According to ATTOM Data’s August 2024 U.S. Foreclosure Market Report, there were a total of 30,227 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – down 5.3% from one month ago and down 11% from a year ago. Their data show that one in every 4,662 housing units nationally had a foreclosure filing in August. States with the highest foreclosure rates were were Nevada (one in every 2,473 housing units with a foreclosure filing); Florida (one in every 2,605 housing units); Illinois (one in every 2,837 housing units); South Carolina (one in every 2,877 housing units); and New Jersey (one in every 3,227 housing units). In addition, lenders started the foreclosure process on 20,747 properties in August, down 5.1% from last month and down 9.4% from one year ago.
“Foreclosure activity has remained relatively steady in recent months, with both foreclosure starts and completed foreclosures declining in August…While overall activity is significantly lower than the peaks seen during the 2008 financial crisis, when filings exceeded 300,000 per month, the current economic environment, coupled with rising interest rates and affordability challenges, suggests a continued focus on potential housing market instability.” Said Rob Barber, CEO at ATTOM.
Click here to read the full report at ATTOM.
