A total of 34,472 properties were burdened with foreclosure filings during October, according to new data from ATTOM. This is a 6% decline from the previous month but also a 6% increase from one year earlier.
ATTOM determined that one in every 4,051 housing units had a foreclosure filing last month. The states with the highest foreclosure rates were Delaware (one in every 2,432 housing units with a foreclosure filing); Ohio (one in every 2,492 housing units); New Jersey (one in every 2,550 housing units); Maryland (one in every 2,565 housing units); and South Carolina (one in every 2,569 housing units).
The states with the greatest number of foreclosure starts in October were Texas (2,966 foreclosure starts); California (2,747 foreclosure starts); Florida (2,319 foreclosure starts); New York (1,405 foreclosure starts); and Georgia (1,054 foreclosure starts).
Lenders repossessed 3,332 properties through completed foreclosures (REOs) last month, down by less than 1% from September and down by 20% from October 2022. The states that had the greatest number of REOs were Pennsylvania (297 REOs); Illinois (273 REOs); Ohio (231 REOs); California (219 REOs); and Michigan (216 REOs).
“Foreclosure filings continue to paint a concerning picture,” said Rob Barber, CEO at ATTOM. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.”
