T
he latest U.S. Foreclosure Market Report from ATTOM shows a decline in foreclosure activity, with 87,108 properties having foreclosure filings in Q3 2024, a 2% decrease from the previous quarter and a 13% drop from the same period last year. In September 2024 alone, 29,668 properties had foreclosure filings, down 2% from August and 19% from a year ago.

    Foreclosure starts also decreased in Q3 2024, with 62,380 U.S. properties entering the process, a decline of less than 1% from the previous quarter and 10% compared to a year earlier. States with significant annual drops in foreclosure starts include North Carolina (down 44%), Georgia (down 29%), Maryland (down 22%), New Jersey (down 20%), and South Carolina (down 19%).

    Major metropolitan areas with high foreclosure starts in Q3 2024 were New York, NY, Chicago, IL, Los Angeles, CA, Miami, FL, and Houston, TX. The states with the highest foreclosure rates nationwide were Illinois, Nevada, and Florida.

    The average foreclosure timeline increased to 815 days in Q3 2024, a 6% longer period than the same time last year. States with the longest timelines included Louisiana, Hawaii, New York, Rhode Island, and Georgia. In contrast, states like New Hampshire, Minnesota, Texas, Michigan, and Montana had relatively short foreclosure processes.

    In September 2024, one in every 4,750 properties nationwide had a foreclosure filing. The states with the highest foreclosure rates were Illinois, Florida, Delaware, Nevada, and Indiana. Foreclosure starts decreased by 5% from August to September 2024, while lenders completed foreclosures on 2,624 properties, down 9% from August and 21% year-over-year.