IRVINE, CA — ATTOM’s August 2024 U.S. Foreclosure Market Report reveals a notable decrease in foreclosure activity across the nation. The report indicates that 30,227 U.S. properties experienced foreclosure filings—a combination of default notices, scheduled auctions, or bank repossessions. This marks a decline of 5.3% from the previous month and 11% from the same period last year.
Rob Barber, CEO of ATTOM, commented on the current state of the market: “Foreclosure activity has remained relatively steady in recent months, with both foreclosure starts and completed foreclosures declining in August.” Despite the decrease, Barber pointed out that current economic factors, including rising interest rates and affordability issues, suggest potential instability in the housing market.
Nevada, Florida, and Illinois recorded the highest foreclosure rates, with Nevada seeing one in every 2,473 housing units filing for foreclosure. Florida and Illinois followed closely, with one in every 2,605 and 2,837 housing units, respectively. Other states with significant foreclosure activity included South Carolina and New Jersey.
In metropolitan areas with populations over 200,000, Lakeland, FL, Chico, CA, and Columbia, SC, experienced the highest foreclosure rates. In larger metros with populations exceeding 1 million, Las Vegas, NV, led the list, followed by Riverside, CA, Miami, FL, and Chicago, IL.
The report also highlights that lenders initiated foreclosures on 20,747 properties in August 2024, marking a 5.1% decrease from July and a 9.4% drop from August 2023. Florida, California, and Texas had the most foreclosure starts, with Florida leading at 2,668 starts. Major cities like New York City, Chicago, and Miami also saw significant numbers of foreclosure starts.
Additionally, completed foreclosures, or REOs, numbered 2,889 in August 2024, showing a 12% decrease from the previous month and a 13.9% drop from the previous year. Pennsylvania, California, and Illinois reported the highest numbers of REOs.
The data from ATTOM spotlights a broader trend of declining foreclosure activity compared to the peaks of the 2008 financial crisis when monthly filings exceeded 300,000. As economic conditions evolve, the housing market continues to navigate challenges posed by economic shifts, with a focus on maintaining stability amid changing interest rates and affordability pressures.
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