U.S. Foreclosures Increase Slightly, Reflecting Nuanced Housing Market Shifts – MyChesCo

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IRVINE, CA — ATTOM released its May 2024 U.S. Foreclosure Market Report, revealing nuanced shifts in the housing market. The report shows a total of 32,621 U.S. properties with foreclosure filings in May, including default notices, scheduled auctions, and bank repossessions. This marks a 3 percent increase from the previous month but a 7 percent decrease from last year.

“May’s foreclosure activity highlights nuanced shifts in the housing market,” said Rob Barber, CEO at ATTOM. “While we observed a slight increase in foreclosure starts, the decline in completed foreclosures indicates resilience in certain areas.”

Nationwide, one in every 4,320 housing units had a foreclosure filing in May 2024. States with the highest foreclosure rates were New Jersey (one in every 1,939 housing units), Illinois (one in every 2,362 housing units), Delaware (one in every 2,595 housing units), Connecticut (one in every 2,600 housing units), and Florida (one in every 2,638 housing units).

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Among metropolitan areas with populations of at least 200,000, Longview, TX, had the highest foreclosure rate (one in every 1,162 housing units). Trenton, NJ, Atlantic City, NJ, Lakeland, FL, and Bakersfield, CA, followed closely behind.

In large metropolitan areas with populations over 1 million, Chicago, IL, led with one in every 2,015 housing units facing foreclosure. Philadelphia, PA, Riverside, CA, Jacksonville, FL, and Las Vegas, NV, also showed significant foreclosure rates.

Lenders initiated the foreclosure process on 22,385 U.S. properties in May 2024, marking a 3 percent increase from last month but a 4 percent decrease from last year. Florida led with 2,750 foreclosure starts, followed by Texas with 2,560, California with 2,370, Illinois with 1,427, and New Jersey with 1,219.

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In metropolitan areas with populations over 1 million, New York, NY, saw the highest number of foreclosure starts at 1,447. Chicago, IL, Houston, TX, Miami, FL, and Philadelphia, PA, also experienced significant foreclosure initiation activity.

Completed foreclosures decreased slightly. Lenders repossessed 2,879 U.S. properties through completed foreclosures in May 2024, down 1 percent from last month and 28 percent from last year. The states with the greatest number of completed foreclosures were California and Illinois, each with 254 REOs, followed by Pennsylvania with 238, Ohio with 177, and Texas with 167.

Major metropolitan areas with populations over 1 million that saw the highest numbers of completed foreclosures included Chicago, IL, with 179 REOs, New York, NY, with 124, Baltimore, MD, with 84, Pittsburgh, PA, with 80, and Washington, DC, with 69.

These trends reflect changing dynamics in the real estate sector, as various factors influence foreclosure rates and housing market stability across the United States.

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