Property data curator ATTOM released its January 2025 U.S. Foreclosure Market Report, which shows there were a total of 30,816 U.S. properties with foreclosure filings up 8 percent from December 2024 but down 7 percent from a year ago.
“January showed a monthly increase in foreclosure filings that may in some part be the result of a normal post-holiday catch-up of filings,” ATTOM CEO Rob Barber said in a release. “It’s too early to know if 2025 will shift from the general 2024 trends of a continued decline in foreclosure activity. We will keep a close eye on the market to see how interest rates, inflation, employment shifts, and other market dynamics impact foreclosures in 2025.”
Lenders repossessed 2,973 properties through completed foreclosures (REOs) in January, up almost 1 percent from December 2024 but down 25 percent from a year ago – continuing a trend of declining annual REO numbers seen in 11 of the last 12 months.
States that had at least 50 or more REOs and that saw the greatest monthly increase in January included: Arizona (up 73 percent); Virginia (up 57 percent); South Carolina (up 55 percent); North Carolina (up 52 percent); and Tennessee (up 26 percent).
Among the 225 metropolitan statistical areas (MSAs) with a population greater than 200,000, those with the highest number of REOs included: Detroit (164 REOs); Chicago (148 REOs); Riverside, Calif. (141 REOs); New York (84 REOs); and Philadelphia (69 REOs).
Nationwide, one in every 4,618 housing units had a foreclosure filing in January. States with the highest foreclosure rates were: Delaware (one in every 1,839 housing units with a foreclosure filing); Nevada (one in every 2,430 housing units); Indiana (one in every 2,459 housing units); Illinois (one in every 2,756 housing units); and Utah (one in every 3,251 housing units).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000, with the highest foreclosure rates in January were Riverside, Calif. (one in every 1,786 housing units with a foreclosure filing); Elkhart, Ind. (one in every 1,821 housing units); South Bend, Ind. (one in every 1,821 housing units); Fresno, Calif. (one in every 1,859 housing units); and Indianapolis (one in every 1,934 housing units).
Other than Riverside, Fresno, and Indianapolis, among the metro areas with a population greater than 1 million, those with the worst foreclosure rates in January included: Las Vegas (one in every 1,987 housing units); and Philadelphia (one in every 2,042 housing units).
Lenders started the foreclosure process on 20,994 properties in January, up 8 percent from December 2024 but down 4 percent from a year ago.
The states that saw the greatest number of foreclosures starts in January included: Texas (2,654 foreclosure starts); California (2,443 foreclosure starts); Florida (1,898 foreclosure starts); Illinois (1,228 foreclosure starts); and New York (949 foreclosure starts).
Those major metro areas with a population greater than 200,000 that had the greatest number of foreclosure starts in January included: Chicago (1,168 foreclosure starts); New York (977 foreclosure starts); Houston (932 foreclosure starts); Philadelphia (777 foreclosure starts); and Los Angeles (652 foreclosure starts).