Foreclosure filings — including default notices, scheduled auctions or bank repossessions – increased 8% in January compared the December but were down 7% compared with January 2024, according to ATTOM’s latest Foreclosure Market Report.
The report shows there were a total of 30,816 U.S. properties with foreclosure filings in January.
Of particular note, foreclosures starts increased 8% in January, compared with the month prior, to reach a total of 20,994 for the month. However, that’s down 4% from a year ago.
States that saw the greatest number of foreclosures starts in January included Texas (2,654); California (2,443); Florida (1,898); Illinois (1,228); and New York (949).
Among the cities with a population of at least 200,000, those with the greatest number of foreclosure starts included Chicago (1,168); New York (977); Houston (932); Philadelphia (777); and Los Angeles (652).
“January showed a monthly increase in foreclosure filings that may in some part be the result of a normal post-holiday catch up of filings,” says Rob Barber, CEO at ATTOM, in the report. “It’s too early to know if 2025 will shift from the general 2024 trends of a continued decline in foreclosure activity. We will keep a close eye on the market to see how interest rates, inflation, employment shifts, and other market dynamics impact foreclosures in 2025.”
Foreclosure completions increased in 30 states in January. Lenders repossessed 2,973 properties through completed foreclosures – up nearly 1% compared with December but down 25% from a year ago.
This continues the trend of declining annual REO numbers seen in 11 of the last 12 months.
States that had at least 50 or more REOs and that saw the greatest monthly increase in January included Arizona (up 73%); Virginia (up 57%); South Carolina (up 55%); North Carolina (up 52%); and Tennessee (up 26%).
Cities with a population of at least 200,000 that saw the greatest number of REOs included Detroit (164); Chicago (148); Riverside, Calif. (141); New York (84); and Philadelphia (69).
States with the highest overall foreclosure rates (all actions) included Delaware, Nevada, Indiana, Illinois and Utah.
Photo: Luis Georg Müller
