November foreclosures fell 5% from October levels and were down 9% from a year ago, reflecting normal seasonal changes.
A total of 29,390 U.S. properties received foreclosure filings, which include default notices, scheduled auctions or bank repossessions, according to Attom, a property data and analytics company. November’s total was down from 30,784 filings made in October.
Lenders began the foreclosure process on 20,231 properties in November, down 3% from October, and a decrease of 10% from a year ago. States with the highest number of foreclosure starts included Texas, with 2,542; Florida, with 2,438; and California, with 2,239.
Lenders repossessed 3,089 properties in November through completed foreclosures, up 5% from the previous month and up 21% year over year.
Nationwide, one in every 4,795 housing units had a foreclosure filing in November. The state with the highest foreclosure rate was Nevada, where one in every 2,941 units received a foreclosure filing. Florida was next, with one in every 3,047 units having a foreclosure filing, followed by Connecticut, Maryland and Indiana. Among the metropolitan statistical areas with at least 200,000 residents, the highest foreclosure rates were in Modesto, California (one in every 1,890 housing units), followed by Reading, Pennsylvania and Bakersfield, California.
According to Rob Barber, CEO of Attom, the decline in U.S. foreclosure activity during November most likely reflects the seasonal ebb often seen this time of year.
“While foreclosure filings are down both month-over-month and year-over-year, the data highlights areas of the country, such as Nevada, Florida, and Connecticut, where foreclosure rates remain relatively high,” Barber said. “As we move into 2025, we’ll be closely monitoring how economic pressures and market dynamics may influence a potential rebound in activity.”