Foreclosure Filings Up 10% In 2023

Foreclosure filings were reported on 357,062 residential properties in 2023, according to a new report from ATTOM. This represents a 10% increase from 2022 and a 136% spike from 2021, but it was also down by 28% from pre-pandemic 2019 and down by 88% from the 2010 peak of nearly 2.9 million.

Those properties with foreclosure filings represented 0.26% of all housing units, up slightly from 0.23% in 2022, but down from 0.36% in 2019 and down from a peak of 2.23% in 2010.

The states with the highest foreclosure rates in 2023 were New Jersey (0.46% of housing units with a foreclosure filing), Illinois (0.42%), Delaware (0.41%), Maryland (0.40%), Ohio (0.38%), South Carolina (0.38%), Nevada (0.37%), Florida (0.37%), Connecticut (0.35%) and Indiana (0.32%).

“Reflecting on 2023, we see the recent rise in foreclosure activity as a market correction rather than a cause for alarm. It signals a return to more traditional patterns after years of volatility,” said Rob Barber, CEO at ATTOM. “Our data suggests that while foreclosure activity may fluctuate, it’s unlikely to approach the highs seen in the last decade. Instead, we foresee a market that is more reflective of broader economic trends, with foreclosure filings becoming a more predictable aspect of the housing landscape. This shift offers a silver lining — the opportunity for investors, homeowners, and industry professionals to plan and strategize with greater confidence and insight.”

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