Foreclosures Fell 3.5% for the First 6 Months of 2024
During the first 6 months of 2024 ATTOM reported that 177,431 U.S. properties had filed foreclosures. This represents a decrease of 4.4% from the same period in 2023 but is up 7.8% from 2022. In general, since 2020 during the first 6 months of every year foreclosures ranged between 164,000 and 185,000, with the exception of 2021 when only 65,000 filed for foreclosure.
According to the metrics, there is clearly a leveling taking place in the foreclosure activity, most likely and clearly due to the significant appreciation of real estate assets across the board, nationwide. Since 2019, home prices in New Jersey have appreciated 61.2% higher than the national average. And seeing the median price in October 2019 compared to October 2022, prices have increased 37.2% in New Jersey vs. 35.8% nationwide.
States that saw the highest increase in foreclosures during the first half of 2024 were South Dakota, North Dakota, and Kentucky, respectively.
Still, New Jersey leads the nation in foreclosure filings for the first half of 2024 with a total of 0.21% of all housing units filing foreclosure documentation, followed by Illinois 0.21%, Florida .20%, and Nevada 0.19%.
According to the ATTOM report, Lakeland, Florida, Columbia, South Carolina, and Atlantic City, New Jersey, rank the highest in Metro foreclosure rates, respectively.
- Nationwide in June 2024, one in every 5,071 properties had a foreclosure filing.
- States with the highest foreclosure rates in June 2024 were Illinois (one in every 3,041 housing units with a foreclosure filing) and New Jersey (one in every 3,042 housing units).
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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