ATTOM has released its February 2025 Foreclosure Market Report, which shows there were a total of 32,383 properties with foreclosure filings in February, up 5 percent from January but down 1.7 percent from a year ago.
“February’s rise in foreclosure filings suggests evolving market pressures,” ATTOM CEO Rob Barber said in a release. “While some increase may reflect seasonal trends, the uptick in foreclosure starts both month-over-month and year-over-year signals potential shifts. We’ll continue monitoring how economic factors influence foreclosure activity moving forward.”
Foreclosure completions continue annual decline
Lenders repossessed 3,031 U.S. properties through completed foreclosures (REOs) in February, up just under 2 percent from last month but down 11 percent from a year ago – continuing a trend of declining annual REO numbers seen in 12 of the last 13 months.
States that had 50 or more REOs and that saw the greatest annual decline included: New York (down 49 percent); South Carolina (down 44 percent); New Jersey (down 43 percent); Pennsylvania (down 35 percent); and Ohio (down 34 percent).
The 225 metro statistical areas with a population of at least 200,000, that saw the greatest number of REOs included: Chicago (154 REOs); Houston (101 REOs); St. Louis (91 REOs); Detroit (87 REOs); and Philadelphia (78 REOs).
Highest foreclosure rates
Nationwide one in every 4,395 housing units had a foreclosure filing in February. States with the highest foreclosure rates were Delaware (one in every 2,278 housing units with a foreclosure filing); Illinois (one in every 2,333); Nevada (one in every 2,435); New Jersey (one in every 2,695); and South Carolina (one in every 2,816).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclosure rates in February 2025 were Modesto, Calif. (one in every 1,486 housing units with a foreclosure filing); Lakeland, Fla. (one in every 1,863); Columbia, S.C. (one in every 2,006); Chicago (one in every 2,007); and Atlantic City, N.J. (one in every 2,032).
Other than Chicago, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates included: Las Vegas (one in every 2,044 housing units); Riverside, Calif. (one in every 2,166), Philadelphia (one in every 2,195), and Jacksonville, Fla. (one in every 2,445).
Foreclosure starts increase monthly and annually
Lenders started the foreclosure process on 22,730 U.S. properties in February, up 8 percent from last month and up 1 percent from a year ago.
Those states that had 100 or more foreclosure starts and saw the greatest monthly increase in foreclosures starts included: New Jersey (up 78 percent from last month); Colorado (up 58 percent); Iowa (up 57 percent); Georgia (up 42 percent); and South Carolina (up 29 percent).
Among those major MSAs with a population of at least 200,000, those with the greatest number of foreclosure starts, included: New York (1,387 foreclosure starts); Chicago (1,367); Houston (1,050); Philadelphia (743); and Dallas (651).