Property data analytics company ATTOM said foreclosure starts increased from 2022, but completions declined. The company said the increase is a market correction.
IRVINE, Calif. – Foreclosure filings, including default notices, scheduled auctions and bank repossessions, were reported on 357,062 U.S. properties in 2023, up 10% from the previous year, property data analytics company ATTOM said. The 2023 filings were down 28% from 2019, before the pandemic shook the market. 2023 foreclosure filings were also down 88% from a peak of nearly 2.9 million in 2010.
The properties with foreclosure filings in 2023 represented 0.26% of all U.S. housing units, up slightly from 0.23% in 2022, but down from 0.36% in 2019 and down from a peak of 2.23% in 2010.
“Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility,” Rob Barber, ATTOM CEO, said. “Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade. Instead, we foresee a market that is more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape. This shift offers a silver lining — the opportunity for investors, homeowners and industry professionals to plan and strategize with greater confidence and insight.”
Other findings from ATTOM’s foreclosure data include:
- States that saw the greatest number of foreclosure starts in 2023 included California (29,180); Texas (28,533); Florida (27,427); New York (17,330); and Illinois (13,764).
- States with the highest foreclosure rates in 2023 are New Jersey (0.46% of housing units with a foreclosure filing); Illinois (0.42%); Delaware (0.41%); Maryland (0.40%); Ohio (0.38%); South Carolina (0.38%); Nevada (0.37%); Florida (0.37%); Connecticut (0.35%); and Indiana (0.32%).
- Metro areas with a population of at least 200,000 with the highest foreclosure rates in 2023 were Cleveland (0.62% of housing units with a foreclosure filing); Atlantic City, N.J. (0.62%); Lakeland, (0.56%); Columbia, S.C. (0.55%); and Fayetteville, N.C. (0.51%).
- Metro areas with a population greater than 1 million with the highest rates in 2023 were Philadelphia (0.48%); Jacksonville (0.47%); Las Vegas (0.46%); and Chicago (0.45%).
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% 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 monthly.
© 2024 Florida Realtors®
©Florida Realtors®
Source link
