A July 2023 foreclosure market report supplied by ATTOM revealed foreclosure filings remaining fairly low, with a 9 percent decrease compared with June.
However, the company also noted the number of foreclosure filings, which include default notices, scheduled actions or bank repossessions, did increase 5 percent year-over-year. ATTOM CEO Rob Barber said the decline from June indicates a rounding housing market.
“With home prices back up, several factors have combined to put more financial resources in the hands of homeowners, providing more options to avoid foreclosure,” Barber said in a release. “However, given the U.S. housing market remains in flux, the various forces at play could keep the market improving or turn it back downward over the coming months.”
One in every 4,380 housing units reported some sort of foreclosure filing in July 2023, a total of 31,877 properties. States reporting the highest foreclosure rates included Maryland (one in every 2,071 housing units with a foreclosure filing); New Jersey (one in every 2,335); Delaware (one in every 2,343); Illinois (one in every 2,430); and South Carolina (one in every 2,511).
Of the measured 223 metropolitan statistical areas (MSAs) with a population of at least 200,000, those with the highest foreclosure rates were Fayetteville, N.C. (one in every 1,367 housing units with a foreclosure filing); Atlantic City, N.J. (one in every 1,708); Columbia, S.C (one in every 1,747); Trenton, N.J. (one in every 1,870); and Cleveland (one in every 1,957 housing units).
MSAs with a population greater than one million with the worst foreclosure rates were Cleveland (one in every 1,957 housing units); Baltimore (one in every 1,991); Las Vegas (one in every 2,098); Jacksonville, Fla. (one in every 2,243); and Philadelphia (one in every 2,273).
There were foreclosure starts on 21,020 properties in July, down 12 percent month-over-month and 2 percent year-over-year. States with the greatest monthly declines that had 10 or more foreclosure starts were Hawaii, New Hampshire, Idaho, Arkansas, and Alabama. MSAs with a population greater than one million with the greatest monthly declines were Salt Lake City, Honolulu, Kansas City, Mo., Rochester, N.Y., and Birmingham, Ala.
Over 3,300 properties were repossessed by lenders through completed foreclosures in July, up 4 percent from June and up 9 percent from July 2022. The five states with the greatest number of repossessions were Illinois, Pennsylvania, California, Michigan, and Texas. MSAs larger than one million with the greatest number were Chicago, New York, St. Louis, Baltimore, and Philadelphia.