Foreclosure Filings Up 5% Year-Over-Year in July

ATTOM has released its July 2023 U.S. Foreclosure Market Report, which shows there were a total of 31,877 U.S. properties with foreclosure filings—default notices, scheduled auctions or bank repossessions—down 9% from a month ago, but up 5% from a year ago.

"The slight decline in foreclosure filings we are seeing is yet another sign of a rebounding housing market," said Rob Barber, CEO at ATTOM. "With home prices back up, several factors have combined to put more financial resources in the hands of homeowners, providing more options to avoid foreclosure. However, given with the U.S. housing market remains in flux, the various forces at play could keep the market improving or turn it back downward over the coming months."

Nationwide, one in every 4,380 housing units reported a foreclosure filing in July 2023. States reporting the highest foreclosure rates included:

• Maryland (one in every 2,071 housing units with a foreclosure filing)
• New Jersey (one in every 2,335 housing units)
• Delaware (one in every 2,343 housing units)
• Illinois (one in every 2,430 housing units)
• South Carolina (one in every 2,511 housing units)

Among the 223 metropolitan statistical areas (MSAs) with a population of at least 200,000, those with the highest foreclosure rates in July 2023 were:

• Fayetteville, North Carolina (one in every 1,367 housing units with a foreclosure filing)
• Atlantic City, New Jersey (one in every 1,708 housing units)
• Columbia, South Carolina (one in every 1,747 housing units)
• Trenton, New Jersey (one in every 1,870 housing units)
• Cleveland, Ohio (one in every 1,957 housing units)

Those metropolitan areas with a population greater than one million with the worst foreclosure rates in July 2023 were:

• Cleveland, Ohio (one in every 1,957 housing units)
• Baltimore, Maryland (one in every 1,991 housing units)
• Las Vegas, Nevada (one in every 2,098 housing units)
• Jacksonville, Florida (one in every 2,243 housing units)
• Philadelphia, Pennsylvania (one in every 2,273 housing units).

Lenders began the foreclosure process on 21,020 U.S. properties in July 2023, down 12% from last month and down 2 percent from a year ago. States that experienced the greatest monthly declines and had 10 or more foreclosure starts in July 2023 included:

• Hawaii (down 51%)
• New Hampshire (down 45%)
• Idaho (down 43%)
• Arkansas (down 40%)
• Alabama (down 38%)

The major metropolitan areas with a population greater than one million that saw the greatest monthly declines in foreclosure starts in July 2023 included:

• Salt Lake City, Utah (down 63%)
• Honolulu, Hawaii (down 53%)
• Kansas City, Missouri (down 46%)
• Rochester, New York (down 43%)
• Birmingham, Alabama (down 41%)

Lenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in July 2023, up 4% from last month, and up 9% from last year. States reporting the greatest number of REOs in July 2023 included:

• Illinois (355 REOs)
• Pennsylvania (230 REOs)
• California (217 REOs)
• Michigan (200 REOs)
• Texas (200 REOs)

Those major MSAs with a population greater than one million that saw the greatest number of REOs in July 2023 included:

• Chicago, Illinois (233 REOs)
• New York, New York (148 REOs)
• Louis, Missouri (104 REOs)
• Baltimore, Maryland (82 REOs)
• Philadelphia, Pennsylvania (80 REOs)

ATTOM’s 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. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99% of the U.S. population.