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Florida Foreclosures On The Rise Again

Posted by Sami Thalji | Jul 09, 2024

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.

About the Author

Sami Thalji

Sami Thalji is a native Floridian, born in Clearwater and raised in St. Petersburg, Florida. Sami graduated from Osceola High School in Seminole, Florida before attending and receiving both his Bachelor of Science and Juris Doctor from the University of Florida in Ga...

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