With
fluctuating

mortgage
rates
and
economic
pressure
in
the
housing
market,
foreclosure
activity
ramped
up
in
October
2024.
According
to
real
estate
data
provider


Attom,
homebuyers
may
face
more
challenges
heading
into
2025.

Attom
released
its

October
2024
U.S.
Foreclosure
Market
Report
on
Tuesday.
It
showed
that
30,784
properties
had
foreclosure
filings
last
month.
That’s
up
4%
from
September’s
total
of
29,668
but
down
11%
from
the
October
2023
figure
of
34,472.

“Foreclosure
activity
remains
challenging
for
U.S.
homeowners,
with
starts
and
completed
foreclosures
up
in
October,”
Attom
CEO
Rob
Barber
said
in
a
statement.
“As
we
approach
2024,
the
recent

Fed
rate
cut,
and
the

new
administration
could
impact
mortgage
rates
and
market
stability.
While
seasonal
factors
may
slow
things
down
briefly,
we’ll
be
watching
closely
to
see
how
these
recent
dynamics
affect
the
market
in
the
coming
year.”

The
report
aggregates
the
total
number
of
properties
nationwide
with
at
least
one
foreclosure
filing.
Only
filings
listed
in
the
Attom
data
warehouse
in
Q3
2023
were
considered,
although
the
company
noted
that
some
filings
may
come
from
Q2
2023.
The
report
only
considers
homes
in
default,
auction
and
real
estate-owned
(REO)
status
—
i.e.,
those
owned
by
a
bank,
government
agency
or
another
party
after
foreclosure.

Three
states
stood
out
with
the
highest

foreclosure
rates
in
October.
In
Nevada,
one
in
every
2,741
homes
had
a
filing.
New
Jersey
(one
in
3,059)
and
Florida
(one
in
3,086)
were
next.
California
(one
in
3,152)
and
South
Carolina
(one
in
3,272)
followed
closely
behind.
Nationally,
the
foreclosure
rate
stood
at
one
in
4,578
homes.

The
report
also
analyzed
foreclosures
among
224
metropolitan
areas
with
220,000
residents
or
more.

California
led
the
way
as
Vallejo,
Bakersfield,
Chico
and
Stockton
had
the
highest
foreclosure
rates,
followed
by
with
Lakeland,

Florida.

Among
cities
with
more
than
1
million
residents,
California
also
stood
out.
Riverside
(one
foreclosure
per
1,978
homes)
was
tops
on
this
list.
Cleveland
(one
in
2,186)
and
Fresno,
California
(one
in
2,247)
followed
close
behind.
Indianapolis
(one
in
2,293)
and
Las
Vegas
(one
in
2,314)
rounded
out
the
top
five.

Foreclosure
starts
—
which
refer
to
lenders
that
have
started
the
process
but
have
yet
to
repossess
the
home
—
tell
the
same
story,
albeit
from
another
angle.
California
(2,915)
led
the
pack
again
with
the
most
foreclosure
starts
in
October.

Texas
(2,282),
Florida
(2,227),
New
York
(1,187)
and
Michigan
(1,035)
were
next.
There
were
20,950
lender-initiated
foreclosures
last
month,
up
6%
from
September
but
down
10%
from
October
2023.

The
report
concluded
with
state
rankings
on
completed
foreclosures,
or
REO
properties.
In
October,
California,
Illinois
and
Texas
were
the
three
states
with
the
most
completed
foreclosures.
Chicago,
New
York
and
Los
Angeles
stood
out
with
the
most
REO
properties
among
major
metro
areas.

California
has
become
a
recent
hotspot
for
rising
mortgage
rates
and
some
residents
are
either
face
foreclosure
or
relocating
to
other
states
with
lower
housing
prices.
In
related
news,

mortgage
delinquencies
were
also
up
in
October,
indicating
a
downturn
as
the
housing
market
shifts
into
2025.

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