U.S. Residential Foreclosures Decline by 10%, Signaling Housing Market Stabilization
Jan 17, 2025
According to the latest ATTOM Foreclosure Market Report, U.S. residential foreclosures saw a 10% decline compared to the previous year. The total number of foreclosure filings, which include default notices, scheduled auctions, and bank repossessions, amounted to 322,103 properties, reflecting a stabilizing housing market. This decline marks a steady recovery after pandemic-related disruptions.
Key Findings on Foreclosures:
- Decline in Foreclosure Filings: Foreclosure filings were 10% lower than the previous year, signaling the housing market’s stabilization. These filings represent just 0.23% of all U.S. housing units, down from the previous year and significantly lower than the peak in 2010.
- Foreclosure Starts: Lenders initiated 253,306 foreclosure proceedings, marking a 6% decrease from the previous year but a significant increase from 2021. However, these numbers remain much lower than the peak levels of 2009.
- Bank Repossessions: Lenders repossessed 36,505 properties, a 13% decrease from the previous year and a substantial drop from 2019 levels. The number of bank repossessions is still much lower than the record high seen in 2010.
States with High Foreclosure Rates:
- Foreclosure Hotspots: Florida, New Jersey, Nevada, Illinois, and South Carolina reported the highest foreclosure rates, with Florida and New Jersey seeing 1 in every 267 properties facing foreclosure.
- Metropolitan Areas: In larger metropolitan areas, Lakeland, FL, Atlantic City, NJ, and Columbia, SC had the highest foreclosure rates, with Lakeland experiencing 1 in every 172 properties in foreclosure.
Foreclosure Timelines:
- Properties undergoing foreclosure had an average timeline of 762 days, reflecting a slight decrease from previous periods but an increase from the prior year. States like Louisiana, Hawaii, and New York saw the longest foreclosure timeline
