Report Unveils A Tale Of Contrasts
The latest snapshot of the U.S. real estate landscape reveals a nuanced pattern of foreclosure filings.
Real estate data firm ATTOM’s October U.S. Foreclosure Market Report shows a 6% decline from September, suggesting a respite; the report also underscores a 6% increase compared to the same period a year ago.
The dynamics reflect a delicate balance with signs of improvement slightly tempered by persistent challenges, creating an environment where homeowners, lenders and policymakers must navigate a complex intersection of economic forces.
The report found there were 34,472 foreclosure filings encompassing a range of stress indicators, including default notices, scheduled auctions and bank repossessions.
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“Foreclosure filings continue to paint a concerning picture,” ATTOM CEO Rob Barber said. “With foreclosure filings ranging from 31,557 in January 2023 to 34,472 in October 2023, it’s evident that challenges in the housing market persist. While we anticipate a likely decline in the coming months due to the holiday season and other seasonal patterns, we do foresee a continued uptick in 2024 as foreclosure filings make their way through the pipeline.”
One of every 4,051 housing units nationwide had a foreclosure filing in October. States with the highest foreclosure rates were Delaware, 1 of 2,432; Ohio, 1 of 2,492; New Jersey, 1 of 2,550; Maryland, 1 of 2,565; and South Carolina, 1 of 2,569.
The worst foreclosure rates among metropolitan areas with a population of more than 1 million included Miami-Fort Lauderdale, 1 in 2,180; Riverside, California, 1 in 2,254; Houston, 1 in 2,269; and Philadelphia, 1 in 2,323.
Pennsylvania Leads Nation In Repossessions
Lenders repossessed 3,332 properties in October, down less than 1% from September and down 20% from a year ago.
Repossessions, also called real estate owned or REOs, were highest in Pennsylvania at 297; Illinois at 273; Ohio at 231; Calfironia at 219; and Michigan at 216.
Metropolitan statistical areas with a population of more than 1 million that saw the highest number of REOs were Chicago at 213; New York at 166; Philadelphia at 102, Washington, D.C. at 79; and Detroit at 76.
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This article Foreclosure Whirlwind: Report Unveils A Tale Of Contrasts originally appeared on Benzinga.com
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