Foreclosure Market Report: REOs Decrease in 28 States, Foreclosure Starts Increase Nationwide

Foreclosure activity in the United States has shown some interesting trends in the latest report released by ATTOM. While completed foreclosures have decreased annually in 28 states, overall foreclosure starts have increased both monthly and annually nationwide.

According to the report, there were a total of 32,938 properties with foreclosure filings in February 2024, showing a 1 percent decrease from the previous month but an 8 percent increase from the previous year. This indicates a shifting dynamic within the housing market that could have significant implications for homeowners and lending practices.

On the positive side, lenders repossessed 3,397 US properties through completed foreclosures in February 2024, marking a 14 percent decrease from the previous month and an 11 percent decrease from the previous year. States like Georgia, New York, and North Carolina saw significant annual decreases in completed foreclosures, while states like South Carolina and Missouri saw increases.

South Carolina, Delaware, and Florida had the highest foreclosure rates in the nation, with Florida, California, and Texas leading in foreclosure starts in February 2024. Major metropolitan areas like New York, Houston, and Los Angeles also saw high numbers of foreclosure starts during this period.

The report provides valuable insights into the current state of the housing market and the challenges faced by homeowners and lenders. As foreclosure activity continues to fluctuate, it will be essential to closely monitor these trends to understand their full impact on the real estate landscape.