A total of 32,977 properties have foreclosure filings, down 10% from a month ago but up 8% from a year ago, according to a new report from ATTOM.
ATTOM’s U.S. Foreclosure Market Report for April found that nationwide, one in every 4,234 housing units had a foreclosure filing. States with the highest foreclosure rates were Illinois (1 in 2,221); Maryland (1 in 2,283); New Jersey (1 in 2,334); South Carolina (1 in 2,495); and Delaware (1 in 2,603).
In addition, the report found that lenders started the foreclosure process on 22,455 properties, down 7% from last month and up only 1% from a year ago.
Key highlights:
- Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates were Atlantic City, New Jersey (1 in 1,356); Cleveland, Ohio (1 in 1,580); Lakeland, Florida (1 in 1,649); Columbia, South Carolina (1 in 1,651); and Chicago, Illinois (1 in 1,950).
- Among those metro areas with a population greater than 1 million, those with the worst foreclosure rates (aside from Cleveland and Chicago) include Riverside, California (1 in 2,046); Philadelphia, Pennsylvania (1 in 2,079); and Jacksonville, Florida (1 in 2,091).
- Counter to the national trend, states that had at least 100 foreclosure starts and saw the greatest monthly increases include Maryland (+55%); New Mexico (+55%); Iowa (+29%); Utah (+13%); and Florida (+12%).
- In major metro areas with with a population greater than 1 million, the greatest number of foreclosure starts include New York, New York (1,711); Chicago, Illinois (1,153); Miami, Florida (846); Los Angeles, California (829); and Philadelphia, Pennsylvania (747).
- Lenders repossessed 2,919 properties through completed foreclosures (REOs), down 39% from last month but up 3% from last year.
- Those states that had the greatest number of REOs include Illinois (334); Pennsylvania (218); New York (199); Texas (184); and California (171).
- In major metro areas with a population greater than 200,000, the greatest number of REOs include Chicago, Illinois (259); New York, New York (165); Philadelphia, Pennsylvania (128); St. Louis, Missouri (54); and Detroit, Michigan (52).
Major takeaway:
“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10 percent decrease in overall activity after a 20 percent increase last month,” said Rob Barber, chief executive officer at ATTOM. “While there is no apparent indication of a continued decline in the number of foreclosures, it’s important to note that the month of April typically exhibits a recurring trend of decreased activity. However, this trend underscores the significance of monitoring foreclosure rates and identifying any potential market shifts or trends.”
For the full report, click here.
