ATTOM: U.S. Foreclosure Activity Sees Eight Straight Months of Increases

(Image courtesy of Brett Sayles/pexels.com)

ATTOM, Irvine, Calif., reported that in October there were a total of 36,766 U.S. properties with foreclosure filings, up 3% from September and up 19% year-over-year.

Nationwide, that means one in every 3,871 housing units had a foreclosure filing.

ATTOM defines as foreclosure filings any properties with default notices, scheduled auctions or bank repossessions.

“Foreclosure activity continued its steady upward trend in October, the eighth straight month of year-over-year increases. Starts rose nearly 20%, while completed foreclosures were up 32% from last year,” said Rob Barber, CEO at ATTOM. “Even with these increases, activity remains well below historic highs. The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs.”

Lenders began the foreclosure process on 25,129 U.S. properties in October, up 6% from September and up 20% year-over-year.

Lenders repossessed 3,872 U.S. properties via completed foreclosures last month, up 2% from September and up 32% from last year.

States with the worst foreclosure rates included Florida, at one in every 1,829 housing units, South Carolina, at one in every 1,982 housing units; Illinois, at one in every 2,570 housing units; Delaware, at one in every 2,710 units; and Nevada, at one in every 2,747 housing units.