Foreclosure Activity Up During July

A total of 31,929 U.S. properties had foreclosure filings during July, according to new data from ATTOM. This represents a 15% increase from June and up by a scant 0.2% from July 2023.

Nationwide, one in every 4,414 housing units had a foreclosure filing last month. The states with the highest foreclosure rates were Delaware (one in every 2,214 housing units with a foreclosure filing), Nevada (one in every 2,245 housing units), Utah (one in every 2,289 housing units), New Jersey (one in every 2,607 housing units), and Illinois (one in every 2,660 housing units).

Lenders started the foreclosure process on 21,870 properties in July, up 18% from the previous month and up 4% from one year earlier. Lenders repossessed 3,282 properties through completed foreclosures, up 14% from June but down 2% from July 2023.

“July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO at ATTOM. “With an 18 percent increase in foreclosure starts and a 14 percent rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas.  However soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.”