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U.S. FORECLOSURE ACTIVITY CONTINUES TO SEE AN ANNUAL INCREASECompleted Foreclosures (REOs) Decrease Annually in 28 States; Foreclosure Starts Up Monthly and Annually Nationwide IRVINE, Calif., March 12, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its February 2024 U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – down 1 percent from last month but up 8 percent from a year ago. "The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market," said Rob Barber, CEO at ATTOM. "These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity." Foreclosure completion numbers decrease annually in 28 states States that had at least 50 or more REOs and that saw the greatest annual decrease in February 2024 included: Georgia (down 52 percent); New York (down 41 percent); North Carolina (down 34 percent); New Jersey (down 28 percent); and Maryland (down 26 percent). Counter to the national trend, those states with at least 50 or more REOs that saw the greatest annual increase in February 2024 included: South Carolina (up 51 percent); Missouri (up 50 percent); Pennsylvania (up 46 percent); Texas (up 7 percent); and Indiana (up 0.8 percent). Among the 224 metropolitan statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Chicago, IL (207 REOs); Philadelphia, PA (182 REOs); New York, NY (173 REOs); Pittsburgh, PA (105 REOs); and Detroit, MI (88 REOs). Highest foreclosure rates in South Carolina, Delaware, and Florida Those major metropolitan statistical areas (MSAs) with a poulation greater than 200,000, with the highest foreclosure rates in February 2024 were Columbia, SC (one in every 1,478 housing units with a foreclosure filing); Lakeland, FL (one in every 1,600 housing units); Spartanburg, SC (one in every 1,742 housing units); Merced, CA (one in every 1,794 housing units); and Florence, SC (one in every 1,809 housing units). Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in February 2024 included: Orlando, FL (one in every 1,938 housing units); Cleveland, OH (on in every 2,176 housing units); Riverside, CA (one in every 2,293 housing units); Philadelphia, PA (one in every 2,355 housing units); and Miami, FL (one in every 2,392 housing units). Foreclosure starts increase monthly and annually Those states that saw the greatest number of foreclosures starts in February 2024 included: Florida (2,732 foreclosure starts); California (2,730 foreclosure starts); Texas (2,694 foreclosure starts); New York (1,289 foreclosure starts); and Ohio (1,097 foreclosure starts). Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in February 2024, included: New York, NY (1,367 foreclosure starts); Houston, TX (998 foreclosure starts); Los Angeles, CA (808 foreclosure starts); Chicago, IL (792 foreclosure starts); and Miami, FL (777 foreclosure starts). Report methodology About ATTOM Media Contact: Data and Report Licensing: View original content to download multimedia:https://www.prnewswire.com/news-releases/us-foreclosure-activity-continues-to-see-an-annual-increase-302087091.html SOURCE ATTOM |