Real estate transactions so far this year have decreased foreclosure listings.

By Elias Dasilva, September 9, 2024, 13:31

Foreclosure activity decreased in the first half of 2024, indicating a possible stabilization in the real estate market. According to the latest ATTOM report, there are currently 177,431 foreclosures, representing a 4.4% drop compared to the first half of 2023; that is, in the elapsed time of these months in 2024, foreclosures have fallen by 3%.

According to ATTOM, in June, one in every 5,071 properties faced foreclosure nationwide. However, Illinois, New Jersey, Florida, South Carolina, and Maryland had the highest rates, totaling 18,574 foreclosed properties, a 17% decrease compared to May.

At the state level, South Dakota, North Dakota, Kentucky, Massachusetts, and Idaho showed a notable increase in foreclosure activity. Nationally, the study indicates that 0.13% of properties experienced foreclosure in the first half of 2024.

Additionally, the report highlights that the cities with the highest foreclosure rates were Spartanburg, SC; Lakeland, FL; Atlantic City, NJ; Cleveland, OH; and Columbia, SC. Other important cities included Jacksonville and Orlando in FL; Chicago, IL; Bakersfield, CA; and Elkhart, IN.

The states with the most initiated foreclosure processes were New York, California, Illinois, Texas, and Florida. Regarding the average time these foreclosures took place this year, the document states that this time increased, taking approximately 815 days.

Finally, the report details the current number of foreclosures available: Spartanburg 15,375, Lakeland 15,025, Atlantic City 7,523, Cleveland 14,964, and Columbia 7,240.