In February, the number of home foreclosures increased as Americans struggled with the rising cost of living. According to a recent report from real estate data provider ATTOM, 32,938 properties had foreclosure filings, including default notices, scheduled auctions, and bank repossessions. This represents an 8% increase from the previous year.
ATTOM CEO Rob Barber noted that the rise in foreclosure activity suggests a changing housing market. These trends may indicate evolving financial situations for homeowners, leading to adjustments in market strategies and lending practices.
Here are 5 states where foreclosures are increasing the most.
Indiana
Home foreclosures are up 0.8 percent in Indiana so far in 2024. Although this seems like a small percentage increase, it rapidly accelerates from here.
Texas
Home foreclosures are up 7 percent in Texas so far in 2024.
Pennsylvania
Home foreclosures are up 46 percent in Pennsylvania so far in 2024.
Missouri
Home foreclosures are up 50 percent in Missouri so far in 2024.
South Carolina
Home foreclosures are up 51 percent in South Carolina and South Carolina in 2024. This represents a very large uptick in foreclosure filings and the largest in the country.
A Decrease As Well
Nevertheless, foreclosures decreased in 28 states in February, with lenders repossessing 3,397 properties, marking a 14% decline from the previous month and an 11% decrease from the prior year.
The most significant decreases occurred in the following five states.
Maryland
Home foreclosures are down 26 percent in Maryland so far in 2024.
New Jersey
Home foreclosures are down 28 percent in New Jersey so far in 2024.
North Carolina
Home foreclosures are down 34 percent in North Carolina so far in 2024.
New York
Home foreclosures are down 41 percent in New York so far in 2024.
Georgia
Home foreclosures are down 52 percent in Georgia so far in 2024.
