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February 2024 » thefivestar.com 71 February 2024 J O U R N A L highs seen in the last decade. Instead, we foresee a market that is more reflective of broader economic trends, with foreclo- sure filings becoming a more predictable aspect of the housing landscape. This shift offers a silver lining—an opportuni- ty for investors, homeowners, and indus- try professionals to plan and strategize with greater confidence and insight." The report also includes new data for December 2023, showing there were 30,314 U.S. properties with foreclosure fil- ings, down 6% from the previous month and down 2% from a year ago. Q4 2023 Foreclosure Activity: High- Level Takeaways » There were a total of 92,896 U.S. properties with foreclosure filings in Q4 2023, down 8% from the previous quarter but up 2% from a year ago. » Nationwide, in Q4 2023, one in every 1,503 properties had a foreclosure filing. » States with the highest foreclosure rates in Q4 2023 were Delaware (one in every 903 housing units with a foreclosure filing); New Jersey (one in every 914 housing units); Ohio (one in every 922 housing units); Maryland (one in every 943 housing units); and South Carolina (one in every 995 housing units). December 2023 Foreclosure Activity: High-Level Takeaways » Nationwide, in December 2023, one in every 4,606 properties had a foreclosure filing. » States with the highest foreclosure rates in December 2023 were Mary- land (one in every 2,570 housing units with a foreclosure filing); Connecticut (one in every 2,660 housing units); New Jersey (one in every 2,775 housing units); Ohio (one in every 2,819 hous- ing units); and Delaware (one in every 2,967 housing units). » 20,490 U.S. properties started the foreclosure process in December 2023, down 8% from the previous month and down 3% from a year ago. » Lenders completed the foreclosure process on 3,503 U.S. properties in De- cember 2023, up 37% from the previous month but down 4% from a year ago. Foreclosure Starts on the Rise Nationwide Lenders started the foreclosure pro- cess on 270,222 U.S. properties in 2023, up 9% from 2022 and 193% from 2021, but down 20% from 2019 and down 87% from a peak of 2,139,005 in 2009. States that saw the greatest number of foreclosure starts in 2023 included: 1. California (29,180 foreclosure starts) 2. Texas (28,533) 3. Florida (27,427) 4. New York (17,330) 5. Illinois (13,764) Some six states saw an increase in foreclosure starts compared to 2019. They included Indiana (+73%), Idaho (up 70%), Michigan (+15%), Nevada (+10%), and Minnesota (+9%). Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of foreclo- sure starts in 2023 included: 1. New York, New York (18,464 foreclo- sure starts) 2. Chicago (11,620) 3. Houston (9,476) 4. Los Angeles (8,835) 5. Philadelphia (8,224) Bank Repossessions Experience Slight Decline from 2022 Lenders repossessed 42,090 proper- ties through foreclosures (REO) in 2023, down 2% from 2022 but down 71% from 2019 (143,955) and down 96% from a peak of 1,050,500 in 2010. States that saw the greatest number of REOs in 2023 included: Illinois (3,814 REOs), Michigan (3,634 REOs), Penn- sylvania (2,853 REOs), California (2,633 REOs), and New York (2,538 REOs). Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of REOs in 2023 included Chicago (2,505 REOs), New York City (2,045 REOs), Detroit (1,795 REOs), Philadelphia (1,130 REOs), and Baltimore (872 REOs).