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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 62 January 2024 J O U R N A L 1 IN 4,300 HOMES AT RISK OF FORECLOSURE A TTOM Data, a real estate data and research company, released its latest U.S. Foreclosure Mar- ket Report covering the month of No- vember 2023, which revealed there were a total of 32,120 properties with some sort of foreclosure filing against them, up 5% year over year but down 7% on the short term from the prior month. "While we've observed a modest decrease in U.S. foreclosure activity most likely due to seasonal factors, it's essen- tial to note that these fluctuations are a part of the cyclical nature of the market," said Rob Barber, CEO at ATTOM. "As we look ahead to 2024, we anticipate a potential uptick in foreclosure activity as various economic factors evolve and market dynamics shift." Nationwide, one in every 4,347 housing units had a foreclosure filing in November 2023. States with the highest foreclosure rates were: Delaware (one in every 2,393 housing units with a foreclosure filing); Maryland (one in every 2,537); Ohio (one in every 2,656); South Carolina (one in every 2,771); and New Jersey (one in every 2,834). Among the 223 metropolitan statis- tical areas with a population of at least 200,000—as determined by the U.S. Census Bureau—those with the highest foreclosure rates in November 2023 were Bakersfield, Califonia (one in every 1,595 housing units with a foreclosure filing); Cleveland, Ohio (one in every 1,818); Can- ton, Ohio (one in every 1,820); Columbia, South Carolina (one in every 1,922); and Stockton, Califonia (one in every 1,961). Those metropolitan areas with a population greater than 1 million, with Default Servicing the worst foreclosure rates in November 2023, including Cleveland, Ohio were: Philadelphia, Pennsylvania (one in every 2,114 housing units); Baltimore, Maryland (one in every 2,206); Riverside, California (one in every 2,327); and Las Vegas, Neva- da (one in every 2,372). On the good side, foreclosure com- pletions are now down 32% from last year as lenders repossessed 2,558 properties through the completion process (REOs) in November, a number which is also down 23% from last month. States that had the greatest number of REOs in November 2023, included: Mich- igan (247 REOs); California (228); Illinois (198); Ohio (191); and Pennsylvania (179). Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest num- ber of REOs in November 2023 included: Detroit, Michigan (144 REOs); Chicago, Illinois (104); New York, New York (100); Baltimore, Maryland (64); and St. Louis, Missouri (64). However, the greatest number of foreclosures starts remained in the red-hot real estate markets of California, Florida, and Texas. States that had the greatest number of foreclosure starts in November 2023 again included: Texas (2,702 foreclosure starts); California (2,495); Florida (2,078); New York (1,450); and Ohio (1,069). Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in November 2023 included: New York, New York (1,516 foreclosure starts); Houston, Texas (969); Philadelphia, Pennsylvania (733); Chicago, Illinois (673); and Miami, Florida (669). HOW MANY U.S. HOME MORTGAGES ARE PERFORMING? T he Mortgage Bankers Association's (MBA) latest Loan Monitoring Survey shows that the total number of loans now in forbearance decreased by three basis points from 0.29% of servicers'