The Bahnsen Group founder and CIO David Bahnsen surveys the real estate market as younger homebuyers struggle with the ongoing housing crisis.
Home foreclosure activity in the U.S. was lower for the first six months of 2024 than it was during the same period in 2023, but some states have still seen huge increases so far this year, according to new data.
Real estate data firm ATTOM’s mid-year foreclosure report released Thursday shows there were foreclosure filings – default notices, scheduled auctions or bank repossessions – on 177,431 properties nationwide in the first half of 2024, which is a 4.4% decrease from the same time frame last year, but an increase of 7.8% from the same period two years ago.
Foreclosure rates in the U.S. fell for the first half of 2024 compared to the first six months of 2023, but some states have seen a surge so far this year. (Getty Images / Getty Images)
The share of homes in the U.S. that entered the foreclosure process fell over the past six months, too, decreasing by 3%.
“These shifts could suggest a potential stabilization in the housing market,” said ATTOM CEO Rob Barber. “[H]owever, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”
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The report pointed to several states that have seen huge spikes in foreclosures, despite lower activity in the country at large.
Foreclosure activity and starts both declined in the first half of 2024 compared to last year. (Getty Images / Getty Images)
South Dakota saw the greatest surge, with foreclosure activity up 93% in the first half of 2024 compared to a year ago, followed by North Dakota, which had an 86% jump.
The state with the third-greatest increase was Kentucky, which saw a 73% increase in foreclosures so far this year compared to last. Foreclosures in Massachusetts are up 46%, and 30% in Idaho.
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While the increases in the percentage of homes falling into foreclosure in those states are strikingly high, none of those states are among those with the highest foreclosure rates.
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According to the findings, New Jersey and Illinois tied for the highest foreclosure rate in the country for the first half of 2024, at 0.21% percent of housing units hit with a foreclosure filing. Following closely behind is Florida at 0.20% of units, then Nevada (0.19 percent); and South Carolina (0.19 percent).
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In a previous report, ATTOM found foreclosures rose nationwide in May, but the June readings show foreclosures fell 17% from the month before and were down 22% from the same month a year ago.
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