February Foreclosure Activity Up From Last Year, ATTOM Finds

(Image courtesy of Melike Sayar Melikesayar/pexels.com)

ATTOM, Irvine, Calif. reported U.S. foreclosure activity increased 8% year-over-year in February, but fell 1% from the previous month.

There were a total of 32,938 foreclosure filings–defined by ATTOM as properties with default notices, scheduled auctions or bank repossessions.

One in every 4,279 housing units in the nation had a foreclosure filing in February.

The states with the highest foreclosure rates were South Carolina (one in every 2,248 housing units with a foreclosure filing); Delaware (one in every 2,428 housing units); Florida (one in every 2,632 housing units); Ohio (one in every 2,828 housing units); and Connecticut (one in every 2,884 housing units.)

“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM. “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”

Foreclosure completions fell 11% year-over-year and 14% from January.  

States that had at least 50 REOs and saw the greatest annual increase were South Carolina (up 51%), Missouri (up 50%), Pennsylvania (up 46%), Texas (up 7%) and Indiana (up 0.8%).

States that had at least 50 REOs and saw the greatest annual decrease included Georgia (down 52%), New York (down 41%), North Carolina (down 34%), New Jersey (down 28%) and Maryland (down 26%).

Foreclosure starts began on 22,575 properties, up 11% year-over-year and up 4% from the previous month.

The states with the greatest number of foreclosure starts were Florida (2,732 foreclosure starts), California (2,730 foreclosure starts), Texas (2,694 foreclosure starts), New York ( 1,289  foreclosure starts) and Ohio (1,097 foreclosure starts).