Foreclosure filings — including default notices, scheduled auctions or bank repossessions – decreased 7% in November compared with October, but were up 5% compared with November 2022, according to ATTOM’s U.S. Foreclosure Market Report.
“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” says Rob Barber, CEO at ATTOM, in the report. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.”
Delaware, Maryland and Ohio had the highest foreclosure rates among the states.
Cities with a population greater than 1 million with the worst foreclosure rates in November included Cleveland, Ohio; Philadelphia; Baltimore; Riverside, Calif.; and Las Vegas.
Cities with a population of 200,000 or less with the highest foreclosure rates included Bakersfield, Calif.; Cleveland, Ohio; Canton, Ohio; Columbia, SC.; and Stockton, Calif.
Foreclosure completions were down 32% from November 2022.
This is likely because homeowners have built significant equity in their homes during the past year giving them more options.
Lenders repossessed 2,558 properties through completed foreclosures (REOs) in November, down 23% from October and down 32% from November 2022.
Lenders started the foreclosure process on 22,363 properties in November, down 4% from last month but up 8% from a year ago.
States that had the greatest number of foreclosure starts included Texas, California, Florida, New York, and Ohio.
Photo: Matthieu Joannon
