'Foreclosure activity continues to stabilize and even correct itself in 2023'
US foreclosure activity fell 10% month over month in April, according to ATTOM's latest report.
The decline brings the number of properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) down to 32,977 in April. However, the foreclosure rate was 8% higher than a year ago.
"Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10% decrease in overall activity after a 20% increase last month," ATTOM chief executive Rob Barber said. "While there is no apparent indication of a continued decline in the number of foreclosures, it's important to note that the month of April typically exhibits a recurring trend of decreased activity. However, this trend underscores the significance of monitoring foreclosure rates and identifying any potential market shifts or trends."
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Foreclosure starts dropped 7% from March, with 22,455 properties in the process of being foreclosed. Counter to the national trend, states that had at least 100 foreclosure starts in April 2023 and posted the greatest monthly increases included: Maryland (55%); New Mexico (55%); Iowa (29%); Utah (13%); and Florida (12%).
The report also showed that lenders repossessed 2,919 properties through foreclosures (REOs), a 39% month-over-month decline. The states that reported the greatest number of REOs in April were Illinois (334), Pennsylvania (218), New York (199), Texas (184), and California (171).
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