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Foreclosure Activity Inches Up During Q1

WRE News April 14, 2024

Buyer

Foreclosure Activity Inches Up During Q1

A total of 95,349 residential properties had foreclosure filings during the first quarter, according to new data from ATTOM. This represented a 3% increase from the previous quarter and a dip of less than 1% from one 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,” said Rob Barber, CEO at ATTOM. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”

A total of 67,657 properties started the foreclosure process in the first quarter, up 2% from the previous quarter and up 4% from a year ago. Lenders repossessed 10,052 properties through foreclosure (REO) in the first quarter, up 7% from the previous quarter but down 20% 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’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”

ATTOM also reported that 32,878 properties had foreclosure filings in March, down by less than 1% from the previous month and down 10% from a year ago.

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