Total US properties with foreclosure filings saw a double-digit year-over-year decrease
Foreclosure activity across the US continued to decline in the third quarter of 2024, according to the latest US Foreclosure Market Report from ATTOM, a leading curator of real estate data and analytics. The report highlighted a total of 87,108 US properties with foreclosure filings in Q3 2024, representing a 2% decrease from the previous quarter and a 13% decline from the same period in 2023.
Foreclosure filings also saw a notable drop in September 2024, with 29,668 properties affected—down 2% from August and 19% from September 2023. Despite the improving trend, Rob Barber, CEO of ATTOM, noted vigilance remains necessary due to potential economic disruptions that could alter this trajectory.
“While we are seeing a decrease in foreclosure starts and repossessions, it’s crucial to remain vigilant, as any economic disruptions or changes in interest rates could shift the current trend,” Barber stated.
Nationwide foreclosure rates
In Q3 2024, 62,380 properties across the US began the foreclosure process, representing less than a 1% decline from Q2 2024 and a 10% year-over-year decrease. States that recorded more than 1,000 foreclosure starts saw significant reductions, including North Carolina (down 44%), Georgia (down 29%), and Maryland (down 22%).
Among major metropolitan areas, New York led with 3,776 foreclosure starts, followed by Chicago (3,231), Los Angeles (2,166), Miami (2,142), and Houston (1,791).
Illinois, Nevada, and Florida posted the highest foreclosure rates in Q3 2024, with Illinois leading at one foreclosure filing for every 904 housing units. Nevada followed closely with one filing per 922 units, and Florida saw one foreclosure per 971 units. Lakeland, Florida, registered the highest foreclosure rate among metropolitan areas, with one filing for every 610 housing units.
Bank repossessions and foreclosure completion times
While lenders repossessed 8,795 US properties through foreclosure in Q3 2024, this marked a 12% decrease compared to the same period in 2023. The states with the highest repossession numbers were California (852), Pennsylvania (715), and New York (670).
Meanwhile, the time it takes to complete a foreclosure increased in Q3 2024, the report found. On average, properties were in the foreclosure process for 815 days, a 6% increase from last year. Louisiana recorded the longest foreclosure process at 3,520 days, while New Hampshire had the shortest at 165 days.
Despite the overall decline, the report indicated that localized pressures could still lead to fluctuations in foreclosure activity. For now, however, US foreclosure rates remain well below pre-pandemic levels.
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