There were 95,349 foreclosure filings on U.S. properties in the first quarter, an increase of 3% compared with the fourth quarter but down less than 1% compared with the first quarter of 2023, according to ATTOM.
Looking just at March, there were 32,878 foreclosure filings during the month, down less than 1% compared with February and down 10% compared with March 2023.
“The first quarter’s foreclosure data reveals a market in transition, with slight increases in filings and starts, alongside a notable decrease in REO properties,” explains Rob Barber, CEO at ATTOM, inn a statement. “While foreclosures remain relatively stable, we’re closely monitoring these trends.”
“Homeowners continue to hold significant equity, contributing to a persistently hot housing market,” Barber adds.
There were 67,657 foreclosure starts in the first quarter, an increase of 2% compared with the previous quarter and up 4% from a year ago.
States that had 100 or more foreclosures starts in the first quarter and saw the greatest quarterly increase included New Hampshire (up 43%); Illinois (up 26%); Florida (up 22%); Rhode Island (up 21%); and Nevada (up 16%).
Metros with a population of 200,000 or more that had the greatest number of foreclosure starts included New York (4,404 foreclosure starts), Houston (2,977 foreclosure starts), Chicago (2,867 foreclosure starts), Los Angeles (2,398 foreclosure starts), and Miami (2,319 foreclosure starts).
Lenders repossessed 10,052 properties through foreclosure (REO) in the first quarter, an increase of 7% compared with the fourth quarter but down 20% from a year ago.
States that had the greatest number of REOs in the quarter included Michigan (1,049); California (845); Pennsylvania (838); Illinois (810); and Texas (596).
The average time to foreclose increased 2% compared with previous quarter.
Properties foreclosed in the first quarter had been in the foreclosure process for an average of 736 days. While this marks a slight increase from the previous quarter, it represents a 20% decrease from the same time last year, continuing a downward trajectory observed since mid-2020.
Photo: Matthieu Joannon
