ATTOM, a leading curator of land, property, and real estate data, has officially published results from its July 2024 U.S. Foreclosure Market Report, which claims that there were a total of 31,929 U.S. properties with foreclosure filings – default notices, scheduled auctions or bank repossessions. This marks a 15% uptick from last month. More on the same would reveal how, nationwide, one in every 4,414 housing units had a foreclosure filing in July 2024. Markedly enough, states affected by highest foreclosure rates were Delaware (one in every 2,214 housing units with a foreclosure filing); Nevada (one in every 2,245 housing units); Utah (one in every 2,289 housing units); New Jersey (one in every 2,607 housing units); and Illinois (one in every 2,660 housing units). Furthermore, out of 224 metropolitan statistical areas with a population level at 200,000 and above, those with the highest foreclosure rates in July 2024 were Provo-Orem, UT (one in every 940 housing units with a foreclosure filing); Macon, GA (one in every 1,167 housing units); Columbia, SC (one in every 1,587 housing units); Spartanburg, SC (one in every 1,895 housing units); and Atlantic City-Hammonton, NJ (one in every 1,910 housing units). To go alongside that, from metropolitan areas with population greater than 1 million, the worst foreclosure rates were found to be in Las Vegas, NV (one in every 2,089 housing units); Philadelphia, PA (one in every 2,197 housing units); Jacksonville, FL (one in every 2,274 housing units); Chicago, IL (one in every 2,279 housing units); and Riverside, CA (one in every 2,556 housing units).
Another detail worth a mention here is rooted in the fact that lenders started the foreclosure process on 21,870 U.S. properties in July 2024, up 18 percent from last month and up 4 percent from a year ago. Markedly enough, states that had the greatest number of foreclosure starts in July 2024 included California (2,342 foreclosure starts); Florida (2,339 foreclosure starts); Texas (2,222 foreclosure starts); Illinois (1,221 foreclosure starts); and New York (1,145 foreclosure starts). As for metropolitan cities in the same regard, they included New York, NY (1,286 foreclosure starts); Chicago, IL (1,555 foreclosure starts); Philadelphia, PA (782 foreclosure starts); Miami, FL (758 foreclosure starts); and Los Angeles, CA (689 foreclosure starts).
Moving on, ATTOM’s report also revealed how lenders repossessed 3,282 U.S. properties through completed foreclosures (REOs) in July 2024, marking a 14 percent increase from last month and down 2 percent from last year. States that had the greatest number of REOs in July 2024, included New York (377 REOs); California (370 REOs); Illinois (221 REOs); Pennsylvania (219 REOs); and Michigan (212 REOs). Beyond whole states, if we talk about metropolitan cities in regards to REO, they included New York, NY (271 REOs); Chicago, IL (136 REOs); San Francisco, CA (104 REOs); Detroit, MI (100 REOs); and Los Angeles (97 REOs).
“July’s foreclosure activity reflects a slight shift in the housing market,” said Rob Barber, CEO at ATTOM. “With an 18 percent increase in foreclosure starts and a 14 percent rise in completed foreclosures from last month, these shifts may highlight growing pressures in certain areas. However soaring home prices seem to continue and have spiked the value of homes across the nation, which boosts equity for homeowners at virtually every stage of paying off mortgages. Monitoring these next few months will help us better understand the implications for the real estate sector.”
Rounding things up with the methodology through which ATTOM reached upon these findings, the company basically provided a count of the total properties that had at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Furthermore, the overall data was collected from more than 3,000 counties nationwide, counties that account for more than 99 percent of the U.S. population. 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 was counted.
