“ATTOM, a leading curator of land, property, and real estate data, released its January 2024 U.S. Foreclosure Market Report, which shows there were a total of 33,270 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, and up 10 percent from the prior month.”
Why this is important: ATTOM’s latest report shows there were a total of 33,270 U.S. properties affected by foreclosure filings, which includes default notices, scheduled auctions, or bank repossessions. That figure represents an increase of 5 percent from a year ago, and a 10 percent increase from December 2023. Lenders repossessed 3,954 U.S. properties through completed foreclosures (REOs) in January 2024, up 1 percent from a year ago and up 13 percent from December 2023, representing the first month-over-month increase in completed foreclosures since July 2023.
States that had at least 50 or more REOs and that saw the greatest monthly increase in January included: Michigan (up 200 percent); Minnesota (up 47 percent); California (up 43 percent); Pennsylvania (up 36 percent); and Missouri (up 34 percent), ATTOM data shows.
Nationwide, one in every 4,236 housing units had a foreclosure filing in January. States with the highest foreclosure rates were Delaware (one in every 2,269 housing units with a foreclosure filing); Nevada (one in every 2,272); Indiana (one in every 2,499); Maryland (one in every 2,588); and New Jersey (one in every 2,647). Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 with the highest foreclosure rates in January were Spartanburg, SC (one in every 1,579 housing units with a foreclosure filing); Columbia, SC (one in every 1,651); Cleveland (one in every 1,742); Detroit (one in every 1,799); and Las Vegas (one in every 1,923). Lenders started the foreclosure process on 21,770 properties in January, a 6 percent increase from last month and an increase of 5 percent from a year ago.
ATTOM also released a special report on U.S. commercial foreclosures, revealing a significant climb in commercial foreclosures over the years, from a low of 141 in May 2020 to the current figure of 635 in January 2024, which is closer to pre-pandemic numbers. — Bryce J. Hunter
OCC Requests Comments on Proposed Rulemaking and Policy Statement on Bank Mergers