In the third quarter of 2024, U.S. foreclosure activity displayed mixed trends. According to recent data from ATTOM, foreclosure starts—the initial phase where borrowers receive a notice of default—reached around 87,000 properties, down slightly from the previous quarter and 13% lower than last year. Many lenders are opting for modifications or sales over foreclosures, thanks to high property values. Foreclosure filings (formal legal actions) remain steady but far below pre-2020 levels, with home equity and loan modifications helping to limit filings. Finally, REOs (properties owned by banks post-foreclosure) are slowly reappearing, as more lenders sell properties through online auctions rather than traditional listings.
Currently, the average foreclosure timeline stands at 815 days, varying greatly by state. Faster processes occur in states like Texas and Michigan, while others experience delays of multiple years. For investors, keeping an eye on foreclosure data and trends can offer insight into market opportunities and shifts in inventory. To learn more watch our video
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