ATTOM: Foreclosure Activity Down in August

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ATTOM, Irvine, Calif., released its August 2024 U.S. Foreclosure Market Report, revealing a total of 30,227 U.S. properties with foreclosure filings–down 5.3% from July and down 11% year-over-year.

Nationwide, one in every 4,662 housing units had a foreclosure filing during the month.

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

“Foreclosure activity has remained relatively steady in recent months, with both foreclosure starts and completed foreclosures declining in August,” said Rob Barber, CEO at ATTOM. “While overall activity is significantly lower than the peaks seen during the 2008 financial crisis, when filings exceeded 300,000 per month, the current economic environment, coupled with rising interest rates and affordability challenges, suggests a continued focus on potential housing market instability.”

States with the highest rate of foreclosure filings were Nevada (one in every 2,473 units); Florida (one in every 2,605 units); Illinois (one in every 2,837 units); South Carolina (one in every 2,877 housing units) and New Jersey (one in every 3,227 housing units).

Foreclosure starts began on 20,747 U.S. properties, down 5.1% from July and 9.4% year-over-year. The greatest number of starts were in Florida (2,668); California (2,443); Texas (1,857); New York (1,328) and Illinois (1,208).

There were 2,889 foreclosure completions, down 12% from July and 13.9% year-over-year. States with the largest number of completions were Pennsylvania (266); California (229); Illinois (224); Michigan (206); and Florida (202).