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ATTOM Data, a real estate data and research company, has released its latest U.S. Foreclosure Market Report covering the month of November 2023 which revealed there were a total of 32,120 properties with some sort of foreclosure filing against them, up 5 % year-over-year, but down 7% on the short term from the prior month.
“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.”
Nationwide one in every 4,347 housing units had a foreclosure filing in November 2023. States with the highest foreclosure rates were in: Delaware (one in every 2,393 housing units with a foreclosure filing); Maryland (one in every 2,537); Ohio (one in every 2,656); South Carolina (one in every 2,771); and New Jersey (one in every 2,834).
Among the 223 metropolitan statistical areas with a population of at least 200,000—as determined by the U.S. Census Bureau—those with the highest foreclosure rates in November 2023 were Bakersfield, CA (one in every 1,595 housing units with a foreclosure filing); Cleveland, OH (one in every 1,818); Canton, OH (one in every 1,820); Columbia, SC (one in every 1,922); and Stockton, CA (one in every 1,961).
Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in November 2023, including Cleveland, Ohio were: Philadelphia, Pennsylvania (one in every 2,114 housing units); Baltimore, Maryland (one in every 2,206); Riverside, California (one in every 2,327); and Las Vegas, Nevada (one in every 2,372).
On the good side, foreclosure completions are now down 32% from last year as lenders repossessed 2,558 properties through the completion process (REOs) in November, a number which is also down 23% from last month.
States that had the greatest number of REOs in November 2023, included: Michigan (247 REOs); California (228); Illinois (198); Ohio (191); and Pennsylvania (179).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in November 2023 included: Detroit, Michigan (144 REOs); Chicago, Illinois (104); New York, New York (100); Baltimore, Maryland (64); and St. Louis, Missouri (64).
Though, the greatest number of foreclosures starts still remain in the red-hot real estate markets of California, Florida, and Texas.
States that had the greatest number of foreclosure starts in November 2023 again included: Texas (2,702 foreclosure starts); California (2,495); Florida (2,078); New York (1,450); and Ohio (1,069).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in November 2023 included: New York, New York (1,516 foreclosure starts); Houston, Texas (969); Philadelphia, Pennsylvania (733); Chicago, Illinois (673); and Miami, Florida (669).
Click here for the report in its entirety.
