Foreclosure Activity Down in Q3

A total of 87,108 residential properties carried foreclosure filings during the third quarter of this year, according to new data from ATTOM. This is down 2% from the previous quarter and down 13% from one year ago. Nationwide one in every 1,618 housing units had a foreclosure filing in the third quarter.

A total of 62,380 properties started the foreclosure process in the third quarter, down by less than 1% from the second quarter and down 10% from the third quarter of 2023. Lenders repossessed 8,795 properties through foreclosure (REO) in the third quarter, up by 1% from the previous quarter but down 12% from one year ago.

States that had 1,000 or more foreclosures starts in the third quarter and saw the greatest annual decrease included North Carolina (down 44%), Georgia (down 29%); Maryland (down 22%), New Jersey (down 20%), and South Carolina (down 19%).

For September alone, a total of 29,668 properties had foreclosure filings, down 2% from the previous month and down 19% from the previous year.

“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” said Rob Barber, CEO of ATTOM. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.”