According to ATTOM [1] 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 [2], 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 [3] to see the report in its entirety, including breakdowns for major metropolitan areas.