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A recently released report from real estate data curator ATTOM shows that while foreclosure starts and filings increased slightly during Q1 2024, most notable was the overall decrease in the number of REO (real estate owned) properties. (While bank repossessions were up by 7% from the previous quarter, they're down 20% from a year ago.)
ATTOM's Q1 2024 U.S. Foreclosure Market Report indicates that the total number of U.S. properties with a foreclosure filing during Q1 2024 increased by 3% from the previous quarter, but compared with a year ago, that was a decrease (of less than 1%). In Q1 2024, the number of properties that started the foreclosure process increased by 2% from Q3 2023—a 4% rise from a year ago.
Of the states that had 100 or more foreclosures starts during Q1 2024, the states that saw the greatest quarterly increase in foreclosure starts include: New Hampshire (up by 43%), Illinois (up 26%), and Florida (up 22%).
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).
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