ATTOM Reports Foreclosures See Monthly, Annual Increase in July

(Image courtesy of Alin Serban/pexels.com)

ATTOM, Irvine, Calif., released its July 2024 U.S. Foreclosure Market Report, noting that foreclosure filings rose 15% month-over-month and a slight .2% year-over-year.

ATTOM defines foreclosure filings as including default notices, scheduled auctions or bank repossessions. There were 31,929 in the U.S. in July.

“July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO at ATTOM. “With an 18% increase in foreclosure starts and a 14% rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas.  However, soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.”

Nationwide, one in every 4,414 housing units had a foreclosure filing.

States with the highest rates were Delaware (one in every 2,214 housing units); Nevada (one in every 2,245); Utah (one in every 2,289); New Jersey (one in every 2,607); and Illinois (one in every 2,660).

Lenders started the foreclosure process on 21,870 properties, up 18% from June and up 4% from July 2023.

The largest number of starts were in California (2,342); Florida (2,339); Texas (2,222); Illinois (1,221); and New York (1,145).

Lenders repossessed a total of 3,282 properties through completed foreclosures, up 14% from June and down 2% year-over-year.

The most were in New York (377 REOs); California (370 REOs); Illinois (221 REOs); Pennsylvania (219 REOs); and Michigan (212 REOs).