U.S. Foreclosure Starts Decrease 3.5 Percent
in First Six Months of 2024; Average Days to Complete a
Foreclosure Up Second Quarter in a Row; June and Q2 2024
Foreclosure Activity Post Annual Declines
IRVINE,
Calif., July 11, 2024 /PRNewswire/ -- ATTOM, a
leading curator of land, property and real estate data, today
released its Midyear 2024 U.S. Foreclosure Market Report,
which shows there were a total of 177,431 U.S. properties with
foreclosure filings — default notices, scheduled auctions or bank
repossessions — in the first six months of 2024. That figure is
down 4.4 percent from the same time period a year ago but up 7.8
percent from the same time period two years ago.
Historical First Half US Foreclosure Activity Chart
"In contrast to the first half of 2023, foreclosure activity
across the United States
experienced a decline in the first half of 2024," stated
Rob Barber, CEO for ATTOM. "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."
States that saw the greatest increases in foreclosure activity
compared to a year ago in the first half of 2024 included
South Dakota (up 93 percent);
North Dakota (up 86 percent);
Kentucky (up 73 percent);
Massachusetts (up 46 percent); and
Idaho (up 30 percent).
New Jersey, Illinois, and
Florida post highest state
foreclosure rates
Nationwide, 0.13 percent of all housing
units (one in every 794) had a foreclosure filing in the first half
of 2024.
States with the highest foreclosure rates in the first half of
2024 were New Jersey (0.21 percent
of housing units with a foreclosure filing); Illinois (0.21 percent); Florida (0.20 percent); Nevada (0.19 percent); and South Carolina (0.19 percent).
Other states with first-half foreclosure rates among the 10
highest nationwide were Maryland
(0.19 percent); Connecticut (0.19
percent); Delaware (0.18 percent);
Ohio (0.18 percent); and
Indiana (0.16 percent).
Highest metro foreclosure rates in Lakeland, Columbia, and Atlantic City
Among the 224
metropolitan statistical areas with a population of at least
200,000, those with the highest foreclosure rates in the first half
of 2024 were Lakeland, Florida
(0.32 percent of housing units with foreclosure filings);
Columbia, South Carolina (0.31
percent); Atlantic City, New
Jersey (0.28 percent); Cleveland,
Ohio (0.27 percent); and Spartanburg, South Carolina (0.27
percent).
Other major metro areas with foreclosure rates ranking among the
top 10 highest in the first half of 2024 were Jacksonville, Florida (0.25 percent of housing
units with a foreclosure filing); Bakersfield, California (0.25 percent);
Elkhart, Indiana (0.24 percent);
Orlando, Florida (0.24 percent);
and Chicago, Illinois (0.24
percent).
Foreclosure starts down 3.5 percent from last year
A
total of 130,369 U.S. properties started the foreclosure process in
the first six months of 2024, down 3.5 percent from the first half
of last year and down 32 percent from the first half of 2020.
States that saw the greatest number of foreclosures starts in
the first half of 2024 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).
Bank repossessions decline in first half of 2024 from last
year
Lenders foreclosed (REO) on a total of 18,726 U.S.
properties in the first six months of 2024, down 17 percent from
the first half of 2023 and down 10 percent from the first half of
2022, but up 92 percent 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).
Q2 2024 foreclosure activity below pre-recession averages in
79 percent of major markets
There were a total of 89,466
U.S. properties with a foreclosure filings during the second
quarter of 2024, down 6 percent from the previous quarter and down
8 percent from a year ago.
The national foreclosure activity total in Q2 2024 was 68
percent below the pre-recession average of 278,912 per quarter from
Q1 2006 to Q3 2007.
Second quarter foreclosure activity was below pre-recession
averages in 177 out 224 (79 percent) metropolitan statistical areas
with a population of at least 200,000 and sufficient historical
foreclosure data, including New
York, Los Angeles,
Chicago, Dallas, Houston, Miami, Atlanta, San
Francisco, Riverside-San
Bernardino, Phoenix, and
Detroit.
Metro areas with second quarter foreclosure activity above
pre-recession averages included Honolulu,
HI; Richmond, VA;
Baltimore, MD; Virginia-Beach, VA; Albany, New York; and Montgomery, AL.
Average time to foreclose increases for second quarter in a
row
Properties foreclosed in Q2 2024 had been in the
foreclosure process an average of 815 days. That figure was up 11
percent from the previous quarter and down 33 percent from Q2
2023.
Average Days to Complete Foreclosure
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).
June 2024 Foreclosure Activity High-Level
Takeaways
- Nationwide in June 2024, one in
every 5,071 properties had a foreclosure filing.
- States with the highest foreclosure rates in June 2024 were Illinois (one in every 3,041 housing units
with a foreclosure filing); New
Jersey (one in every 3,042 housing units); Florida (one in every 3,202 housing units);
South Carolina (one in every 3,346
housing units); and Maryland (one
in every 3,486 housing units).
- 18,574 U.S. properties started the foreclosure process in
June 2024, down 17 percent from the
previous month and down 22.7 percent from June 2023.
- Lenders completed the foreclosure process on 2,891 U.S.
properties in June 2024, up .4
percent from the previous month and down 10 percent from
June 2023.
U.S. Foreclosure Market Data by State – Jan to
Jun 2024
Rate
Rank
|
State
Name
|
Total Properties
w/
FC Filings
|
% Housing
Units
|
1/Every X
HU
|
%∆ from
Jan-June 23
|
%∆ from
Jan-June 22
|
|
U.S.
Total
|
177,431
|
0.13
|
794
|
-4.39
|
7.81
|
19
|
Alabama
|
2,565
|
0.11
|
895
|
14.56
|
3.64
|
36
|
Alaska
|
207
|
0.07
|
1,534
|
-33.65
|
29.38
|
23
|
Arizona
|
3,052
|
0.10
|
1,015
|
-0.84
|
-4.83
|
26
|
Arkansas
|
1,130
|
0.08
|
1,214
|
-17.46
|
41.96
|
13
|
California
|
19,013
|
0.13
|
759
|
6.13
|
16.36
|
34
|
Colorado
|
1,784
|
0.07
|
1,401
|
-18.13
|
-23.17
|
7
|
Connecticut
|
2,860
|
0.19
|
535
|
17.36
|
44.52
|
8
|
Delaware
|
826
|
0.18
|
547
|
-17.73
|
-8.53
|
|
District of
Columbia
|
659
|
0.19
|
532
|
32.86
|
565.66
|
3
|
Florida
|
20,090
|
0.20
|
494
|
8.42
|
13.99
|
15
|
Georgia
|
5,289
|
0.12
|
837
|
-16.15
|
-7.71
|
33
|
Hawaii
|
408
|
0.07
|
1,375
|
-21.08
|
4.08
|
30
|
Idaho
|
596
|
0.08
|
1,273
|
29.57
|
96.05
|
2
|
Illinois
|
11,336
|
0.21
|
479
|
-16.76
|
-19.52
|
10
|
Indiana
|
4,778
|
0.16
|
614
|
-9.06
|
-0.91
|
18
|
Iowa
|
1,611
|
0.11
|
880
|
-13.39
|
2.55
|
47
|
Kansas
|
485
|
0.04
|
2,636
|
-19.57
|
6.83
|
27
|
Kentucky
|
1,644
|
0.08
|
1,216
|
72.51
|
100.49
|
20
|
Louisiana
|
2,224
|
0.11
|
935
|
1.23
|
18.74
|
28
|
Maine
|
600
|
0.08
|
1,236
|
8.11
|
-14.77
|
6
|
Maryland
|
4,762
|
0.19
|
532
|
-18.71
|
62.30
|
17
|
Massachusetts
|
3,411
|
0.11
|
879
|
45.64
|
74.56
|
16
|
Michigan
|
5,210
|
0.11
|
879
|
-26.50
|
-11.89
|
25
|
Minnesota
|
2,153
|
0.09
|
1,158
|
-7.56
|
1.27
|
39
|
Mississippi
|
811
|
0.06
|
1,634
|
-22.84
|
-14.18
|
38
|
Missouri
|
1,730
|
0.06
|
1,616
|
-19.08
|
-33.36
|
48
|
Montana
|
141
|
0.03
|
3,670
|
-30.54
|
-27.32
|
43
|
Nebraska
|
446
|
0.05
|
1,901
|
-30.64
|
-23.76
|
4
|
Nevada
|
2,495
|
0.19
|
516
|
3.87
|
10.45
|
35
|
New
Hampshire
|
424
|
0.07
|
1,510
|
-6.19
|
5.74
|
1
|
New Jersey
|
8,076
|
0.21
|
465
|
-11.19
|
-12.00
|
29
|
New Mexico
|
741
|
0.08
|
1,273
|
-33.42
|
-3.52
|
12
|
New York
|
11,312
|
0.13
|
751
|
-7.23
|
47.43
|
24
|
North
Carolina
|
4,530
|
0.10
|
1,046
|
-20.87
|
-7.87
|
45
|
North Dakota
|
192
|
0.05
|
1,939
|
86.41
|
131.33
|
9
|
Ohio
|
9,236
|
0.18
|
569
|
-12.42
|
-16.25
|
22
|
Oklahoma
|
1,734
|
0.10
|
1,010
|
-23.71
|
-18.21
|
41
|
Oregon
|
1,002
|
0.06
|
1,815
|
-22.80
|
53.68
|
14
|
Pennsylvania
|
7,141
|
0.12
|
806
|
0.92
|
29.11
|
44
|
Rhode Island
|
253
|
0.05
|
1,909
|
-29.92
|
-18.39
|
5
|
South
Carolina
|
4,568
|
0.19
|
517
|
1.26
|
0.00
|
50
|
South Dakota
|
85
|
0.02
|
4,625
|
93.18
|
97.67
|
31
|
Tennessee
|
2,329
|
0.08
|
1,310
|
-7.62
|
17.39
|
11
|
Texas
|
15,610
|
0.13
|
747
|
12.55
|
35.42
|
21
|
Utah
|
1,214
|
0.10
|
958
|
16.17
|
18.79
|
49
|
Vermont
|
89
|
0.03
|
3,766
|
25.35
|
102.27
|
32
|
Virginia
|
2,747
|
0.08
|
1,320
|
-18.99
|
-7.97
|
42
|
Washington
|
1,761
|
0.05
|
1,826
|
13.54
|
32.01
|
46
|
West
Virginia
|
353
|
0.04
|
2,434
|
-18.10
|
49.58
|
40
|
Wisconsin
|
1,543
|
0.06
|
1,772
|
-11.07
|
-14.99
|
37
|
Wyoming
|
175
|
0.06
|
1,562
|
-26.78
|
-10.26
|
Report methodology
The ATTOM U.S. Foreclosure Market
Report provides a count of the total number of properties with at
least one foreclosure filing entered into the ATTOM Data Warehouse
during the month and quarter. Some foreclosure filings entered into
the database during the quarter may have been recorded in the
previous quarter. Data is collected from more than 3,000 counties
nationwide, and those counties account for more than 99 percent of
the U.S. population. ATTOM's report incorporates documents filed in
all three phases of foreclosure: Default — Notice of Default (NOD)
and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice
of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO
properties (that have been foreclosed on and repurchased by a
bank). For the annual, midyear and quarterly reports, if more than
one type of foreclosure document is received for a property during
the timeframe, only the most recent filing is counted in the
report. The annual, midyear, quarterly and monthly reports all
check if the same type of document was filed against a property
previously. If so, and if that previous filing occurred within the
estimated foreclosure timeframe for the state where the property is
located, the report does not count the property in the current
year, quarter or month.
About ATTOM
ATTOM provides premium property
data to power products that improve transparency, innovation,
efficiency, and disruption in a data-driven economy. ATTOM
multi-sources property tax, deed, mortgage, foreclosure,
environmental risk, natural hazard, and neighborhood data for
more than 155 million U.S. residential and commercial properties
covering 99 percent of the nation's population. A rigorous data
management process involving more than 20 steps validates,
standardizes, and enhances the real estate data collected by
ATTOM, assigning each property record with a persistent, unique ID
— the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in
many industries including mortgage, real estate, insurance,
marketing, government and more through flexible data delivery
solutions that include ATTOM Cloud, bulk file
licenses, property data APIs, real estate market
trends, property navigator and more. Also, introducing our
newest innovative solution, making property data more readily
accessible and optimized for AI applications– AI-Ready
Solutions.
Media Contact:
Megan
Hunt
megan.hunt@attomdata.com
Data and Report
Licensing:
datareports@attomdata.com
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