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US foreclosure activity experiences a promising 10% month-over-month decrease in April, as reported by ATTOM.
The impressive decline resulted in a significant reduction to just 32,977 properties with foreclosure filings (including default notices, scheduled auctions, or bank repossessions) during the same month.
However, it is worth noting that despite this progress, the foreclosure rate remains 8% higher compared to the previous year.
According to Rob Barber, CEO of ATTOM, “Foreclosure activity in 2023 continues to demonstrate stabilization and positive correction.” He noted that there was a significant 10% decrease in overall activity in April, following a previous month’s surge of 20%.
While there is no clear indication of a sustained decline in foreclosure numbers, Barber emphasized the importance of monitoring foreclosure rates carefully.
He stated that April consistently exhibits reduced activity, but this recurring pattern reinforces the need to be vigilant for any potential shifts or trends in the market.
Foreclosure starts experienced a significant decline of 7% in March, indicating positive progress with only 22,455 properties currently undergoing the foreclosure process.
However, several states bucked the national trend in April 2023, as they witnessed notable monthly increases in foreclosure starts. Among the states that stood out were Maryland and New Mexico, both experiencing a substantial surge of 55%.
Iowa followed with a noteworthy increase of 29%, while Utah and Florida also observed a rise, albeit less pronounced, at 13% and 12% respectively.
Compared to the previous month, lenders repossessing properties through foreclosures (REOs) decreased significantly by 39% as per the report.
In April, Illinois (334), Pennsylvania (218), New York (199), Texas (184), and California (171) were the states with the highest number of REOs.
Reference Source: MPA
