Listen to this articleThere were fewer homes in foreclosure in the first six months of 2024 as compared with the same period a year ago, according to a mid-year report.
There were 177,431 properties in the U.S. with foreclosure filings in the first half of this year, that’s down 4.4 percent from the first half of 2023, but up 7.8 percent from the same period two years ago, according to ATTOM, which tracks national property and real estate data.
New York State had 11,312 properties with foreclosure filings, including default notices, scheduled auctions or bank repossessions, in the first six months of 2024. That’s down 7.23 percent from the first half of last year, but up more than 47 percent from the first six months of 2022.
“In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” Rob Barber, ATTOM CEO, said in a company statement. “In addition, U.S. foreclosure starts also decreased by 3 percent in the first six months of 2024. These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”
States with the highest foreclosure rates in the first half of 2024 were New Jersey, which had 0.21 percent of housing units or one in every 3,042 housing units with a foreclosure filing; Illinois with 0.21 percent (one in every 3,041 housing units); Florida with 0.20 percent (one in every 3,202 housing units); and South Carolina with 0.19 percent (one in every 3,346 housing units).
On Long Island, there were 501 bank-owned homes (REOs) listed for sale with OneKey MLS in the first six months of this year, more than the 414 bank-owned homes that were listed for sale in the same period of 2023.
The foreclosure process was started on 130,369 properties nationally in the first six months of 2024, down 3.5 percent from the first half of last year, according to the ATTOM report. States that had the most foreclosures starts included Texas with 15,375 foreclosure starts; Florida with 15,251; California with 14,964; New York with 7,523; and Illinois with 7,240.