by ATTOM, which identifies itself as a leading curator of land, property and real estate data based in Irvine, California, recently released its February U.S. Foreclosure Market Report, which shows there were a total of 32,938 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 8% from a year ago.
It’s no surprise that foreclosures hurt the value of neighboring homes, as pointed out by Daniel Hartley, an analyst with the Federal Reserve Bank of Cleveland, who observed, “A growing body of research shows that foreclosed homes sell at a discount and that foreclosures have a negative impact on the value of other homes that are nearby.”
“The annual uptick in U.S. foreclosure activity hints at shifting dynamics within the housing market,” said Rob Barber, CEO at ATTOM, adding, “These trends could signify evolving financial landscapes for homeowners, prompting adjustments in market strategies and lending practices. We continue to closely monitor these trends to comprehend their complete effect on foreclosure activity.”
Lenders repossessed 3,397 U.S. properties through completed foreclosures in February, down 11% from a year ago.
The report found that states with at least 50 or more completed foreclosures, called REOs, that saw the greatest annual increase in February included: South Carolina (up 51%); Missouri (up by 50%); Pennsylvania (up 46%); and Texas (up 7%).
Among the 224 metropolitan statistical areas with a population of at least 200,000 that saw the greatest number of REOs included: Chicago (207 REOs); Philadelphia (182 REOs); New York (173 REOs); Pittsburgh (105 REOs); and Detroit (88 REOs).
The report also concluded that nationally, one in every 4,279 housing units had a foreclosure filing in February.
States with the highest foreclosure rates were South Carolina (one in every 2,248 housing units with a foreclosure filing); Delaware (one in every 2,428 housing units); Florida (one in every 2,632 housing units); Ohio (one in every 2,828 housing units); and Connecticut (one in every 2,884 housing units).
As a result, the ATTOM research says that lenders started the foreclosure process on 22,575 U.S. properties in February, representing an increase of 11% from a year ago.
Those states that saw the greatest number of foreclosure starts in February included: Florida (2,732 foreclosure starts); California (2,730 foreclosure starts); Texas (2,694 foreclosure starts); New York (1,289 foreclosure starts); and Ohio (1,097 foreclosure starts).
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