April Foreclosures: Fewer Starts, Faster Finishes — New Report Shows Mixed Trends

Nationwide foreclosure activity experienced a slight decline in April, with foreclosure starts declining 7% compared to the previous month, according to a new report.

But completed foreclosures rose 8% from March, suggesting that while fewer new cases began, the resolution of existing cases sped up, according to real estate data provider ATTOM's April 2024 U.S. Foreclosure Market Report. The mixed trend highlights ongoing fluctuations in the housing market's stability.

The total number of U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — was 31,649 in April, down 4% from a month ago and 4% from a year ago, according to the report.

"April's foreclosure numbers highlight a mixed landscape in the U.S. housing market," ATTOM CEO Rob Barber said. "While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market."

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One in every 4,453 housing units nationwide had a foreclosure filing in April. The states with the highest foreclosure rates were Maryland at one in 2,214; Illinois at one in 2,517; Nevada at one in 2,546; South Carolina at one in 2,573; and Florida at one in 2,854.

The worst foreclosure rates among metropolitan areas with populations of more than one million were Baltimore, Maryland at one in every 2,096; Chicago, one in 2,189; Orlando, Florida, one in 2,199; and Jacksonville, Florida, one in 2,237.

Florida's housing market has taken a beating in recent months, with inventory in some areas rising as much as 50% compared to last year. Cities like Tampa, Cape Coral, Orlando and Jacksonville are seeing sellers slash their list prices in a bid to attract buyers.

States that had at least 100 foreclosure starts in April and saw the greatest monthly decline were New Jersey, down 51%; Indiana, down 32%; Colorado, down 31%; Massachusetts, down 21%; and Connecticut, down 20%.

Lenders repossessed 2,904 properties in April, up 8% from last month and down less than 1% from last year. States with the most completed foreclosures included Illinois at 244; Pennsylvania at 241; California at 2323; New York at 225; and Maryland at 200.

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