WRE News February 17, 2024
Buyer
A total of 33,270 residential properties carried foreclosure filings in January, according to new data from ATTOM. This marks a 10% increase from the prior month and a 5% increase from one year earlier.
Lenders repossessed 3,954 residential properties through completed foreclosures (REOs) in January, up 13% from December for the first month-over-month uptick since July 2023. On a year-over-year basis, REOs were up by 1%. Monthly increases in foreclosure completions were recorded in 19 states, most notably Michigan (up 200%), Minnesota (up 47%), California (up 43%), Pennsylvania (up 36%) and Missouri (up 34%).
Lenders started the foreclosure process on 21,770 residential properties in January, up 6% from December and up 5% from January 2023. The states that saw the greatest number of foreclosures starts in January included California (2,719 foreclosure starts), Texas (2,613 foreclosure starts), Florida (2,330 foreclosure starts), New York (1,341 foreclosure starts) and Illinois (913 foreclosure starts).
“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system,” said Rob Barber, CEO at ATTOM. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics. We remain vigilant in monitoring these trends to understand their full impact on foreclosure activity.”
Stay up to date on the latest real estate trends.
Lifestyle
May 9, 2025
Growing your own culinary herbs, such as mint, rosemary, or thyme, is an excellent way to enhance your home-cooked meals while also honing your gardening skills.
Buyer
May 9, 2025
Mortgage application activity picked up with new gusto for the week ending May 2, according to data from the Mortgage Bankers Association (MBA).
Seller
May 8, 2025
As you think ahead to your own move, you may have noticed some houses sell within days, while others linger.
Buyer
May 8, 2025
With all the uncertainty in the economy, the stock market has been bouncing around more than usual.
Buyer
May 6, 2025
Saving up to buy a home can feel a little intimidating, especially right now.
Seller
May 6, 2025
Thanks to recent home price appreciation, homeowners have near record amounts of equity – and you may too.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today