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ccording to ATTOM's Year-End 2024 U.S. Foreclosure Market Report, foreclosure filings decreased by 10% from 2023 and 35% from 2019, with 322,103 properties affected in 2024. This represents a sharp decline from the 2.9 million peak in 2010 and accounts for 0.23% of all U.S. housing units.
Foreclosure filings in December 2024 totaled 28,632, down 3% from the previous month and 6% from the same period in 2023. Lenders initiated foreclosure proceedings on 253,306 properties in 2024, a 6% decrease from 2023 but up 174% from 2021.
The states with the highest number of foreclosure starts were California, Florida, Texas, New York, and Illinois. Among metropolitan statistical areas with populations exceeding 1 million, the largest number of foreclosure starts were reported in New York, Chicago, Houston, Los Angeles, and Miami.
Lenders repossessed 36,505 properties in 2024, a 13% decrease from 2023 and a 75% drop from 2019. The states with the highest number of REOs were California, Illinois, Pennsylvania, Michigan, and Texas.
The states with the highest foreclosure rates in 2024 were Florida, New Jersey, Nevada, Illinois, and South Carolina. Among metropolitan areas, Lakeland, FL had the highest foreclosure rate at 1 in every 172 housing units.
U.S. properties foreclosed in Q4 2024 had been in the foreclosure process for an average of 762 days, a 6% decrease from the previous quarter but a 6% increase from the previous year. The states with the longest average foreclosure timelines were Louisiana, Hawaii, New York, Wisconsin, and Nevada.
In Q4 2024, one in every 1,671 properties nationwide had a foreclosure filing. States with the highest foreclosure rates included Nevada, Florida, New Jersey, Indiana, and Connecticut. In December 2024, one in every 4,922 properties nationwide had a foreclosure filing, with states like Nevada, Indiana, Maryland, Utah, and New Jersey leading the list.
Foreclosure starts in December 2024 totaled 19,376, down 4% from the prior month and 5% from a year ago. Lenders completed foreclosures on 2,957 properties in December 2024, down 4% from the previous month and 16% from a year ago.
