Foreclosure starts were down slightly in August compared with July but were up 17% in compared with August 2024, according to ATTOM’s latest U.S. Foreclosure Market Report.
Still, foreclosures remain near historical lows.
States that had the greatest number of foreclosure starts in August included Texas (2,982), Florida (2,803), California (2,558), New York (1,207) and Illinois (1,170).
In addition, completed foreclosures were up 5% compared with July and were up 41% compared with a year ago.
States that had the greatest number of REOs in August included Texas (476), California (343), New York (319), Florida (276) and Illinois (232).
A total of 35,697 U.S. properties saw foreclosure filings — default notices, scheduled auctions or bank repossessions — in August, down 1% compared with the previous month ago but up 18% compared with a year ago.
“August marked the sixth consecutive month of year-over-year increases in U.S. foreclosure activity and the third straight month with double-digit annual growth,” says Rob Barber, CEO at ATTOM, in a statement. “While overall levels remain below those seen before the pandemic, the ongoing rise in both foreclosure starts and completions suggests that some homeowners may be experiencing added financial strain in the current high-cost and high-interest-rate environment.”
States with the worst foreclosure rates were Nevada (one in every 2,069 housing units with a foreclosure filing); South Carolina (one in every 2,152 housing units); Florida (one in every 2,512 housing units).
Photo: Matthew Moloney