Tag Archives: bank repossessions

Rob Barber, CEO at ATTOM Data, said, “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.”

With the nation’s highest foreclosure rates found in the states of New Jersey, South Carolina, and Delaware, ATTOM reports a near 30% quarter-over-quarter rise in third quarter default notices, scheduled auctions and bank repossessions, approaching levels seen before the pandemic.

August 2023’s Foreclosure Market Report, curated by ATTOM Data, showed that there was a total of 33,952 residential real estate properties with foreclosure filings against them, a number that jumped 7% from July but decreased by 2% year-over-year.

ATTOM reports that nationwide, one in every 4,380 housing units reported a foreclosure filing in July 2023, with Maryland leading the pack with one in every 2,071 housing units reporting a foreclosure filing.

ATTOM reports that foreclosure activity through the first six months of 2023 maintained an upward trajectory, nearing levels last recorded prior to the pandemic.

“The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year,” said ATTOM CEO Rob Barber.

With talk of a recession on the horizon, ATTOM’s latest data breaks down foreclosure rates and related data, as well as how they are being impacted by larger economic factors.

ATTOM has released its August 2022 U.S. Foreclosure Market Report, revealing a total of 34,501 U.S. properties with foreclosure filings —default notices, scheduled auctions, or bank repossessions— up 14% from a month ago, and up 118% from a year ago. ...

ATTOM reports foreclosure activity creeping up over the first six months of the year, rising 153% year-over-year, but down just 1% from pre-pandemic times of just two years ago.

It’s critical to correctly value distressed assets as they come out of foreclosure. Ken Dicks, Director of Appraisal Compliance & Initiatives for Reggora, shares his perspective with DS News this month.