ATTOM: Foreclosure Activity Increases in January

(Image courtesy of Kelly/pexels.com)

ATTOM, Irvine, Calif., released its January U.S. Foreclosure Market Report, showing there were 33,270 properties with foreclosure filings in the month–up 5% from a year ago and up 10% from December.

ATTOM defines foreclosure filings as default notices, scheduled auctions and bank repossessions.

“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system,” said Rob Barber, CEO at ATTOM. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics. We remain vigilant in monitoring these trends to understand their full impact on foreclosure activity.”

One in every 4,236 housing units had a foreclosure filing in the month. Delaware had a foreclosure filing in one out of every 2,269 housing units, Nevada at one in every 2,272 housing units, Indiana at one in every 2,499 housing units, Maryland at one in every 2,588 housing units and New Jersey at one in every 2,647 housing units.

Foreclosure completions were up 1% from a year ago, at 3,954. That’s also an increase of 13% from December, the first month-to-month increase from July.

By state (defined as by states with at least 50 or more), Michigan was up 200%, Minnesota was up 47%, California was up 43%, Pennsylvania was up 36% and Missouri was up 34%.

Foreclosure starts began on 21,770 properties, an increase of 5% year-over-year and up 6% from December.

Foreclosure starts were highest in California at 2,719, Texas at 2,613, Florida at 2,330, New York at 1,341 and Illinois at 913.