ATTOM, a leading curator of land, property data, and real estate analytics, has officially published results from its Q3 2024 U.S. Foreclosure Market Report, which reveals that total of 87,108 U.S. properties faced a foreclosure filings during the third quarter of 2024. This marks a decline of 2 percent from the previous quarter and down 13 percent from a year ago.
More on the same would reveal how, going by available details, 29,668 U.S. properties faced foreclosure filings in September 2024 alone. However, it is still understood to be down by 2 percent from the previous month and down 19 percent from a year ago. As for the states that had 1,000 or more foreclosures starts in Q3 2024, and at the same time, saw their greatest annual decrease, the list includes North Carolina (down 44 percent); Georgia (down 29 percent); Maryland (down 22 percent); New Jersey (down 20 percent); and South Carolina (down 19 percent).
On the other hand, major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q3 2024 included New York (3,776 foreclosure starts); Chicago, Illinois (3,231 foreclosure starts); Los Angeles, CA (2,166 foreclosure starts); Miami, FL (2,142 foreclosure starts); and Houston, Texas (1,791 foreclosure starts).
As for major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide, they happen to include Lakeland, Florida (one in 610 housing units); Provo, Utah (one in every 647 housing units); Macon, Georgia (one in every 649 housing units); Columbia, South Carolina (one in every 663 housing units); and Atlantic City, New Jersey (one in every 766 housing units).
“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.”
Another detail worth a mention here is rooted in how, as per the ATTOM report, lenders repossessed 8,795 U.S. properties through foreclosure (REO) in Q3 2024, marking a 1 percent increase from the previous quarter but down 12 percent from a year ago. Turning our attention towards REOs, states that had the greatest number of REOs in Q3 2024 were California (852 REOs); Pennsylvania (715 REOs); New York (670 REOs); Illinois (668 REOs); and Michigan (559 REOs).
The whole exercise even informed the users on average time to foreclose, something which has gone up by almost 6 percent last year. Hence, during the Q3 2024, properties foreclosed in Q3 2024 remained in the foreclosure process for an average of 815 days.
Almost like an extension of that, states that had the longest average foreclosure timelines, they included Louisiana (3,520 days); Hawaii (2,531 days); New York (2,087 days); Rhode Island (1,880 days); and Georgia (1,876 days).
As for states with the shortest average foreclosure timelines, they were New Hampshire (165 days); Minnesota (172 days); Texas (181 days); Michigan (189 days); and Montana (248 days).
Among other things, we ought to mention that 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. This data, on its part, is understood to come from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. The report in question also 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 properties (that have been foreclosed on and repurchased by a bank).
