Foreclosure Activity Dips in July While Lender Repossessions Continue to Climb

According to the ATTOM Data’s July 2023 U.S. Foreclosure Market Report, there were 31,877 U.S. properties with a foreclosure filings in July – down 9% from June but up 5% from one year ago. In addition, ATTOM says nationwide one in every 4,380 housing units had a foreclosure filing in July, 2023. States with the highest foreclosure rates were Maryland (one in every 2,071 housing units with a foreclosure filing); New Jersey (one in every 2,335 housing units); Delaware (one in every 2,343 housing units); Illinois (one in every 2,430 housing units); and South Carolina (one in every 2,511 housing units).

“The slight decline in foreclosure filings we are seeing is yet another sign of a rebounding housing market…With home prices back up, several factors have combined to put more financial resources in the hands of homeowners, providing more options to avoid foreclosure. However, given with the U.S. housing market remains in flux, the various forces at play could keep the market improving or turn it back downward over the coming months.” Said Rob Barber, CEO of ATTOM.

Lenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in July 2023, up 4% from last month and up 9% from last year. States that had the greatest number of REOs in July 2023, included: Illinois (355 REOs); Pennsylvania (230 REOs); California (217 REOs); Michigan (200 REOs); and Texas (200 REOs).

Article by Brad Beckett, Director of Education & Outreach, Real Estate Investing Today, National Real Estate Investors Association (NREIA).