ATTOM, a leading curator of land, property data, and real estate analytics, has officially announced the results from its November 2024 U.S. Foreclosure Market Report, which shows there were a total of 29,390 U.S. properties with foreclosure filings i.e. default notices, scheduled auctions, or bank repossessions.
According to certain reports, the stated number marks a 9 percent reduction from a year ago, and a 5 percent reduction from the prior month. More on the same would reveal how, on a nationwide level, one in every 4,795 housing units had a foreclosure filing during November 2024.
As for states with the highest foreclosure rates, they were Nevada (one in every 2,941 housing units with a foreclosure filing); Florida (one in every 3,047 housing units); Connecticut (one in every 3,210 housing units); Maryland (one in every 3,535 housing units); and Indiana (one in every 3,567 housing units).
If we talk about the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November 2024 were Modesto, CA (one in every 1,890 housing units with a foreclosure filing); Reading, PA* (one in every 2,133 housing units); Bakersfield, CA (one in every 2,155 housing units); Riverside, CA (one in every 2,207 housing units); and Chico, CA (one in every 2,270 housing units).
Turning our attention towards the metropolitan areas with a population greater than 1 million that had the worst foreclosure rates in November 2024, they included Riverside, CA were: Cleveland, OH (one in every 2,385 housing units); Philadelphia, PA (one in every 2,414 housing units); Miami, FL (one in every 2,551 housing units); and Las Vegas, NV (one in every 2,645 housing units).
“The slight decline in U.S. foreclosure activity during November most likely reflects the seasonal ebb we often see this time of year,” said Rob Barber, CEO at ATTOM. “While foreclosure filings are down both month-over-month and year-over-year, the data highlights areas of the country, such as Nevada, Florida, and Connecticut, where foreclosure rates remain relatively high. As we move into 2025, we’ll be closely monitoring how economic pressures and market dynamics may influence a potential rebound in activity.”
Markedly enough, the greatest number of foreclosure starts still came in Texas, Florida, California, and New York, with lenders starting the foreclosure process on 20,231 U.S. properties in November 2024, down 3 percent from last month and down 10 percent from a year ago.
The states that had the greatest number of foreclosure starts in November 2024 included Texas (2,542 foreclosure starts); Florida (2,438 foreclosure starts); California (2,239 foreclosure starts); New York (1,167 foreclosure starts); and Pennsylvania (844 foreclosure starts).
Here, major metropolitan areas, with a population greater than 1 million, that had the greatest number of foreclosure starts in November 2024 included New York, NY (1,184 foreclosure starts); Houston, TX (969 foreclosure starts); Miami, FL (768 foreclosure starts); Philadelphia, PA (723 foreclosure starts); and Los Angeles, CA (641 foreclosure starts).
Moving on to repossession, it clocked the figure of 3,089 across US. This marked a 5 5 percent increase from last month and up 21 percent increase from last year. To expand upon that, states that had the greatest number of REOs in November 2024, included California (402 REOs); Texas (232 REOs); New York (223 REOs); Illinois (206 REOs); and Pennsylvania (160 REOs).
On the other hand, major metropolitan statistical areas (MSAs), with a population greater than 1 million, that saw the greatest number of REOs in November 2024 included New York, NY (198 REOs); Chicago, IL (177 REOs); Baltimore, MD (88 REOs); San Francisco, CA (83 REOs); and Los Angeles, CA (80 REOs).
Among other things, it must be mentioned 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, comes from more than 3,000 counties nationwide. The stated counties, in case you weren’t aware, account for more than 99 percent of the U.S. population
