During the first half of 2024, 177,431 properties in the U.S. had foreclosure filings, according to the Mid-Year 2024 U.S. Foreclosure Market Report from ATTOM Data. This figure represents one in every 794 housing units in the United States.
These rates are down 4.4% from where foreclosures were in 2023—but up 7.8% from where they were in 2022.
Lenders began the foreclosure process on 130,369 U.S. properties in the first half of 2024—a year-over-year drop of 3.5%. Of these properties, lenders completed the foreclosure process on 18,726. This is down 17% from 2023 and 10% from 2022—but up 92% from 2021.
ATTOM’s historical data finds that after U.S. foreclosures peaked at 1.6 million in 2010, the rate steadily declined year-over-year until 2021. Since then, foreclosures have been trending up slightly, but they’re still well below their 2010 peak.
“In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” said Rob Barber, ATTOM CEO, in a press release about the report. “In addition, U.S. foreclosure starts also decreased by 3% 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.”
Statewide foreclosures
The states that saw the highest increases in foreclosures during the first half of 2024 were:
- South Dakota (+93%)
- North Dakota (+86%)
- Kentucky (+73%)
- Massachusetts (+46%)
- Idaho (+30%)
However, this doesn’t tell the whole story. For instance, South Dakota also had the lowest overall foreclosure rate of all 50 states during the first half of 2024, followed by similarly sparsely populated Vermont (No. 49) and Montana (No. 48). When numbers are low, any increase can look like a jump.
According to ATTOM, the states with the highest total foreclosure rates during the first half of 2024 were:
- New Jersey (0.21% of all properties in the state)
- Illinois (0.21%)
- Florida (0.20%)
- Nevada (0.19%)
- South Carolina (0.19%)
The metro areas with the highest foreclosure rates were largely in-line with the statewide rates:
- Lakeland, Florida (0.32% of all properties in the city)
- Columbia, South Carolina (0.31%)
- Atlantic City, New Jersey (0.28%)
- Cleveland, Ohio (0.27%)
- Spartanburg, South Carolina (0.27%)
For the full report, click here.
