A total of 87,108 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — during the third quarter, a decrease of 2% compared with the second quarter and down 13% from a year ago, according to ATTOM’s Q3 2024 U.S. Foreclosure Market Report.
A total of 62,380 U.S. properties started the foreclosure process in the third quarter, down less than 1% from the previous quarter and down 10% from a year ago.
Looking only at September, there were 19,763 foreclosure starts for the month, down 5% compared with August and down 21% compared with September 2023.
Lenders completed the foreclosure process on 2,624 U.S. properties in September, down 9% from the previous month and down 21% from September 2023.
“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” says Rob Barber, CEO of ATTOM, in the report. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.”
States that had the highest foreclosure rates in the third quarter included Illinois, Nevada, and Florida.
Lenders repossessed 8,795 U.S. properties through foreclosure (REO) in the third quarter, an increase of 1% compared with the second quarter but down 12% from a year ago.
States that had the greatest number of REOs in the third quarter were California (852 REOs); Pennsylvania (715 REOs); New York (670 REOs); Illinois (668 REOs); and Michigan (559 REOs).
It took an average of 815 days to foreclose in third quarter, flat compared with the second quarter but up 6% compared with a year ago.
Photo: Matthew Moloney
