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Foreclosure Filings: A ‘Concerning Picture’ of Future Trends?

According to ATTOM Data’s 2023 U.S. Foreclosure Market Report, foreclosure starts decrease month-over-month, but completed foreclosures remain relatively steady, dropping only 1%. 

By the numbers, there were a total of 34,472 properties with a foreclosure filing against it—which includes default notices, scheduled auctions, or bank repossessions (REOs)—a number that is up 6% year-over-year, but also down 6% month-over-month. 

“Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.” 

Nationwide one in every 4,051 housing units had a foreclosure filing in October 2023. States with the highest foreclosure rates were Delaware (one in every 2,432 housing units with a foreclosure filing); Ohio (1-in-2,492 housing units); New Jersey (1-in-2,550 housing units); Maryland (1-in-2,565 housing units); and South Carolina (1-in-2,569 housing units). 

Lenders started the foreclosure process on 23,343 U.S. properties in October 2023, down 7% from last month but up 7% from a year ago. 

States that had the greatest number of foreclosure starts in October 2023 included: Texas (2,966 foreclosure starts); California (2,747 starts); Florida (2,319 starts); New York (1,405 starts); and Georgia (1,054 starts). 

Lenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in October 2023, down less than 1% from last month and down 20% from last year. 

States that had the greatest number of REOs in October 2023, included: Pennsylvania (297 REOs); Illinois (273 REOs); Ohio (231 REOs); California (219 REOs); and Michigan (216 REOs). 

Click here to see the report in its entirety, including breakdowns for major metropolitan areas. 

About Author: Kyle G. Horst

Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography including best newspaper design by the Associated Press Managing Editors Group and the international iPhone photographer of the year by the iPhone Photography Awards. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at [email protected].

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