Residential Real Estate News
Monthly Property Foreclosure Activity Upticks in U.S.
Based on ATTOM's newly released August 2023 U.S. Foreclosure Market Report, there were a total of 33,952 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- up 7 percent from a month ago but down 2 percent from a year ago.
Nevada, Illinois, and South Carolina post highest foreclosure rates
Nationwide one in every 4,113 housing units had a foreclosure filing in August 2023. States with the highest foreclosure rates were Nevada (one in every 2,224 housing units with a foreclosure filing); Illinois (one in every 2,433 housing units); South Carolina (one in every 2,506 housing units); New Jersey (one in every 2,585 housing units); and Delaware (one in every 2,618 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2023 were Columbia, SC (one in every 1,471 housing units with a foreclosure filing); Fayetteville, NC (one in every 1,694 housing units); Peoria, IL (one in every 1,746 housing units); Las Vegas, NV (one in every 1,796 housing units); and Jacksonville, NC (one in every 1,848 housing units).
Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2023, including Las Vegas, NV, were: Cleveland, OH (one in every 1,896 housing units); Riverside, CA (one in every 2,132 housing units); Jacksonville, FL (one in every 2,137 housing units); and Chicago, IL (one in every 2,257 housing units).
Austin, Nashville and Raleigh see greatest increases in foreclosure starts
Lenders started the foreclosure process on 22,899 U.S. properties in August 2023, up 9 percent from last month but down 4 percent from a year ago.
States that saw the greatest monthly increases and had 100 or more foreclosure starts in August 2023 included: Louisiana (up 40 percent); California (up 32 percent); Tennessee (up 32 percent); Alabama (up 30 percent); and Florida (up 28 percent).
Those major metropolitan areas with a population greater than 1 million that saw the greatest monthly increases and had 50 or more foreclosure starts in August 2023 included: Austin, TX, (up 79 percent); Nashville, TN (up 77 percent); Raleigh, NC (up 73 percent); Riverside, CA (up 68 percent); and Miami, FL (up 63 percent).
Foreclosure completions increase monthly but decline annually
Lenders repossessed 3,354 U.S. properties through completed foreclosures (REOs) in August 2023, up 1 percent from last month but down 15 percent from last year.
States that had the greatest number of REOs in August 2023, included: Illinois (324 REOs); Pennsylvania (253 REOs); Ohio (250 REOs); New York (205 REOs); and Texas (191 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2023 included: Chicago, IL (192 REOs); New York, NY (166 REOs); Philadelphia, PA (96 REOs); St. Louis, MO (76 REOs); and Detroit, MI (70 REOs).
