Property data curator ATTOM released its November 2023 U.S. Foreclosure Market Report, which shows there were a total of 32,120 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 5 percent from a year ago, but down 7 percent from the prior month.

“While we've observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it's essential to note that these fluctuations are a part of the cyclical nature of the market,” Rob Barber, CEO at ATTOM, said in a release. “As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift.”

Nationwide, one in every 4,347 housing units had a foreclosure filing in November. States with the highest foreclosure rates were in Delaware (one in every 2,393 housing units with a foreclosure filing); Maryland (one in every 2,537); Ohio (one in every 2,656); South Carolina (one in every 2,771); and New Jersey (one in every 2,834).

Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November were Bakersfield, Calif., (one in every 1,595 housing units with a foreclosure filing); Cleveland (one in every 1,818); Canton, Ohio, (one in every 1,820); Columbia, S.C., (one in every 1,922); and Stockton, Calif., (one in every housing units).

Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates, including Cleveland, were: Philadelphia (one in every 2,114 housing units); Baltimore (one in every 2,206); Riverside, Calif., (one in every 2,327); and Las Vegas (one in every 2,372).

Lenders repossessed 2,558 U.S. properties through completed foreclosures (REOs) in November, down 23 percent from last month and down 32 percent from last year.

States that had the greatest number of REOs included: Michigan (247 REOs); California (228 REOs); Illinois (198 REOs); Ohio (191 REOs); and Pennsylvania (179 REOs).

Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs included: Detroit (144 REOs); Chicago (104 REOs); New York (100 REOs); Baltimore (64 REOs); and St. Louis (64 REOs).

Lenders started the foreclosure process on 22,363 properties in November, down 4 percent from last month but up 8 percent from a year ago.

States that had the greatest number of foreclosure starts again included: Texas (2,702 foreclosure starts); California (2,495); Florida (2,078); New York (1,450); and Ohio (1,069).

Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts included: New York (1,516 foreclosure starts); Houston (969); Philadelphia (733); Chicago (673); and Miami (669).