Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were up 5% in January in the U.S. compared to a year ago, and 10% from the prior month, a new report says.
Nationwide, one in every 4,236 housing units had a foreclosure filing in January 2024. In New Jersey, the average was higher – one in every 2,647 housing units, according to the U.S. Foreclosure Market Report by ATTOM, a curator of land, property and real estate data.
Other states with even higher foreclosure filing rates were Maryland (one in every 2,588 housing units); Indiana (one in every 2,499 housing units); Nevada (one in every 2,272 housing units); and Delaware (one in every 2,269 housing units).
“We observed a slight uptick in foreclosure filings, which may be partially attributed to the typical post-holiday progression of filings through the legal system,” Rob Barber, CEO at ATTOM said on Feb. 13. “However, other external factors may be at play such as escalating interest rates, inflation, employment shifts and other market dynamics.”
Completed foreclosures (REOs) rose monthly in 19 states with lenders repossessing 3,954 U.S. properties in January 2024, a 1% increase compared to a year ago and a 13% increase from December 2023. January was the first month-over-month increase in completed foreclosures since July 2023, the report said.
States that saw the greatest monthly increase in completed foreclosures during January 2024 were Michigan (up 200%); Minnesota (up 47%); California (up 43%); Pennsylvania (up 36%); and Missouri (up 34%).
