A total of 30,816 residential properties carried foreclosure filings in January, according to new data from ATTOM. This is up 8% from December and down 7% from January 2024.
Nationwide, one in every 4,618 housing units had a foreclosure filing last month. The states with the highest foreclosure rates were Delaware (one in every 1,839 housing units with a foreclosure filing); Nevada (one in every 2,430 housing units); Indiana (one in every 2,459 housing units); Illinois (one in every 2,756 housing units); and Utah (one in every 3,251 housing units).
Lenders started the foreclosure process on 20,994 properties in January, an 8% increase month-over-month and a 4% year-over-year decline. Lenders repossessed 2,973 properties through completed foreclosures (REOs) in January, a 1% uptick from the previous month and a 25% decline from one year earlier. This continued the trend of declining annual REO numbers seen in 11 of the last 12 months.
“January showed a monthly increase in foreclosure filings that may in some part be the result of a normal post-holiday catch up of filings,” said Rob Barber, CEO at ATTOM. “It’s too early to know if 2025 will shift from the general 2024 trends of a continued decline in foreclosure activity. We will keep a close eye on the market to see how interest rates, inflation, employment shifts, and other market dynamics impact foreclosures in 2025.”
Thank you for the updated information
This is the correction that needs to happen.
Unfortunately, it’s just a matter of time before these numbers go up. Prices have been too high for many years and people stretched their budgets to purchase. Home prices need to correct and the only way that’s going to happen is to have foreclosures hit the market and slow things down even farther than what high rates have done.