Foreclosures increased for the eighth consecutive month in October, as high costs continue to push activity toward pre-pandemic levels.
Total foreclosures in the United States eclipsed 36,000 last month, up 3% from September and 19% from the same time a year ago, according to
"Even with these increases, activity remains well below historic highs," ATTOM CEO Rob Barber said in a press release Wednesday. "The current trend appears to reflect a gradual normalization in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs."
Foreclosure processes began on 25,129 homes last month, a 6% increase from September and a 20% increase from October of last year.
Repossessions through completed foreclosures also rose by 2% month over month and 32% year over year to 3,872 in October.
On a quarterly basis,
Which states saw the most foreclosures?
One in every 3,871 housing units nationwide filled for a foreclosure last month, with Florida (one in every 1,829), South Carolina (one in every 1,982), Illinois (one in every 2,570), Delaware (on in every 2,710) and Nevada (one in every 2,747) posting the worst foreclosure rates among all states.
Cities in Florida had the worst foreclosure rates among metro areas with populations of a million or more, led by Tampa (one in every 1,373), which saw a temporary spike due to the resumption of data collection in Hillsborough County that added backlogged records and is expected to normalize in November. Jacksonville and Orlando had the second and third worst rates.
States with the largest populations unsurprisingly had the greatest number of foreclosure starts in October, as Florida again led the way with 4,136, followed by Texas with 3,080 and California with 2,685.
Major metro areas with the greatest year-over-year declines included Milwaukee (from 33 foreclosure starts to 15), Indianapolis (from 252 to 142) and Washington (308 to 239).
The largest states also had the most repossessions. Texas totaled 358 repossessions, while California and Florida racked up 243 and 205, respectively. Major metro areas were in line, led by Chicago with 122, and followed by Atlanta (117), New York (111), Houston (74) and Riverside, California (72).
