Foreclosure Starts Increase 18 Percent from
Last Month; Completed Foreclosures Increase 14
Percent
IRVINE,
Calif., Aug. 15, 2024 /PRNewswire/ -- ATTOM, a
leading curator of land, property, and real estate data,
today released its July 2024
U.S. Foreclosure Market Report, which shows there were a total of
31,929 U.S. properties with foreclosure filings — default notices,
scheduled auctions or bank repossessions — up 15 percent from a
month ago and up slightly by .2 percent from a year ago.
"July's foreclosure activity reflects a slight shift in the
housing market," said Rob Barber,
CEO at ATTOM. "With an 18 percent increase in foreclosure starts
and a 14 percent 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."
Delaware, Nevada, and Utah post highest foreclosure
rates
Nationwide, one in every 4,414 housing units had a
foreclosure filing in July 2024.
States with the highest foreclosure rates were Delaware (one in every 2,214 housing units
with a foreclosure filing); Nevada
(one in every 2,245 housing units); Utah (one in every 2,289 housing units);
New Jersey (one in every 2,607
housing units); and Illinois (one
in every 2,660 housing units).
Among the 224 metropolitan statistical areas with a population
of at least 200,000, those with the highest foreclosure rates in
July 2024 were Provo-Orem,
UT (one in every 940 housing units with a foreclosure
filing); Macon, GA (one in every
1,167 housing units); Columbia, SC
(one in every 1,587 housing units); Spartanburg, SC (one in every 1,895 housing
units); and Atlantic
City-Hammonton, NJ (one in
every 1,910 housing units).
Those metropolitan areas with a population greater than 1
million with the worst foreclosure rates in July 20244 were:
Las Vegas, NV (one in every 2,089
housing units); Philadelphia, PA
(one in every 2,197 housing units); Jacksonville, FL (one in every 2,274 housing
units); Chicago, IL (one in every
2,279 housing units); and Riverside,
CA (one in every 2,556 housing units).
Greatest numbers of foreclosure starts in California, Florida, and Texas
Lenders started the foreclosure
process on 21,870 U.S. properties in July
2024, up 18 percent from last month and up 4 percent from a
year ago.
States that had the greatest number of foreclosure starts in
July 2024 included: California (2,342 foreclosure starts);
Florida (2,339 foreclosure
starts); Texas (2,222 foreclosure
starts); Illinois (1,221
foreclosure starts); and New York
(1,145 foreclosure starts).
Those major metropolitan areas with a population greater than 1
million that had the greatest number of foreclosure starts in
July 2024 included: New York, NY (1,286 foreclosure starts);
Chicago, IL (1,555 foreclosure
starts); Philadelphia, PA (782
foreclosure starts); Miami, FL
(758 foreclosure starts); and Los
Angeles, CA (689 foreclosure starts).
Foreclosure completion numbers increase from last
month
Lenders repossessed 3,282 U.S. properties through
completed foreclosures (REOs) in July
2024, up 14 percent from last month and down 2 percent from
last year.
States that had the greatest number of REOs in July 2024, included: New York (377 REOs); California (370 REOs); Illinois (221 REOs); Pennsylvania (219 REOs); and Michigan (212 REOs).
Those major metropolitan statistical areas (MSAs) with a
population greater than 1 million that saw the greatest number of
REOs in July 2024 included:
New York, NY (271 REOs);
Chicago, IL (136 REOs);
San Francisco, CA (104 REOs);
Detroit, MI (100 REOs); and
Los Angeles (97 REOs).
Report methodology
The ATTOM U.S. Foreclosure Market
Report provides a count of the total number of properties with at
least one foreclosure filing entered into the ATTOM Data Warehouse
during the month and quarter. Some foreclosure filings entered into
the database during the quarter may have been recorded in the
previous quarter. Data is collected from more than 3,000 counties
nationwide, and those counties account for more than 99 percent of
the U.S. population. ATTOM's report incorporates documents filed in
all three phases of foreclosure: Default — Notice of Default (NOD)
and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice
of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO
properties (that have been foreclosed on and repurchased by a
bank). For the annual, midyear and quarterly reports, if more than
one type of foreclosure document is received for a property during
the timeframe, only the most recent filing is counted in the
report. The annual, midyear, quarterly and monthly reports all
check if the same type of document was filed against a property
previously. If so, and if that previous filing occurred within the
estimated foreclosure timeframe for the state where the property is
located, the report does not count the property in the current
year, quarter or month.
About ATTOM
ATTOM provides premium property data to power
products that improve transparency, innovation, efficiency, and
disruption in a data-driven economy. ATTOM multi-sources property
tax, deed, mortgage, foreclosure, environmental risk, natural
hazard, and neighborhood data for more than 155 million
U.S. residential and commercial properties covering 99 percent of
the nation's population. A rigorous data management process
involving more than 20 steps validates, standardizes, and enhances
the real estate data collected by ATTOM, assigning each
property record with a persistent, unique ID — the ATTOM ID. The
30TB ATTOM Data Warehouse fuels innovation in many industries
including mortgage, real estate, insurance, marketing, government
and more through flexible data delivery solutions that
include ATTOM Cloud, bulk file licenses, property
data APIs, real estate market trends, property
navigator and more. Also, introducing our newest innovative
solution, making property data more readily accessible and
optimized for AI applications– AI-Ready Solutions.
Media Contact:
Megan
Hunt
megan.hunt@attomdata.com
Data and Report
Licensing:
datareports@attomdata.com
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SOURCE ATTOM