Foreclosure Activity Sees Moderate Rise in August 2023 Across the U.S.
According to the latest U.S. Foreclosure Market Report released by ATTOM, there was a total of 33,952 properties across the United States that received foreclosure filings in August 2023. This figure reflects a 7 percent increase from the previous month but marks a 2 percent decline compared to the same period last year.
Nevada, Illinois, and South Carolina Take Lead in Foreclosure Rates
Nationwide, statistics indicate that one in every 4,113 housing units experienced a foreclosure filing in August 2023. States with the highest foreclosure rates included Nevada, where one in every 2,224 housing units received a foreclosure filing; Illinois, with one in every 2,433 housing units; and South Carolina, recording one in every 2,506 housing units.
Following closely were New Jersey and Delaware, with foreclosure rates of one in every 2,585 and one in every 2,618 housing units, respectively.
Metropolitan Areas Facing High Foreclosure Rates
Among the 223 metropolitan statistical areas (MSAs) with a population of at least 200,000, several regions reported notably high foreclosure rates in August 2023. Leading the list was Columbia, SC, where one in every 1,471 housing units received a foreclosure filing, followed by Fayetteville, NC, with one in every 1,694 housing units, and Peoria, IL, with one in every 1,746 housing units. Las Vegas, NV, and Jacksonville, NC, also witnessed elevated foreclosure rates, with one in every 1,796 and one in every 1,848 housing units, respectively.
Metropolitan Areas with High Foreclosure Rates Among Large Cities
In metropolitan areas with a population exceeding 1 million, several cities faced significant foreclosure challenges in August 2023. Alongside Las Vegas, NV, Cleveland, OH, reported one in every 1,896 housing units receiving a foreclosure filing. Riverside, CA, followed closely with one in every 2,132 housing units, while Jacksonville, FL, and Chicago, IL, reported foreclosure rates of one in every 2,137 and one in every 2,257 housing units, respectively.
Foreclosure Starts Surge in Austin, Nashville, and Raleigh
Foreclosure Completions Rise Slightly Month-on-Month, Decline Year-on-Year
In August 2023, lenders finalized the foreclosure process on a total of 3,354 properties across the United States, marking a modest 1 percent increase from the previous month. However, this figure represented a notable 15 percent decrease compared to the same period last year.
States with Highest Number of Completed Foreclosures
Several states reported a significant number of completed foreclosures in August 2023. Leading the list was Illinois, with 324 properties repossessed by lenders. Pennsylvania followed closely, recording 253 completed foreclosures, while Ohio reported 250, New York 205, and Texas 191.
Metropolitan Areas with Highest Number of Completed Foreclosures
Among major metropolitan statistical areas (MSAs) with a population exceeding 1 million, several cities witnessed a substantial number of completed foreclosures in August 2023.
Notably, Chicago, IL, reported 192 REOs, while New York, NY, recorded 166. Philadelphia, PA, reported 96 completed foreclosures, followed by St. Louis, MO, with 76, and Detroit, MI, with 70.
