Foreclosures remained relatively stable in the first quarter of 2024 and homeowners continue to hold significant equity.
In March, there were 32,878 U.S. properties with a foreclosure filing, down less than 1% from the previous month and down 10% from a year ago. Meanwhile, 23,312 U.S. properties started the foreclosure process in March 2024, up 3% from the previous month but down 4% from March 2023, according to a report released Thursday by real estate analytics company Attom.
Zooming out to assess the broader picture of the first quarter of 2024, there were a total of 95,349 U.S. properties with a foreclosure filing, up 3% from the previous quarter but down less than 1% from a year ago. A total of 67,657 U.S. properties started the foreclosure process in Q1 2024, up 2% from the previous quarter and up 4% from Q1 2023.
“Q1 2024’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” Attom CEO Rob Barber said in a statement. “While foreclosures remain relatively stable, we’re closely monitoring these trends. Homeowners continue to hold significant equity, contributing to a persistently hot housing market.”
Lenders finalized the foreclosure processes on 2,701 U.S. properties in March 2024, a 20% decline from the previous month and a 44% decrease from March 2023. During the broader scope of the first quarter, lenders repossessed 10,052 U.S. properties through foreclosure, a 7% increase from the prior quarter but a 20% decrease from the same period last year.
Illinois, Connecticut, New Jersey, Florida and South Carolina emerged as the hotspots of foreclosure activity in March. Delaware, New Jersey, South Carolina, Nevada and Florida posted the highest foreclosure rates for the entire first quarter.
Michigan, California, Pennsylvania, Illinois and Texas recorded the highest numbers of foreclosure repossessions in Q1 2024.