A total of 33,952 properties had foreclosure filings (default notices, scheduled auctions or bank repossessions) in August, up 7% from a month ago but down 2% from a year ago, according to a new report from ATTOM.
ATTOM’s Foreclosure Market Report for August found that nationwide one in every 4,113 housing units had a foreclosure filing in August 2023.
In addition, the report found that states with the highest foreclosure rates were Nevada (1 in every 2,224); Illinois (1 in every 2,433); South Carolina (1 in every 2,506); New Jersey (1 in every 2,585); and Delaware (1 in every 2,618).
Key highlights:
- Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in were Columbia, South Carolina (1 in every 1,471); Fayetteville, North Carolina (1 in every 1,694); Peoria, Illinois (1 in every 1,746); Las Vegas, Nevada (1 in every 1,796); and Jacksonville, North Carolina (1 in every 1,848).
- The metro areas with a population greater than 1 million with the worst foreclosure rates, including Las Vegas, Nevada, were: Cleveland, Ohio (1 in every 1,896); Riverside, California (1 in every 2,132); Jacksonville, Florida (1 in every 2,137); and Chicago, Illinois (1 in every 2,257).
- Lenders started the foreclosure process on 22,899 properties, up 9% from last month but down 4% from a year ago.
- States that saw the greatest monthly increases and had 100 or more foreclosure starts included: Louisiana (+40%); California (+32%); Tennessee (+32%); Alabama (+30%); and Florida (+28%).
- The major metro areas with a population greater than 1 million that saw the greatest monthly increases and had 50 or more foreclosure starts included: Austin, Texas (+79%); Nashville, Tennessee (+77%); Raleigh, North Carolina (+73%); Riverside, California (+68%), and Miami, Florida (+63%).
- Lenders repossessed 3,354 properties through completed foreclosures (REOs), up 1% from last month but down 15% from last year.
- States that had the greatest number of REOs included: Illinois (324); Pennsylvania (253); Ohio (250); New York (205); and Texas (191).
- The major metro areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs included: Chicago, Illinois (192); New York, New York (166); Philadelphia, Pennsylvania (96); St. Louis, Missouri (76); and Detroit, Michigan (70).
For the full report, click here.
