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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 68 November 2023 J O U R N A L U.S. FORECLOSURE FILINGS UP 34% YEAR OVER YEAR IN Q3 A ccording to ATTOM's Q3 2023 U.S. Foreclosure Market Report, there were a total of 124,539 U.S. properties with foreclosure filings—de- fault notices, scheduled auctions, or bank repossessions—up 28% from the previ- ous quarter, and 34% from a year ago. The report also shows there were a total of 37,679 U.S. properties with foreclosure filings in September 2023, up 11% from the previous month, and up 18% from September 2022. ATTOM found that lenders began the foreclosure process on 68,961 U.S. properties in Q3 2023, down just 1% from the previous quarter, but up 3% from a year ago—nearly reaching pre-pandemic levels. States that had 1,000 or more fore- closure starts in Q3 2023 and saw the greatest annual increases were: » North Carolina (up 53%) » Louisiana (up 47%) » Pennsylvania (up 24%) » Alabama (up 18%) » Nevada (up 16%) "Foreclosures are on the rise again this quarter, as indicated by our latest foreclosure numbers," said Rob Barber, CEO at ATTOM. " The number of new cases filed by lenders in the third quarter did rise just a small amount from the same period last year, and actually dipped a bit quarterly—signs that the upward pattern may be easing. But fore- closure starts are nearly back to where they were two years ago when the federal government lifted a pandemic-related moratorium on most foreclosure filings. This rise in foreclosures might also be attributed to pending filings finally pro- cessing. Even with the national economic upturn and job stability, it's evident that some homeowners are still grappling with the pandemic's financial aftermath or encountering new challenges." Among the 223 metropolitan statis- tical areas analyzed in the report those Default Servicing that posted the greatest number of fore- closure starts in Q3 2023, included: » New York, New York (4,514 foreclosure starts) » Chicago (2,584 foreclosure starts) » Houston, Texas (2,279 foreclosure starts) » Los Angeles (2,273 foreclosure starts) » Philadelphia (2,104 foreclosure starts) Bucking the national trend of annual increases, among those metropolitan areas with a population greater than one million that saw a decline in foreclosure starts in Q3 2023 were: » Salt Lake City (down 74%) » Chicago (down 35%) » Kansas City, Missouri (down 34%) » Columbus, Ohio (down 22%) » Milwaukee (down 21%) Nationwide, one in every 1,121 prop- erties had a foreclosure filing in Q3 2023. States with the highest foreclosure rates in Q3 2023 were found in: » New Jersey (one in every 595 housing units with a foreclosure filing) » South Carolina (one in every 730) » Delaware (one in every 739) » Nevada (one in every 763) » Maryland (one in every 780)