ATTOM: April Foreclosure Activity Declines

ATTOM, Irvine, Calif., reported 32,977 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — down 10 percent from a month ago but up 8 percent from a year ago.

The company’s monthly U.S. Foreclosure Market Report said one in every 4,234 housing units had a foreclosure filing in April. States with the highest foreclosure rates were Illinois (one in every 2,221 housing units); Maryland (one in every 2,283 housing units); New Jersey (one in every 2,334 housing units); South Carolina (one in every 2,495 housing units); and Delaware (one in every 2,603 housing units).

Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April were Atlantic City, N.J. (one in every 1,356 housing units); Cleveland, Ohio (one in every 1,580 housing units); Lakeland, Fla. (one in every 1,649 housing units); Columbia, S.C. (one in every 1,651 housing units); and Chicago (one in every 1,950 housing units).

“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10 percent decrease in overall activity after a 20 percent increase last month,” said Rob Barber, chief executive officer at ATTOM. “While there is no apparent indication of a continued decline in the number of foreclosures, it’s important to note that the month of April typically exhibits a recurring trend of decreased activity. However, this trend underscores the significance of monitoring foreclosure rates and identifying any potential market shifts or trends.”

The report said lenders started the foreclosure process on 22,455 U.S. properties in April, down 7 percent from last month but up 1 percent from a year ago. Lenders repossessed 2,919 U.S. properties through completed foreclosures in April, down 39 percent from last month but up 3 percent from last year.