:
Megan Hunt
megan.hunt@attomdata.com
Data and Report Licensing:
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SOURCE ATTOM
