According to ATTOM Data’s Year-End 2023 U.S. Foreclosure Market Report, there were 357,062 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) – representing 0.26% of all U.S. housing units, up slightly from 0.23% in 2022, but down from 0.36% in 2019 and down from a peak of 2.23% in 2010. In addition, lenders started the foreclosure process on 270,222 properties in 2023, up 9% from 2022, up 193% from 2021, but down 20% form 2019 and down 87% from a peak of 2,139,005 in 2009.
States with the greatest number of foreclosure starts in 2023 included California (29,180); Texas (28,533); Florida (27,427); New York (17,330); and Illinois (13,764).
Lenders repossessed 42,090 properties through foreclosures (REO) in 2023, down 2% from 2022 but down 71% from 2019 (143,955) and down 96% from a peak of 1,050,500 in 2010. States with the greatest number of REOs in 2023 included Illinois (3,814); Michigan (3,634); Pennsylvania (2,853); California (2,633); and New York (2,538).
“Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility…Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade. Instead, we foresee a market that is more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape…” Said Rob Barber, CEO at ATTOM.
Click here to read the full report at ATTOM.
