Foreclosure Starts Increase 9 Percent from Last Month; Completed Foreclosures Up 1 Percent from Last Month
IRVINE, Calif. — September 13, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its August 2023 U.S. Foreclosure Market Report, which shows there were a total of 33,952 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 7 percent from a month ago but down 2 percent from a year ago.
Nevada, Illinois, and South Carolina post highest foreclosure rates
Nationwide one in every 4,113 housing units had a foreclosure filing in August 2023. States with the highest foreclosure rates were Nevada (one in every 2,224 housing units with a foreclosure filing); Illinois (one in every 2,433 housing units); South Carolina (one in every 2,506 housing units); New Jersey (one in every 2,585 housing units); and Delaware (one in every 2,618 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in August 2023 were Columbia, SC (one in every 1,471 housing units with a foreclosure filing); Fayetteville, NC (one in every 1,694 housing units); Peoria, IL (one in every 1,746 housing units); Las Vegas, NV (one in every 1,796 housing units); and Jacksonville, NC (one in every 1,848 housing units).
Those metropolitan areas with a population greater than 1 million with the worst foreclosure rates in August 2023, including Las Vegas, NV, were: Cleveland, OH (one in every 1,896 housing units); Riverside, CA (one in every 2,132 housing units); Jacksonville, FL (one in every 2,137 housing units); and Chicago, IL (one in every 2,257 housing units).
Austin, Nashville and Raleigh see greatest increases in foreclosure starts
Lenders started the foreclosure process on 22,899 U.S. properties in August 2023, up 9 percent from last month but down 4 percent from a year ago.
States that saw the greatest monthly increases and had 100 or more foreclosure starts in August 2023 included: Louisiana (up 40 percent); California (up 32 percent); Tennessee (up 32 percent); Alabama (up 30 percent); and Florida (up 28 percent).
Those major metropolitan areas with a population greater than 1 million that saw the greatest monthly increases and had 50 or more foreclosure starts in August 2023 included: Austin, TX, (up 79 percent); Nashville, TN (up 77 percent); Raleigh, NC (up 73 percent); Riverside, CA (up 68 percent); and Miami, FL (up 63 percent).
Foreclosure completions increase monthly but decline annually
Lenders repossessed 3,354 U.S. properties through completed foreclosures (REOs) in August 2023, up 1 percent from last month but down 15 percent from last year.
States that had the greatest number of REOs in August 2023, included: Illinois (324 REOs); Pennsylvania (253 REOs); Ohio (250 REOs); New York (205 REOs); and Texas (191 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in August 2023 included: Chicago, IL (192 REOs); New York, NY (166 REOs); Philadelphia, PA (96 REOs); St. Louis, MO (76 REOs); and Detroit, MI (70 REOs).
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Report methodology
The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month.
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
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