A total of 34,472 U.S. properties had foreclosure filings in October, down 6% from September but up 6% from a year ago, according to a new report from ATTOM.
ATTOM’s Foreclosure Market Report for October found that nationwide, one in every 4,051 housing units had a foreclosure filing. In addition, lenders started the foreclosure process on 23,343 properties, down 7% from last month but up 7% from a year ago.
Key highlights:
- States with the highest foreclosure rates were Delaware (1 in every 2,432 housing units); Ohio (1 in every 2,492); New Jersey (1 in every 2,550); Maryland (1 in every 2,565); and South Carolina (1 in every 2,569).
- Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates were Cleveland, Ohio (1 in every 1,403 housing units); Atlantic City, New Jersey (1 in every 1,547); Spartanburg, South Carolina (1 in every 1,708); Bakersfield, California (1 in every 1,785); and Jacksonville, North Carolina (1 in every 1,848).
- Those metro areas with a population greater than 1 million with the worst foreclosure rates were: Miami-Fort Lauderdale, Florida (1 in every 2,180 housing units); Riverside, California (1 in every 2,254); Houston, Texas (1 in every 2,269); and Philadelphia, Pennsylvania (1 in every 2,323).
- States that had the greatest number of foreclosure starts included: Texas (2,966); California (2,747); Florida (2,319); New York (1,405); and Georgia (1,054).
- Those major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts included: New York, New York (1,412); Houston, Texas (1,132); Miami-Fort Lauderdale, Florida (941); Los Angeles, California (808); and Chicago, Illinois (705).
- Lenders repossessed 3,332 properties through completed foreclosures (REOs), down less than 1% from last month and down 20% from last year.
- States that had the greatest number of REOs included: Pennsylvania (297); Illinois (273); Ohio (231); California (219); and Michigan (216).
- Those major metro areas with a population greater than 1 million that saw the greatest number of REOs included: Chicago, Illinois (213); New York, New York (166); Philadelphia, Pennsylvania (102); Washington, D.C. (79); and Detroit, Michigan (76).
Major takeaway:
“Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.”
For the full report, click here.
By Michael Catarevas @Rismedia
