Foreclosures Trend Down - but Housing Instability Remains
New Jersey had the highest foreclosure rate among all states.
A total of 30,277 US properties were in foreclosure proceedings during August, down 5.3 percent from a month ago and a dip of 11% from August 2023, according to ATTOM’s latest foreclosure market report. That equates to one in every 4,662 housing units with a foreclosure filing nationwide.
This figure includes homes with 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.”
New Jersey had the highest foreclosure rate among states, with one in every 3,277 housing units with foreclosure filings. That was followed by South Carolina (one in every 2,877), Illinois (one in every 2,837), Florida (one in every 2,605) and Nevada (one in every 2,473). Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2024 were Lakeland, Florida; Chico, California; Columbia, South Carolina; Bakersfield, California; and Las Vegas.
Lenders started the foreclosure process on 20,747 properties in August 2024, down 5.1 percent from last month and a fall of 9.4 percent from a year ago, said the report. States that had the greatest number of foreclosure starts in August were Florida, California, Texas, New York and Illinois.
Lenders repossessed 2,889 properties through completed foreclosures in August 2024, down 12 percent from last month and down 13.9 percent from a year ago. States that had the greatest number of completed foreclosures in August 2024 included Pennsylvania, California, Illinois, Michigan and Florida. Major metropolitan statistical areas that saw the greatest number of repossessions in August 2024 included Chicago, Detroit, New York, Pittsburgh and Baltimore, according to the report.