Amidst economic challenges, foreclosure stats across the board have seen a significant year-over-year rise, according to the latest data from property analytics company ATTOM Data Solutions.
ATTOM’s Foreclosure Market Report for April found that there were a total of 36,033 properties with foreclosure filings, up slightly by 0.4% from last month and up a whopping 13.9% from a year ago. Nationwide, one in every 3,950 housing units had a foreclosure filing.
ATTOM CEO Rob Barber noted that while volumes remain below historical norms, “the year-over-year increases may suggest that some homeowners are beginning to feel the effects of persistent economic pressures.”
For context, there were 2.9 million foreclosure filings in all of 2010, according to ATTOM, and slightly over 322,000 in all of 2024.
In terms of foreclosure starts, lenders initiated the foreclosure process on 25,265 properties in April, which was up only 0.8% from last month, but a 16.1% jump from a year ago.
Lenders repossessed 3,580 properties through completed foreclosures (REOs), down 2.9% from last month, but up 23.3% from a year ago. This is also the second month REO numbers have increased annually.
State and metro trends
States with the worst foreclosure rates were South Carolina (one in every 2,311 housing units with a foreclosure filing), Illinois (one in every 2,405), Florida (one in every 2,526), Delaware (one in every 2,617) and Nevada (one in every 2,944).
The states with the greatest number of foreclosure starts included Texas (3,280 foreclosure starts), Florida (2,810), California (2,501) Illinois (1,313) and Ohio (1,135).
Among those major metro areas with a population of at least 200,000, those with the greatest number of foreclosure starts included Houston, Texas (1,202 foreclosure starts); Chicago, Illinois (1,139); New York, New York (1,099); Miami, Florida (739); and Atlanta, Georgia (665).
Among the metro areas with a population of at least 200,000, the greatest number of REOs included Chicago, Illinois (220 REOs); Atlanta, Georgia (213); New York, New York (143); Houston, Texas (114); and Philadelphia, Pennsylvania (86).
On the other end of the spectrum, states that saw the greatest annual decline in REOs included South Carolina (down 45.9%), Maryland (down 42.5%), Ohio (down 22.4%), New York (down 17.3%) and New Jersey (down 11.5%).
For the full report, click here.
