A total of 32,120 properties had foreclosure filings—default notices, scheduled auctions or bank repossessions—in November, down 7% from a month ago but up 5% from a year ago, according to a new report from ATTOM. ATTOM’s Foreclosure Market Report for November found that 4,347 housing units had a foreclosure filing. In addition, states with the highest foreclosure rates were Delaware (1 in every 2,393); Maryland (1 in every 2,537); Ohio (1 in every 2,656); South Carolina (1 in every 2,771); and New Jersey (1 in every 2,834).
Key highlights:
Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates were Bakersfield, California (1 in every 1,595); Cleveland, Ohio (1 in every 1,818 housing units); Canton, Ohio (1 in every 1,820 housing units); Columbia, South Carolina (1 in every 1,922 housing units); and Stockton, California (1 in every 1,961 housing units).
Those metro areas with a population greater than 1 million with the worst foreclosure rates were: Philadelphia, Pennsylvania (1 in every 2,114); Baltimore, Maryland (1 in every 2,206); Riverside, California (1 in every 2,327); and Las Vegas, Nevada (1 in every 2,372).
Lenders repossessed 2,558 properties through completed foreclosures (REOs), down 23% from last month and 32% from last year.
States that had the greatest number of REOs included: Michigan (247); California (228); Illinois (198); Ohio (191); and Pennsylvania (179).
Those major metro areas with a population greater than 1 million that saw the greatest number of REOs included: Detroit, Michigan (144); Chicago, Illinois (104); New York, New York (100); Baltimore, Maryland (64); and St. Louis, Missouri (64).
Lenders started the foreclosure process on 22,363 properties, down 4% from last month but up 8% from a year ago.
States that had the greatest number of foreclosure starts again included: Texas (2,702); California (2,495); Florida (2,078); New York (1,450); and Ohio (1,069).
Those major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts included: New York, New York (1,516); Houston, Texas (969); Philadelphia, Pennsylvania (733); Chicago, Illinois (673); and Miami, Florida (669).
Major takeaway:
“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” said Rob Barber, CEO at ATTOM. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.”
