Thousands of Americans stood to lose their homes in the first six months of 2024 as more than 170,000 homes in the United States had foreclosure filings.
Real estate data firm ATTOM published a mid-year foreclosure report on Thursday which showed that there were 177,431 properties across the country with foreclosure filings---including default notices, scheduled auctions, or bank repossessions.
Those figures are down 4.4% from the 185,580 foreclosure filings reported in the same period in 2023 but up 7.8% from 164,581 from the same period in 2022.
"In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024," Rob Barber, ATTOM CEO, said in the report.
"In addition, US foreclosure starts also decreased by 3 percent in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector," he added.
Where Are Home Foreclosures Highest?
When comparing to the same period in 2023, the state with the greatest increase in foreclosure filings was South Dakota, where foreclosure activity was up 93%. Following South Dakota is North Dakota with an 86% increase, Kentucky with 73%, Massachusetts up 46%, and Idaho up 30%.
However, nationwide, New Jersey and Illinois were tied for the highest foreclosure rate in the country in the first half of the year. Both states saw 0.21% of their housing units hit with foreclosure filings Between January and June 2024. Following closely is Florida, where 0.20% of units had foreclosure activities. Nevada and South Carolina came in fourth and fifth in states with the highest foreclosure rate, with 0.19% of housing units in each state reporting foreclosure activities.
Other states with the 10 highest foreclosure rates in the country include Maryland, 0.19%; Connecticut, 0.19%; Delaware, 0.18%; Ohio, 0.18%; and Indiana, 0.16%.
Among metro areas, those with the highest foreclosure rates in the first half of the year were Jacksonville, with 0.25%; Elkhart, with 0.24%; Orlando, with 0.24%; and Chicago, with 0.24%.
