U.S. FORECLOSURE ACTIVITY INCREASES QUARTERLY IN Q1 2024

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Apr 11, 2024, 00:01 ET

Foreclosure Starts See Quarterly Increase of 2 Percent; Bank Repossessions Up 7 Percent from Previous Quarter

IRVINE, Calif., April 11, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2024 U.S. Foreclosure Market Report, which shows a total of 95,349 U.S. properties with a foreclosure filings during the first quarter of 2024, up 3 percent from the previous quarter but down less than 1 percent from a year ago.

The report also shows a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10 percent from a year ago.

"Q1 2024's foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties," explains Rob Barber, CEO at ATTOM. "While foreclosures remain relatively stable, we're closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market."

Foreclosure starts increase nationwide

A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2 percent from the previous quarter and up 4 percent from a year ago.

States that had 100 or more foreclosures starts in Q1 2024 and saw the greatest quarterly increase included, New Hampshire (up 43 percent); Illinois (up 26 percent); Florida (up 22 percent); Rhode Island (up 21 percent); and Nevada (up 16 percent).

U.S. Foreclosure Starts

Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2024 included, New York, New York (4,404 foreclosure starts); Houston, Texas (2,977 foreclosure starts); Chicago, Illinois (2,867 foreclosure starts); Los Angeles, CA (2,398 foreclosure starts); and Miami, FL (2,319 foreclosure starts).

Highest foreclosure rates in Delaware, New Jersey, and South Carolina

Nationwide one in every 1,478 housing units had a foreclosure filing in Q1 2024. States with the highest foreclosure rates were Delaware (one in every 894 housing units with a foreclosure filing); New Jersey (one in every 919 housing units); South Carolina (one in every 929 housing units); Nevada (one in every 961 housing units); and Florida (one in every 973 housing units).

Among 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2024 were Columbia, South Carolina (one in every 569 housing units); Spartanburg, South Carolina (one in 597); Lakeland, Florida (one in 624); Atlantic City, New Jersey (one in 628); and Cleveland, Ohio (one in 662).

U.S. Historical Total Foreclosure Activity

Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, included Cleveland, Ohio at No.5; Riverside, California at No. 9; Orlando, Florida at No.10; Las Vegas, Nevada at No. 13; and Jacksonville, Florida at No. 15.

Bank repossessions increase 7 percent from last quarter

Lenders repossessed 10,052 U.S. properties through foreclosure (REO) in Q1 2024, up 7 percent from the previous quarter but down 20 percent from a year ago.

U.S. Completed Foreclosures (REOs)

Those states that had the greatest number of REOs in Q1 2024 were Michigan (1,049 REOs); California (845 REOs); Pennsylvania (838 REOs); Illinois (810 REOs); and Texas (596 REOs).

Average time to foreclose increases 2 percent from previous quarter

Properties foreclosed in Q1 2024 had been in the foreclosure process for an average of 736 days. While this marks a slight increase from the previous quarter, it represents a 20 percent decrease from the same time last year, continuing a downward trajectory observed since mid-2020.

Average Days to Complete Foreclosure

States with the longest average foreclosure timelines for homes foreclosed in Q1 2024 were Louisiana (2,641 days); Hawaii (2,031 days); New York (1,958 days); Nevada (1,701 days); and Kentucky (1,701 days).

States with the shortest average foreclosure timelines for homes foreclosed in Q1 2024 were Montana (123 days); Virginia (152 days); Texas (163 days); Wyoming (191 days); and West Virginia (217 days).

March 2024 Foreclosure Activity High-Level Takeaways

Nationwide in March 2024, one in every 4,286 properties had a foreclosure filing.
States with the highest foreclosure rates in March 2024 were Illinois (one in every 2,548 housing units with a foreclosure filing); Connecticut (one in every 2,609 housing units); New Jersey (one in every 2,638 housing units); Florida (one in every 2,779 housing units); and South Carolina (one in every 2,867 housing units).
23,312 U.S. properties started the foreclosure process in March 2024, up 3 percent from the previous month but down 4 percent from March 2023.
Lenders completed the foreclosure process on 2,701 U.S. properties in March 2024, down 20 percent from the previous month and down 44 percent from March 2023.

U.S. Foreclosure Market Data by State – Q1 2024

Rate Rank	State Name	Total Properties with Filings	1/every X HU (Foreclosure Rate)	%∆ Q4 2023	%∆ Q1 2023
	U.S.	95,349	1,478	2.64	-0.38
18	Alabama	1,468	1,565	0.69	43.22
39	Alaska	105	3,024	-28.57	-30.92
21	Arizona	1,615	1,918	8.75	-5.94
26	Arkansas	616	2,227	3.70	-14.09
11	California	11,303	1,276	11.06	10.73
35	Colorado	924	2,706	-10.38	-19.37
7	Connecticut	1,548	989	3.48	41.11
1	Delaware	505	894	2.43	-7.85
	District of Columbia	377	929	50.80	110.61
5	Florida	10,191	973	15.30	23.78
19	Georgia	2,719	1,628	-2.96	-15.61
34	Hawaii	211	2,658	-16.60	-16.27
29	Idaho	317	2,394	8.93	49.53
6	Illinois	5,490	989	12.16	-22.68
10	Indiana	2,813	1,042	9.12	-4.61
15	Iowa	943	1,503	7.16	-2.38
47	Kansas	236	5,418	14.56	-24.60
28	Kentucky	877	2,280	46.90	93.60
22	Louisiana	1,084	1,919	2.94	3.04
27	Maine	332	2,234	-9.04	46.26
8	Maryland	2,507	1,010	-6.07	-10.66
16	Massachusetts	1,960	1,530	11.17	49.16
14	Michigan	3,191	1,435	4.42	-28.07
25	Minnesota	1,150	2,169	2.31	0.97
40	Mississippi	431	3,074	4.11	-26.20
38	Missouri	936	2,986	6.85	-11.95
49	Montana	72	7,187	-30.10	-25.77
42	Nebraska	243	3,490	-19.80	-27.68
4	Nevada	1,340	961	12.04	-0.07
36	New Hampshire	235	2,725	39.88	-4.47
2	New Jersey	4,087	919	-0.02	-9.96
33	New Mexico	356	2,649	-13.80	-40.17
12	New York	6,090	1,395	-2.33	-4.08
23	North Carolina	2,403	1,972	-8.11	-21.57
45	North Dakota	93	4,004	8.14	97.87
9	Ohio	5,058	1,038	-10.90	-4.80
24	Oklahoma	884	1,982	-25.59	-27.12
43	Oregon	494	3,681	-16.13	-24.46
17	Pennsylvania	3,720	1,547	-8.17	13.80
37	Rhode Island	166	2,910	12.16	-4.60
3	South Carolina	2,543	929	8.81	13.83
50	South Dakota	52	7,561	26.83	108.00
30	Tennessee	1,226	2,488	4.34	-14.62
13	Texas	8,333	1,399	-0.88	15.40
20	Utah	613	1,897	9.07	6.42
48	Vermont	56	5,985	154.55	30.23
32	Virginia	1,406	2,578	-15.76	-19.20
44	Washington	830	3,875	-8.69	10.52
46	West Virginia	202	4,253	0.00	-4.72
41	Wisconsin	889	3,076	10.99	-9.65
31	Wyoming	109	2,507	-8.40	-23.78

Report methodology
The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency, and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications– AI-Ready Solutions.