October saw a total of 30,784 residential properties with foreclosure filings, up 4% from the previous month but down 11% from one year earlier.
According to data from ATTOM, one in every 4,578 housing units nationwide had a foreclosure filing in October. Lenders started the foreclosure process on 20,950 properties in October, up 6% from September but down 10% from October 2023. Lenders repossessed 2,938 properties through completed foreclosures, up 12% month-over-month but down 12% year-over-year.
The states with the highest foreclosure rates were Nevada (one in every 2,741 housing units with a foreclosure filing), New Jersey (one in every 3,059 housing units), Florida (one in every 3,086 housing units), California (one in every 3,152 housing units), and South Carolina (one in every 3,272 housing units).
Among the 224 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in October were Vallejo, California (one in every 1,464 housing units with a foreclosure filing), Bakersfield, California (one in every 1,640 housing units); Chico, California (one in every 1,724 housing units), Stockton, California (one in every 1,802 housing units), and Lakeland, Florida (one in every 1,894 housing units).
“Foreclosure activity remains challenging for US homeowners, with starts and completed foreclosures up in October,” said Rob Barber, CEO of ATTOM. “As we approach 2024, the recent Fed rate cut, and the new administration could impact mortgage rates and market stability. While seasonal factors may slow things down briefly, we’ll be watching closely to see how these recent dynamics affect the market in the coming year.”
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