According to Attom’s first-quarter U.S. Foreclosure Market Report, foreclosure activity increased quarterly, but remains essentially flat year over year.
A total of 95,349 properties — or roughly one out of every 1,478 housing units — had foreclosure filings in the first three months of 2024, up 3% from the previous quarter and down less than 1% from the same period one year prior.
In March, there were 32,878 properties with foreclosure filings, down less than 1% from February and 10% from March 2023. One in every 4,286 properties in the country had a foreclosure filing during the month.
There was a moderate increase in starts to kick off 2024, with 67,657 properties beginning the foreclosure process during Q1, up 2% quarterly and 4% annually. There were 23,321 starts in March, up 3% from February but down 4% from March 2023.
“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” Rob Barber, CEO at Attom, said. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”
Delaware had the highest foreclosure rate in the nation during the first quarter; one in every 894 housing units in the First State had a foreclosure filing. New Jersey (one in every 919 units), South Carolina (one in every 929), Nevada (one in every 961) and Florida (one in every 973) rounded out the top five. Illinois had the highest foreclosure rate among states in March, with one filing in every 2,548 units.
Among metro areas with at least 200,000 people, Columbia, South Carolina, had the highest first-quarter foreclosure rate, with one foreclosure filing in every 569 housing units. Among major metros with a population of at least 1 million, Cleveland had the highest foreclosure rate at one out of every 662 housing units.
Among metros with at least 200,000 people, New York had the most first-quarter foreclosure starts at 4,404, followed by Houston (2,977), Chicago (2,867), Los Angeles (2,398) and Miami (2,319). Among states with 100 or more foreclosure starts during the first quarter, New Hampshire posted the largest quarterly uptick, up 43%.
