ATTOM: Foreclosure Rates Increased Month-Over-Month in May But Are Down From a Year Ago

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A total of 32,621 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in May, an increase of 3% compared with April but down 7% compared with May 2023, according to ATTOM.

“May’s foreclosure activity highlights nuanced shifts in the housing market,” says Rob Barber, CEO at ATTOM, in a statement. “While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas. Monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”

States with the highest foreclosure rates included New Jersey, Illinois, Delaware, Connecticut and Florida.

Small cities with the highest foreclosure rates included Longview, Texas; Trenton, N.J.; Atlantic City, N.J.; Lakeland, Fla.; and Bakersfield, Calif.

Large cities with the highest foreclosure rates included Chicago; Philadelphia; Riverside, Calif.; Jacksonville, Fla.; and Las Vegas.

Lenders started the foreclosure process on 22,385 properties in May, an increase of 3% compared with April but down 4% compared with May 2023.

States that had the greatest number of foreclosure starts included Florida, Texas, California, Illinois and New Jersey.

Large cities that had the greatest number of foreclosure starts in May included New York, Chicago, Houston, Miami and Philadelphia.

Lenders repossessed 2,879 U.S. properties through completed foreclosures (REOs) in May, a decrease of 1% compared with April and down 28% from last year.

States that had the greatest number of REOs in May included California, Illinois, Pennsylvania, Ohio and Texas.

Major cities that saw the greatest number of REOs included Chicago, New York, Baltimore, Pittsburgh and Washington D.C.

Photo: Luis Georg Müller

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