A total of 42,430 residential properties carried foreclosure filings in April, down 8% from the prior month but up 18% from one year earlier.
According to data from ATTOM, one in every 3,388 housing units nationwide had a foreclosure filing last month. Delaware posted the nation’s worst foreclosure rate at one in every 1,739 housing units with a foreclosure filing, followed by South Carolina (one in every 1,745 housing units), Florida (one in every 2,092 housing units), Indiana (one in every 2,129 housing units), and Illinois (one in every 2,262 housing units).
Lenders started the foreclosure process on 28,414 properties in April, down 6% from the previous month but up 12% from one year ago. Lenders repossessed 5,098 properties through completed foreclosures (REOs), down 3% from the previous month but up 42% from a year ago.
“Foreclosure activity continued its gradual trend higher in April, with both foreclosure starts and completed foreclosures posting annual gains,” said Rob Barber, CEO at ATTOM. “While overall filings declined from the previous month, the year-over-year increases suggest lenders may be working through distressed inventory as higher borrowing costs and affordability challenges impact some homeowners. Even so, foreclosure activity remains significantly below pre-pandemic levels.”
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