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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 46 February 2025 J O U R N A L A CLOSER LOOK AT YOY FORECLOSURE FILINGS A TTOM's Year-End 2024 U.S. Foreclosure Market Report—a measure of foreclosure filings, including default notices, scheduled auctions, and bank repossessions—re- ported on 322,103 U.S. properties in 2024, down 10% from 2023, down 1% from 2022, and down 35% from 2019, before the pandemic shook up the mar- ket. Foreclosure filings in 2024 were also down 89% from a peak of nearly 2.9 million in 2010. The 322,103 properties with fore- closure filings reported on in 2024 represented 0.23% of all U.S. housing units, down slightly from 0.25% in 2023, down from 0.36% in 2019, and down from a peak of 2.23% in 2010. "The continued decline in foreclo- sure activity throughout 2024 suggests a housing market that may be stabilizing, even as economic uncertainties persist," said Rob Barber, CEO at ATTOM. "This year's data points to foreclosure trends potentially returning to more predictable levels, offering some clarity for industry professionals, investors, and homeown- ers. While foreclosure filings remain a critical metric for understanding market health, current trends may point to a more balanced landscape, potentially shaped by careful lending practices and ongoing homeowner resilience." Foreclosure Starts Dip Nationwide The nation's mortgage lenders started the foreclosure process on 253,306 U.S. properties in 2024, down 6% from 2023, up 174% from 2021, but down 25% from 2019, and down 88% from a peak of 2,139,005 in 2009. States reporting the greatest number of foreclosure starts in 2024 included: • California (29,529 foreclosure starts) • Florida (29,239 foreclosure starts) • Texas (28,946 foreclosure starts) • New York (14,436 foreclosure starts) • Illinois (13,082 foreclosure starts) Those metropolitan statistical areas (MSAs) with a population greater than one million that saw the greatest number of foreclosure starts in 2024, included: • New York (15,327 foreclosure starts) • Chicago (11,508 foreclosure starts) • Houston (10,197 foreclosure starts) • Los Angeles (8,790 foreclosure starts) • Miami (8,603 foreclosure starts) Bank Repossessions Continue Second Year of Decline Lenders repossessed 36,505 proper- ties through foreclosures (REO) in 2024, down 13% from 2023, and down 75% from 2019 (143,955), and down 97% from peak levels of 1,050,500 reported in 2010. States reporting the greatest num- ber of REO filings in 2024 included: • California (3,466 REOs) • Illinois (2,858 REOs) • Pennsylvania (2,828 REOs) • Michigan (2,629 REOs) • Texas (2,501 REOs) Metropolitan statistical areas (MSAs) with a population greater than one million that saw the greatest num- ber of REOs in 2024 included: