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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 58 November 2024 J O U R N A L Q3 FORECLOSURE ACTIVITY SNAPSHOT A TTOM has issued its Q3 2024 U.S. Foreclosure Market Report, which shows a total of 87,108 U.S. properties with foreclosure filings during Q3 of 2024, down 2% from the previous quarter, and down 13% year over year. ATTOM's report also shows a total of 29,668 U.S. properties with foreclosure filings in September 2024, down 2% from the previous month, and down 19% from a year ago. Nationwide in September 2024, one in every 4,750 properties had a foreclosure filing. "While we are seeing a decrease in foreclosure starts and repossessions, it's crucial to remain vigilant, as any eco- nomic disruptions or changes in interest rates could shift the current trend," said Rob Barber, CEO of ATTOM. A total of 62,380 U.S. properties began the foreclosure process in Q3 2024, down less than 1% from the pre- vious quarter, and down 10% year over year. There were 19,763 U.S. properties that started the foreclosure process in September 2024, down 5% from the previous month, and down 21% from September 2023. Lenders completed the foreclosure process on 2,624 U.S. properties in September 2024, down 9% from the previous month, and down 21% from September 2023. States that had 1,000 or more fore- closures starts in Q3 2024 and saw the greatest annual decrease included: 1. North Carolina (down 44%) 2. Georgia (down 29%) 3. Maryland (down 22%) 4. New Jersey (down 20%) 5. South Carolina (down 19%) Those major metros with a popu- lation of 200,000 or more that had the greatest number of foreclosures starts in Q3 2024 included: 1. New York (3,776 foreclosure starts) 2. Chicago (3,231 foreclosure starts) 3. Los Angeles (2,166 foreclosure starts) 4. Miami (2,142 foreclosure starts) Default Servicing 5. Houston (1,791 foreclosure starts) Nationwide, one in every 1,618 hous- ing units had a foreclosure filing in Q3 2024. States with the highest foreclo- sure rates were: 1. Illinois (one in every 904 housing units with a foreclosure filing) 2. Nevada (one in every 922 housing units) 3. Florida (one in every 971 housing units) 4. Delaware (one in every 1,060 housing units) 5. South Carolina (one in every 1,069 housing units) Among 224 metropolitan statisti- cal areas with a population of at least 200,000, those with the highest foreclo- sure rates in Q3 2024 were: 1. Lakeland, Florida (one in 610 housing units) 2. Provo, Utah (one in every 647 housing units) 3. Macon, Georgia (one in every 649 housing units) 4. Columbia, South Carolina (one in every 663 housing units) 5. Atlantic City, New Jersey (one in every 766 housing units) Other major metros with a popula- tion of at least one million and foreclo- sure rates in the top 15 highest nation- wide include: 1. Chicago (one in every 775 housing units) 2. Las Vegas (one in every 796 housing units) 3. Cleveland (one in every 819 housing units) 4. Orlando, Florida (one in every 859 housing units) 5. Riverside, California (one in every 867 housing units) Lenders repossessed approximately 8,795 U.S. properties through foreclo- sure (REO) in Q3 2024, up 1% from the previous quarter, but down 12% from a year ago. Those states that had the greatest