Homeowners in recent years have seen their equity skyrocket, but have also seen expenses such as homeowners insurance and property taxes rise sizably. Distressed mortgages remain muted as many borrowers are clinging to ultra-low rates, and servicers and federal housing agencies have improved their loss mitigation efforts following the pandemic. 

During the recent quarter, 62,380 properties started the foreclosure process, down 10% from a year ago. That decline is more pronounced in monthly figures, as the 29,668 starts in September were a 19% decline from September 2023. 

Foreclosures meanwhile are averaging over two years to complete across the country. It takes 815 days on average for a foreclosure to be completed, a timeline that's been rising since last summer, up 6% year-over-year. 

It still takes over 10 years on average to complete a foreclosure in Louisiana, Attom found. That's by far the slowest in the nation, and at 3,520 days three years longer than the average foreclosure in Hawaii (7 years). 

The process can still be relatively swift. Foreclosures in New Hampshire close in under 6 months at 165 days on average, and four more states see the transactions close within around 8 months. 

Many states by Attom's measure have seen their foreclosure rates drop by double digits both quarterly and annually. Counting states with 1,000 or more foreclosure starts in the third quarter, North Carolina recorded the largest annual decline with starts down 44%. 

Illinois is particularly struck with foreclosures, and its 3,231 starts this summer only trailed New York. It also had the highest rate in the country, with one in every of its 904 housing units having a foreclosure filing.