Last month saw a total of 32,977 U.S. properties with foreclosure filings, a 10% decline from the previous month but an 8% uptick from one year earlier.
According to data from ATTOM, one in every 4,234 housing units had a foreclosure filing in April. Lenders started the foreclosure process on 22,455 properties in April, down 7% from March and only 1% above the April 2022 level. A total of 2,919 properties were repossessed through completed foreclosures in April, down 39% from the previous month but up 3% from last year.
The states with the highest foreclosure rates were Illinois (one in every 2,221 housing units with a foreclosure filing), Maryland (one in every 2,283 housing units), New Jersey (one in every 2,334 housing units), South Carolina (one in every 2,495 housing units) and Delaware (one in every 2,603 housing units). Atlantic City, New Jersey, was the major metro with the highest foreclosure rate, with one in every 1,356 housing units carrying a foreclosure filing.
“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10% decrease in overall activity after a 20% increase last month,” said ATTOM CEO Rob Barber. “While there is no apparent indication of a continued decline in the number of foreclosures, it’s important to note that the month of April typically exhibits a recurring trend of decreased activity. However, this trend underscores the significance of monitoring foreclosure rates and identifying any potential market shifts or trends.”