Seasonal Influence Eases U.S. Foreclosure Activity, Marking Slight Decline

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Completed Foreclosures Decrease 23 Percent from Last Month; Foreclosure Starts Increase Annually in TX, CA and FL

IRVINE, Calif. — Dec. 12, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its November 2023 U.S. Foreclosure Market Report, which shows there were a total of 32,120 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, but down 7 percent from the prior month.

“While we’ve observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it’s essential to note that these fluctuations are a part of the cyclical nature of the market,” said Rob Barber, CEO at ATTOM. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.

Highest foreclosure rates in Delaware, Maryland, and Ohio

Nationwide one in every 4,347 housing units had a foreclosure filing in November 2023. States with the highest foreclosure rates were in: Delaware (one in every 2,393 housing units with a foreclosure filing); Maryland (one in every 2,537 housing units); Ohio (one in every 2,656 housing units); South Carolina (one in every 2,771 housing units); and New Jersey (one in every 2,834 housing units).

Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November 2023 were Bakersfield, CA (one in every 1,595 housing units with a foreclosure filing); Cleveland, OH (one in every 1,818 housing units); Canton, OH (one in every 1,820 housing units); Columbia, SC (one in every 1,922 housing units); and Stockton, CA (one in every 1,961 housing units).

Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in November 2023, including Cleveland, OH were: Philadelphia, PA (one in every 2,114 housing units); Baltimore, MD (one in every 2,206 housing units); Riverside, CA (one in every 2,327 housing units); and Las Vegas, NV (one in every 2,372 housing units).

Foreclosure completions down 32 percent from last year

Lenders repossessed 2,558 U.S. properties through completed foreclosures (REOs) in November 2023, down 23 percent from last month and down 32 percent from last year.

States that had the greatest number of REOs in November 2023, included: Michigan (247 REOs); California (228 REOs); Illinois (198 REOs); Ohio (191 REOs); and Pennsylvania (179 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in November 2023 included: Detroit, MI (144 REOs); Chicago, IL (104 REOs); New York, NY (100 REOs); Baltimore, MD (64 REOs); and St. Louis, MO (64 REOs).

Greatest number of foreclosure starts still in Texas, California, and Florida

Lenders started the foreclosure process on 22,363 U.S. properties in November 2023, down 4 percent from last month but up 8 percent from a year ago.

States that had the greatest number of foreclosure starts in November 2023 again included: Texas (2,702 foreclosure starts); California (2,495 foreclosure starts); Florida (2,078 foreclosure starts); New York (1,450 foreclosure starts); and Ohio (1,069 foreclosure starts).

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in November 2023 included: New York, NY (1,516 foreclosure starts); Houston, TX (969 foreclosure starts); Philadelphia, PA (733 foreclosure starts); Chicago, IL (673 foreclosure starts); and Miami, FL (669 foreclosure starts).

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Report methodology

The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.

About ATTOM

ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.

Media Contact:

Christine Stricker

949.748.8428

[email protected]

Data and Report Licensing:

949.502.8313

[email protected]

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