Foreclosure filings rose 4% in October compared to the month prior, but remain down 11% from a year earlier, new data shows.
Across the country, one in every 4,578 housing units had a foreclosure filing in October, but some states faced much higher rates than others, according to the most recent data from real estate information firm ATTOM.
Nevada, New Jersey and Florida were the three states with the highest foreclosure filings per housing unit. One in every 2,741 housing units in Nevada had a foreclosure filing, while the rates were one in every 3,059 housing units in New Jersey and one in every 3,086 housing units in Florida.
California and South Carolina were not far behind with higher foreclosure rates as well.
“Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October,” said Rob Barber, ATTOM's CEO, in a statement. “As we approach 2025, the recent Fed rate cut, and the new administration, could impact mortgage rates and market stability. While seasonal factors may slow things down briefly, we’ll be watching closely to see how these recent dynamics affect the market in the coming year.”
Foreclosure starts, or actions to begin the process that have yet to lead to repossessions, were also up 6% from September, but down 10% from October.
California and Florida made both lists of states with the highest foreclosure rates and starts.
Lenders completed 2,938 total foreclosures throughout the country and repossessed these properties. These completed foreclosures also increased 12% from September but decreased 12% from last year.