A total of 177,431 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2024, according to ATTOM.
That’s down 4.4% compared with the first half of 2023 but up 7.8% compared with the first half of 2022.
“In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” says Rob Barber, CEO for ATTOM, in the firm’s Midyear 2024 U.S. Foreclosure Market Report. “In addition, U.S. foreclosure starts also decreased by 3 percent in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”
Nationwide, 0.13% of all housing units (one in every 794) had a foreclosure filing in the first half of 2024.
States with the highest number of foreclosure filings in the first half included New Jersey (0.21% of housing units with a foreclosure filing); Illinois (0.21%); Florida (0.20%); Nevada (0.19%); and South Carolina (0.19%).
Other states with first-half foreclosure rates among the 10 highest nationwide were Maryland (0.19%); Connecticut (0.19%); Delaware (0.18%); Ohio (0.18%); and Indiana (0.16%).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half included Lakeland, Fla. (0.32% of housing units with foreclosure filings); Columbia, S.C. (0.31%); Atlantic City, N.J. (0.28%); Cleveland, Ohio (0.27%); and Spartanburg, South Carolina (0.27%).
Other major metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2024 were Jacksonville, Fla. (0.25% of housing units with a foreclosure filing); Bakersfield, Calif. (0.25%); Elkhart, Indiana (0.24%); Orlando, Fla. (0.24%); and Chicago (0.24%).
A total of 130,369 U.S. properties started the foreclosure process in the first half – down 3.5% compared with the first half of last year and down 32% compared with the first half of 2020.
States that saw the greatest number of foreclosures starts included Texas (15,375 foreclosure starts); Florida (15,251 foreclosure starts); California (14,964 foreclosure starts); New York (7,523 foreclosure starts); and Illinois (7,240 foreclosure starts).
Lenders foreclosed (REO) on a total of 18,726 U.S. properties in the first six months of 2024, down 17% from the first half of 2023 and down 10% from the first half of 2022, but up 92% from the first half of 2021.
States that posted the greatest number of REOs in the first half of 2024 included California (1,575 REOs); Pennsylvania (1,568 REOs); Illinois (1,540 REOs); Michigan (1,432 REOs); and Texas (1,197 REOs).
States with the longest average foreclosure timelines for homes foreclosed in Q2 2024 were Louisiana (3,686 days); Hawaii (2,597 days); New York (2,034 days); Georgia (1,929 days); and Nevada (1,852 days).
States with the shortest average foreclosure timelines for homes foreclosed in Q2 2024 were New Hampshire (82 days); Texas (147 days); Minnesota (151 days); Oregon (206 days); and Montana (212 days).
Photo: Luis Georg Müller
