In May, foreclosures increased in parts of the U.S., including Florida, according to real estate data company ATTOM. Their May 2024 U.S. Foreclosure Market Report shows 32,621 properties with foreclosure filings, up 3% from April but down 7% from last year.
Florida had the highest number of foreclosure starts, with one in every 2,638 housing units affected.
Nationwide, one in every 4,320 housing units had a foreclosure filing in May. The states with the highest foreclosure rates were New Jersey, Illinois, Delaware, Connecticut, and Florida.
Among metropolitan areas with at least 200,000 people, Longview, TX; Trenton, NJ; Atlantic City, NJ; Lakeland, FL; and Bakersfield, CA had the highest foreclosure rates. In metro areas with over 1 million people, Chicago, IL; Philadelphia, PA; Riverside, CA; Jacksonville, FL; and Las Vegas, NV had the worst foreclosure rates.
Lenders started the foreclosure process on 22,385 U.S. properties in May, up 3% from April but down 4% from last year. States with the most foreclosure starts were Florida, Texas, California, Illinois, and New Jersey.
Major metropolitan areas with over 1 million people that saw the most foreclosure starts included New York, NY; Chicago, IL; Houston, TX; Miami, FL; and Philadelphia, PA.
Lenders repossessed 2,879 U.S. properties through completed foreclosures (REOs) in May, down 1% from April and down 28% from last year. States with the most REOs were California, Illinois, Pennsylvania, Ohio, and Texas.
