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47 February 2025 J O U R N A L February 2025 » • Chicago (1,976 REOs) • New York (1,815 REOs) • Detroit (1,575 REOs) • Philadelphia (946 REOs) • Baltimore (905 REOs) What States Posted the Highest Foreclosure Rates? States with the highest foreclosure rates in 2024 were Florida, where one in every 267 housing units reported a foreclosure filing; New Jersey, where one in every 267 housing units reported a foreclosure filing; Nevada, where one in every 273 housing units reported a fore- closure filing; Illinois, where one in every 278 housing units reported a foreclosure filing; and South Carolina, where one in every 304 housing units reported a foreclosure filing. Among the 224 MSAs with a popu- lation of at least 200,000, those with the highest foreclosure rates in 2024 were found in: • Lakeland, FL (one in every 172 hous- ing units with a foreclosure filing) • Atlantic City, NJ (one in every 200 housing units) • Columbia, SC (one in every 204 housing units) • Cleveland, OH (one in every 208 housing units) • Las Vegas, NV (one in every 231 housing units) MSAs with a population greater than one million, including Cleveland and Las Vegas, that had the highest foreclosure rates in 2024 were: • Orlando, FL (one in every 234 hous- ing units) • Jacksonville, FL (one in every 241 housing units) • Chicago, IL (one in every 245 hous- ing units) • Miami, FL (one in every 247 housing units) Measuring Foreclosure Timelines U.S. properties foreclosed in Q4 2024 had been in the foreclosure process for an average of 762 days, a 6% decrease from the previous quarter, but a 6% increase from a year ago. States reporting the longest average time to foreclose in Q4 2024 included: • Louisiana (3,015 days) • Hawaii (2,505 days) • New York (2,099 days) • Wisconsin (1,989 days) • Nevada (1,750 days) ATTOM's year-end foreclosure report provides a unique count of prop- erties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, accounting for more than 99% of the U.S. population—also available for licensing or customized reporting. MORTGAGE FORBEARANCE RATE RISES FOR SIXTH CONSECUTIVE MONTH T he Mortgage Bankers Associ- ation's (MBA) monthly Loan Monitoring Survey reveals that the total number of loans now in for- bearance increased by three basis points in November 2024 relative to October 2024, from 0.47% to 0.50 (as of November 30, 2024). According to MBA's estimate, 250,000 homeowners are currently in forbearance plans, as the nation's mort- gage servicers have provided forbearance to approximately 8.5 million borrowers since March 2020. The share of Fannie Mae and Freddie Mac (GSE) loans in forbearance increased one basis point from 0.20% to 0.21% in November 2024. Ginnie Mae loans in forbearance increased by five basis points from 1.06% to 1.11%, and the forbearance share for portfolio loans and private-label securities (PLS) decreased by one basis point from 0.43% to 0.42%. "By investor type, Ginnie Mae loans are showing the greatest variance, with an increase of 72 basis points over the six-month period. That is compared to 11 basis points for Fannie Mae and Freddie Mac Loans, and portfolio and PLS loans, respectively." —Marina Walsh, CMB, MBA's VP of Industry Analysis