ATTOM: Foreclosure Activity Steady In October
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ATTOM, Irvine, Calif., found 34,472 U.S. properties with foreclosure filings in October, down 6% from a month ago but up 6% from a year ago.
Foreclosure filings include default notices, scheduled auctions and bank repossessions, ATTOM noted in its U.S. Foreclosure Market Report.
“Foreclosure filings continue to paint a concerning picture,” ATTOM CEO Rob Barber said. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.”
Nationwide, one in every 4,051 housing units had a foreclosure filing in October, the report said. States with the highest foreclosure rates included Delaware (one in every 2,432 housing units with a foreclosure filing), Ohio (one in every 2,492 housing units), New Jersey (one in every 2,550 housing units), Maryland (one in every 2,565 housing units) and South Carolina (one in every 2,569 housing units).
Among the 223 metros with a population exceeding 200,000, those with the highest foreclosure rates in October were Cleveland (one in every 1,403 housing units with a foreclosure filing), Atlantic City, N.J. (one in every 1,547 housing units), Spartanburg, S.C. (one in every 1,708 housing units), Bakersfield, Calif. (one in every 1,785 housing units) and Jacksonville, N.C. (one in every 1,848 housing units).
The report said lenders started the foreclosure process on 23,343 U.S. properties in October, down 7% from last month but up 7% from a year ago.
States that had the greatest number of foreclosure starts in October 2023 included Texas (2,966 foreclosure starts), California (2,747 foreclosure starts), Florida (2,319 foreclosure starts) New York (1,405 foreclosure starts) and Georgia (1,054 foreclosure starts).
Foreclosure completion numbers remain unchanged from last month, ATTOM found. Lenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in October, down less than 1% from last month and down 20% from last year.
States with the most REOs in October included: Pennsylvania (297 REOs), Illinois (273 REOs), Ohio (231 REOs), California (219 REOs) and Michigan (216 REOs).
