Foreclosure Starts Down in July, but Repossessions Increase, ATTOM Finds

(Image courtesy Anete Lusina/pexels.com)

ATTOM, Irvine, Calif., found in its July 2023 U.S. Foreclosure Market Report that foreclosure starts are down 12% from June and down 2% from a year ago.

However, completed foreclosures are up 4% from June and up 9% from last year.

All properties with foreclosure filings are down 9% from June but up 5% from a year ago.

“The slight decline in foreclosure filings we are seeing is yet another sign of a rebounding housing market,” said Rob Barber, CEO at ATTOM. “With home prices back up, several factors have combined to put more financial resources in the hands of homeowners, providing more options to avoid foreclosure. However, given the U.S. housing market remains in flux, the various forces at play could keep the market improving or turn it back downward over the coming months.”

States with the highest foreclosure rates were Maryland, New Jersey, Delaware, Illinois and South Carolina.

States with the highest number of repossessions were Illinois, Pennsylvania, California, Michigan and Texas.