ATTOM: Foreclosure Filings Fall in November

(Image courtesy of ATTOM)

ATTOM, Irvine, Calif., released its November 2024 U.S. Foreclosure Market Report, finding that foreclosure filings are down 9% from a year ago and down 5% from October.

ATTOM identified a total of 29,390 properties throughout the U.S. with foreclosure filings. The firm defines properties with foreclosure filings as those with default notices, schedules auctions or bank repossessions.

Nationwide, one in every 4,795 housing units had a foreclosure filing in November.

States with the highest foreclosure filings were Nevada (one in every 2,941 housing units); Florida (one in every 3,047 housing units); Connecticut (one in every 3,210 housing units); Maryland (one in every 3,535 housing units); and Indiana (one in every 3,567 housing units).

“The slight decline in U.S. foreclosure activity during November most likely reflects the seasonal ebb we often see this time of year,” said Rob Barber, CEO at ATTOM. “While foreclosure filings are down both month-over-month and year-over-year, the data highlights areas of the country, such as Nevada, Florida and Connecticut, where foreclosure rates remain relatively high. As we move into 2025, we’ll be closely monitoring how economic pressures and market dynamics may influence a potential rebound in activity.”

Lenders started the foreclosure process on 20,231 properties, down 3% from October and down 10% year-over-year.

States seeing the highest number of foreclosure starts were Texas (2,542 starts); Florida (2,438 starts); California (2,239 starts), New York (1,167 starts) and Pennsylvania (844 starts).

Despite some falling metrics, completions were up 21% year-over-year. Lenders repossessed 3,089 properties through completed foreclosures, also up 5% from October.

States with the highest number of REOs were California (402); Texas (232); New York (223) Illinois (206); and Pennsylvania (160).