ATTOM Finds Foreclosure Activity Down From a Year Ago

(Illustration courtesy of ATTOM)

ATTOM, Irvine, Calif., found 177,431 U.S. properties with foreclosure filings in the first six months of 2024, down 4.4% from first-half 2023 but up 7.8% from the same period two years ago.

Foreclosure filings include default notices, scheduled auctions and bank repossessions.

States that saw the greatest increases in foreclosure activity compared to a year ago in the first half of 2024 included South Dakota (up 93%); North Dakota (up 86%); Kentucky (up 73%); Massachusetts (up 46%); and Idaho (up 30%), the ATTOM Mid-Year 2024 U.S. Foreclosure Market Report said.

States with the highest foreclosure rates in the first half of 2024 were New Jersey (0.21% of housing units with a foreclosure filing); Illinois (0.21%); Florida (0.20%); Nevada (0.19%); and South Carolina (0.19%).

“In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” stated Rob Barber, CEO for ATTOM. “In addition, U.S. foreclosure starts also decreased by 3 % in the first six months of 2024.  These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”

A total of 130,369 U.S. properties started the foreclosure process in the first six months of 2024, down 3.5% from the first half of last year, ATTOM reported.

Bank repossessions also declined in first-half 2024 from last year. Lenders foreclosed (REO) on a total of 18,726 U.S. properties in the first six months of 2024, down 17% from the first half of 2023 and down 10% from the first half of 2022, but up 92% from the first half of 2021.