IRVINE, CA — ATTOM’s November 2024 U.S. Foreclosure Market Report revealed a total of 29,390 foreclosure filings, which include default notices, scheduled auctions, and bank repossessions. This marks a 5% decline from October and a 9% drop from the same period last year.
“The slight decline in U.S. foreclosure activity during November most likely reflects the seasonal ebb we often see this time of year,” said Rob Barber, CEO at ATTOM. He noted, however, that certain states, including Nevada, Florida, and Connecticut, continue to experience higher foreclosure rates.
Nationwide, one in every 4,795 housing units faced a foreclosure filing. Nevada had the highest rate, with one in every 2,941 housing units affected. Other states with high rates included Florida, Connecticut, Maryland, and Indiana.
At the metro level, Modesto, CA recorded the worst rate, with one in every 1,890 housing units experiencing a foreclosure filing. Among larger metro areas, Cleveland, OH, Philadelphia, PA, Miami, FL, and Las Vegas, NV saw notably high rates.
Foreclosure Starts and Completions
Lenders initiated foreclosure proceedings on 20,231 properties in November, down 3% from the previous month and 10% year-over-year. Texas, Florida, California, New York, and Pennsylvania led in foreclosure starts.
Notably, foreclosure completions, where lenders repossessed properties through Real Estate Owned processes (REOs), rose sharply. November saw 3,089 REOs, a 5% increase from October and a 21% jump compared to last year. States leading in REOs included California, Texas, New York, Illinois, and Pennsylvania.
Looking ahead to 2025, ATTOM will monitor how economic trends and housing market pressures impact foreclosure activity amid localized spikes and broader national declines.
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