In January 2024, there were 33,270 properties with foreclosure filings, default notices and scheduled auctions or bank repossessions, according to ATTOM’s latest U.S. Foreclosure Market Report. This is an increase of 5% from January 2023, and 10% from this past December.
The report also noted that foreclosure starts grew nationwide month-over-month and year-over-year. Lenders began the foreclosure process on 21,770 properties in January, an increase of 6% from December, and 5% from one year ago.
Additionally, foreclosure completion numbers increased monthly throughout 19 states, as lenders repossessed 3,954 properties through completed foreclosures (REOs) in January, a 1% jump from a year ago, and 13% from December 2023. This is the first month-over-month increase of completed foreclosures since last July.
States that had at least 50 or more REOs, and saw the greatest monthly increase in January, include:
- Michigan – up 200%
- Minnesota – up 47%
- California – up 43%
- Pennsylvania – up 36%
- Missouri – up 34%
Metropolitan areas with a population of at least 200,000 that saw the greatest number of REOs include:
- Detroit – 609 REOs
- Chicago – 194 REOs
- New York City – 163 REOs
- Philadelphia – 107 REOs
- San Francisco – 107 REOs
The states with the highest foreclosure rates include:
- Delaware – one in every 2,269 housing units with a foreclosure filing
- Nevada – one in every 2,272 housing units
- Indiana – one in every 2,499 housing units
- Maryland – one in every 2,588 housing units
- New Jersey – one in every 2,647 housing units
Major metropolitan areas with a population greater than 200,000 with the highest foreclosure rates in January 2024 include:
- Spartanburg, South Carolina – one in every 1,579 housing units with a foreclosure filing
- Columbia, South Carolina – one in every 1,651 housing units
- Cleveland, Ohio – one in every 1,742 housing units
- Detroit, Michigan – one in every 1,799 housing units
- Las Vegas, Nevada – one in every 1,923 housing units
The cities in metropolitan areas with a population of 1,000,000 that had the worst foreclosure rates were:
- Riverside, California – one in every 1,944 housing units
- Indianapolis, Indiana – one in every 2,235 housing units
States that saw the greatest number of foreclosure starts in January include:
- California – 2,719 foreclosure starts
- Texas – 2,613 foreclosure starts
- Florida – 2,330 foreclosure starts
- New York – 1,341 foreclosure starts
- Illinois – 913 foreclosure starts
The greatest number of foreclosure starts in January 2024 among major metropolitan areas—with a population of at least 200,000—include:
- New York City – 1,470 foreclosure starts
- Houston – 1,015 foreclosure starts
- Los Angeles – 817 foreclosure starts
- Miami – 804 foreclosure starts
- Chicago – 763 foreclosure starts
What the experts say:
“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system,” said ATTOM CEO Rob Barber. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics. We remain vigilant in monitoring these trends to understand their full impact on foreclosure activity.”
For the full report, click here.
