Foreclosure Activity Records Annual Increase

WRE News March 16, 2024


Foreclosure Activity Records Annual Increase

Last month saw a total of 32,938 residential properties with foreclosure filings, according to new data from ATTOM. This is down 1% from January but up 8% from February 2023.

Lenders repossessed 3,397 properties through completed foreclosures (REOs) in February, down 14% from the previous month but up 11% from one year earlier. The states with the greatest annual increase in REOs included South Carolina (up 51%), Missouri (up 50%), Pennsylvania (up 46%) Texas (up 7%) and Indiana (up 0.8%).

Nationwide, one in every 4,279 housing units had a foreclosure filing in February. States with the highest foreclosure rates were South Carolina (one in every 2,248 housing units with a foreclosure filing), Delaware (one in every 2,428 housing units), Florida (one in every 2,632 housing units), Ohio (one in every 2,828 housing units) and Connecticut (one in every 2,884 housing units).

Lenders started the foreclosure process on 22,575 properties in February, up 4% from January and up 11% from one year earlier. The states that saw the greatest number of foreclosures starts Florida (2,732 foreclosure starts), California (2,730 foreclosure starts), Texas (2,694 foreclosure starts), New York (1,289 foreclosure starts) and Ohio (1,097 foreclosure starts).

“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”

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