IRVINE, CA — ATTOM’s July 2024 U.S. Foreclosure Market Report reveals a notable uptick in foreclosure filings across the country. A total of 31,929 properties had foreclosure filings, including default notices, scheduled auctions, or bank repossessions. This represents a 15 percent increase from June and a slight 0.2 percent rise from the previous year.
“July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO of ATTOM. “With an 18 percent increase in foreclosure starts and a 14 percent rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However, soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.”
Foreclosure Rates by State
Delaware, Nevada, and Utah posted the highest foreclosure rates in July 2024. Nationwide, one in every 4,414 housing units had a foreclosure filing. Delaware led with one in every 2,214 housing units, followed by Nevada with one in every 2,245 units, and Utah with one in every 2,289 units. New Jersey and Illinois also had high rates, with one in every 2,607 and 2,660 housing units, respectively, facing foreclosure.
Foreclosure Rates by Metropolitan Areas
Among metropolitan areas with populations of at least 200,000, Provo-Orem, UT, had the highest foreclosure rate, with one in every 940 housing units filing. Macon, GA, followed with one in every 1,167 units, and Columbia, SC, with one in every 1,587 units. Spartanburg, SC, and Atlantic City-Hammonton, NJ, also appeared on the list with high foreclosure rates.
For larger metropolitan areas with populations exceeding 1 million, Las Vegas, NV, faced the highest foreclosure rate, with one in every 2,089 housing units filing. Philadelphia, PA, Jacksonville, FL, Chicago, IL, and Riverside, CA, followed closely behind.
Foreclosure Starts
Lenders initiated the foreclosure process on 21,870 properties in July 2024, marking an 18 percent increase from June and a 4 percent rise from the previous year. California led with 2,342 foreclosure starts, followed by Florida with 2,339, and Texas with 2,222. Illinois and New York also had significant numbers, with 1,221 and 1,145 foreclosure starts, respectively.
Major metropolitan areas with the highest number of foreclosure starts included New York, NY, with 1,286 starts, Chicago, IL, with 1,555, and Philadelphia, PA, with 782. Miami, FL, and Los Angeles, CA, also saw substantial foreclosure activity.
Completed Foreclosures
Lenders repossessed 3,282 properties through completed foreclosures (REOs) in July 2024, up 14 percent from June but down 2 percent from July 2023. New York had the highest number of REOs at 377, followed by California with 370, and Illinois with 221. Pennsylvania and Michigan also reported significant numbers, with 219 and 212 REOs, respectively.
Among major metropolitan areas with populations over 1 million, New York, NY, led with 271 completed foreclosures. Chicago, IL, followed with 136, while San Francisco, CA, Detroit, MI, and Los Angeles, CA, also saw high levels of REO activity.
As foreclosure activity rises, monitoring the housing market in the coming months will be crucial to understanding its broader implications. The data suggests growing pressures in certain areas, despite the continued rise in home values, which has generally boosted homeowner equity.
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