ATTOM, a leading curator of land, property, and real estate data, today released its January 2024 U.S. Foreclosure Market Report, which shows there were a total of 33,270 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, and up 10 percent from the prior month.

"We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system," said Rob Barber, CEO at ATTOM. "However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics. We remain vigilant in monitoring these trends to understand their full impact on foreclosure activity."

Foreclosure completion numbers increase monthly in 19 states
Lenders repossessed 3,954 U.S. properties through completed foreclosures (REOs) in January 2024, up 1 percent from a year ago and up 13 percent from last month – the first month over month increase in completed foreclosures since July 2023.

States that had at least 50 or more REOs and that saw the greatest monthly increase in January 2024 included: Michigan (up 200 percent); Minnesota (up 47 percent); California (up 43 percent); Pennsylvania (up 36 percent); and Missouri (up 34 percent).

Among the 224 metropolitan statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Detroit, MI (609 REOs); Chicago, IL (194 REOs); New York, NY (163 REOs); Philadelphia, PA (107 REOs); and San Francisco, CA (107 REOs).

Highest foreclosure rates in Delaware, Nevada, and Indiana
Nationwide one in every 4,236 housing units had a foreclosure filing in January 2024. States with the highest foreclosure rates were Delaware (one in every 2,269 housing units with a foreclosure filing); Nevada (one in every 2,272 housing units); Indiana (one in every 2,499 housing units); Maryland (one in every 2,588 housing units); and New Jersey (one in every 2,647 housing units).

Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclosure rates in January 2024 were Spartanburg, SC (one in every 1,579 housing units with a foreclosure filing); Columbia, SC (one in every 1,651 housing units); Cleveland, OH (one in every 1,742 housing units); Detroit, MI (one in every 1,799 housing units); and Las Vegas, NV (one in every 1,923 housing units).

Other than Cleveland, Detroit and Las Vegas, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in January 2024 included: Riverside, CA (one in every 1,944 housing units); and Indianapolis, IN (one in every 2,235 housing units).

Foreclosure starts increase monthly and annually
Lenders started the foreclosure process on 21,770 U.S. properties in January 2024, up 6 percent from last month and up 5 percent from a year ago.

Those states that saw the greatest number of foreclosures starts in January 2024 included: California (2,719 foreclosure starts); Texas (2,613 foreclosure starts); Florida (2,330 foreclosure starts); New York (1,341 foreclosure starts); and Illinois (913 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 January 2024, included: New York, NY (1,470 foreclosure starts); Houston, TX (1,015 foreclosure starts); Los Angeles, CA (817 foreclosure starts); Miami, FL (804 foreclosure starts); and Chicago, IL (763 foreclosure starts).