According to ATTOM’s newly released Q3 2024 U.S. Foreclosure Market Report, a total of 87,108 U.S. properties had foreclosure filings in the third quarter of 2024, representing a 2 percent decrease from the previous quarter and a 13 percent decline from the same period last year. The report also shows that 29,668 properties had foreclosure filings in September 2024, down 2 percent from August and 19 percent from a year ago.
“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” said Rob Barber, CEO of ATTOM. “Moving forward, we anticipate foreclosure levels will stay relatively low, but there could be localized increases in areas struggling with affordability or other market pressures.”
Nationwide Decline in Foreclosure Starts
In Q3 2024, 62,380 U.S. properties entered the foreclosure process, a decline of less than 1 percent from the previous quarter and 10 percent compared to a year earlier. States with over 1,000 foreclosure starts in Q3 2024 that saw the largest annual drops include North Carolina (down 44 percent), Georgia (down 29 percent), Maryland (down 22 percent), New Jersey (down 20 percent), and South Carolina (down 19 percent).
Among major metropolitan areas (population of 200,000 or more), those with the most foreclosure starts in Q3 2024 were New York, NY (3,776), Chicago, IL (3,231), Los Angeles, CA (2,166), Miami, FL (2,142), and Houston, TX (1,791).
Highest Foreclosure Rates in Illinois, Nevada, and Florida
Nationwide, one in every 1,618 housing units had a foreclosure filing in Q3 2024. States with the highest foreclosure rates were Illinois (one in every 904 housing units), Nevada (one in every 922), Florida (one in every 971), Delaware (one in every 1,060), and South Carolina (one in every 1,069).
Among the 224 metropolitan statistical areas with populations of at least 200,000, the highest foreclosure rates in Q3 2024 were recorded in Lakeland, FL (one in every 610 housing units), Provo, UT (one in every 647), Macon, GA (one in every 649), Columbia, SC (one in every 663), and Atlantic City, NJ (one in every 766). Other major metro areas with populations exceeding 1 million and foreclosure rates among the top 15 nationwide include Chicago, IL (one in every 775 housing units), Las Vegas, NV (one in every 796), Cleveland, OH (one in every 819), Orlando, FL (one in every 859), and Riverside, CA (one in every 867).
Decrease in Bank Repossessions
Lenders repossessed 8,795 properties in Q3 2024 through foreclosure (REO), marking a 1 percent increase from the previous quarter but a 12 percent decline compared to a year earlier. States with the most REOs in Q3 2024 included California (852), Pennsylvania (715), New York (670), Illinois (668), and Michigan (559).
Read the complete news on the source website - World Property Journal
Author: Michael Gerrity
