One in every 5,071 properties across the United States had a foreclosure filing in June, according to ATTOM’s midyear foreclosure market report.
The report revealed a total of 177,431 properties with foreclosure filings, including default notices, scheduled auctions, or bank repossessions, in the first six months of 2024. This number was down 4.4% from the same period in 2023, though it is 7.8% higher than two years ago.
“In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” ATTOM chief Rob Barber said in the report. “In addition, US foreclosure starts also decreased by 3% in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”
Despite the overall decrease, several states saw significant increases in foreclosure activity compared to a year ago. South Dakota experienced a 93% spike, North Dakota 86%, Kentucky 73%, Massachusetts 46%, and Idaho 30%
Nationwide, 0.13% of all housing units, or one in every 794, had a foreclosure filing in the first half of 2024. The states with the highest foreclosure rates were New Jersey (0.21%), Illinois (0.21%), Florida (0.20%), Nevada (0.19%), and South Carolina (0.19%).
The report also highlighted a decline in bank repossessions. Lenders foreclosed on 18,726 properties in the first six months of 2024, marking a 17% decrease from the first half of 2023 and a 10% decrease from the first half of 2022. However, this figure is up 92% from the first half of 2021.
There were 89,466 properties with foreclosure filings, down 6% from the previous quarter and 8% from the same period a year ago. The national foreclosure activity total in Q2 2024 was 68% below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007.
The average time to foreclose on properties increased for the second consecutive quarter. Properties foreclosed in Q2 2024 had been in the foreclosure process for an average of 815 days, up 11% from the previous quarter, but down 33% from Q2 2023.
