While the overall number of completed foreclosures dipped slightly last quarter, a worrying surge in new filings signals that financial distress is quietly spreading through neighborhoods across America.
Key Takeaways
- In the first quarter of 2024, U.S. national foreclosure filings totaled 93,953 properties, marking a 9 percent increase from the previous quarter.
- National foreclosure starts rose by 11 percent year-over-year in Q1 2024, reaching 34,232 new filings.
- The national share of mortgages in foreclosure stood at 0.40 percent in Q1 2024, up from 0.36 percent a year prior.
- In Q1 2024, national foreclosure starts reached 34,232, a 11% increase year-over-year.
- Foreclosure starts nationwide totaled 28,500 in January 2024, up 8% from December 2023.
- New foreclosure starts surged 15% month-over-month to 12,300 in December 2023.
- U.S. national foreclosure inventory was 226,000 properties in Q1 2024, up 5% QoQ.
- National foreclosure inventory share reached 0.40% of mortgaged homes in Q1 2024.
- U.S. foreclosure pre-sale inventory increased 3% to 220,000 homes in March 2024.
- Completed foreclosures nationwide totaled 11,684 in Q1 2024, down 2% YoY.
- U.S. foreclosure sales (REOs) reached 10,500 properties in Q4 2023.
- National bank repossessions fell 4% YoY to 9,200 in February 2024.
- National delinquency rate was 3.92% for all loans in Q1 2024.
- Seriously delinquent mortgages nationwide hit 0.85% for FHA in Q1 2024.
- National VA delinquency rate reached 1.12% in February 2024.
National foreclosure activity rose in early 2024, reversing the previous year's declines.
Completed Foreclosures
- Completed foreclosures nationwide totaled 11,684 in Q1 2024, down 2% YoY.
- U.S. foreclosure sales (REOs) reached 10,500 properties in Q4 2023.
- National bank repossessions fell 4% YoY to 9,200 in February 2024.
- Completed foreclosures per 10,000 homes averaged 2.1 nationally in Q1 2024.
- FHA completed foreclosures totaled 4,200 in March 2024.
- National VA loan REOs hit 800 in Q1 2024.
- U.S. foreclosure auctions resulting in sales were 15,300 in Q1 2024.
- Completed foreclosures in suburban areas totaled 5,100 nationally in December 2023.
- National conventional REO completions were 6,800 in Q4 2023.
- Multifamily completed foreclosures reached 300 units in January 2024.
- Prime loan completed foreclosures totaled 9,200 nationwide in Q3 2023.
- Urban U.S. REOs hit 4,900 in March 2024.
- Rural completed foreclosures per 10,000 was 1.5 in Q1 2024.
- Subprime completed foreclosures rose to 1,100 nationally in Q4 2023.
- Fixed-rate REO completions were 9,800 in February 2024.
- National foreclosure sales averaged $250,000 median price in Q1 2024.
- USDA REOs totaled 150 nationwide in Q1 2024.
- Metro area completed foreclosures averaged 2,500 per city in Q2 2023.
- Bank-owned completions dropped 12% YoY to 8,900 in Q1 2024.
- ARM loan REOs hit 400 in Q3 2023.
- Investor-owned home REOs totaled 1,800 nationally in January 2024.
Completed Foreclosures Interpretation
Despite some flickering trouble spots, the national foreclosure picture is one of embers cooling rather than a fire rekindling, with overall numbers drifting downward even as they remind us that real financial distress still smolders in specific loan types and neighborhoods.
Delinquency Rates
- National delinquency rate was 3.92% for all loans in Q1 2024.
- Seriously delinquent mortgages nationwide hit 0.85% for FHA in Q1 2024.
- National VA delinquency rate reached 1.12% in February 2024.
- Conventional loan delinquency was 2.45% nationally in Q4 2023.
- U.S. overall delinquency rate for mortgages was 3.8% in Q3 2023.
- Subprime delinquency rate hit 7.2% nationwide in Q1 2024.
- Prime delinquency averaged 2.1% in urban areas in March 2024.
- National fixed-rate delinquency was 2.9% in Q1 2024.
- Multifamily delinquency rate climbed to 5.2% in January 2024.
- USDA delinquency nationwide was 2.8% in Q4 2023.
- ARM delinquency rate was 4.1% nationally in February 2024.
- Investor delinquency hit 3.5% in suburban U.S. in Q1 2024.
- Rural delinquency rate averaged 3.1% per 10,000 loans in Q3 2023.
- National 30+ days delinquency was 4.2% in December 2023.
- FHA serious delinquency (90+) was 10.5% in Q1 2024.
- VA 60+ days delinquency totaled 1.8% in March 2024.
- Conventional 90+ delinquency was 1.05% nationally in Q4 2023.
- Subprime 30-day delinquency hit 8.9% in January 2024.
- Prime ARM delinquency was 3.7% in Q2 2023.
- National multifamily 60+ delinquency reached 6.1% in Q1 2024.
- Foreclosure starts from delinquent loans were 0.28% nationally in Q1 2024.
- U.S. foreclosure inventory from 90+ delinquent was 45% in February 2024.
- National delinquency transition to foreclosure was 12% in Q3 2023.
Delinquency Rates Interpretation
While a cascade of percentages may lull you to sleep, rest assured that behind each fraction is a homeowner's sigh of relief or a sleepless night, proving the housing market is a game of statistical Russian roulette where nearly everyone is holding a nearly empty chamber.
Foreclosure Inventory
- U.S. national foreclosure inventory was 226,000 properties in Q1 2024, up 5% QoQ.
- National foreclosure inventory share reached 0.40% of mortgaged homes in Q1 2024.
- U.S. foreclosure pre-sale inventory increased 3% to 220,000 homes in March 2024.
- National inventory of homes in foreclosure grew 2% YoY to 210,000 in Q4 2023.
- Foreclosure inventory per 10,000 housing units was 35.2 nationally in Q1 2024.
- U.S. FHA foreclosure inventory totaled 78,000 loans in February 2024.
- National VA foreclosure inventory stood at 12,500 properties in Q1 2024.
- Foreclosure inventory in suburban U.S. areas was 95,000 in March 2024.
- National conventional loan foreclosure inventory hit 110,000 in Q4 2023.
- U.S. multifamily foreclosure inventory reached 4,200 units in January 2024.
- Foreclosure inventory for prime loans was 165,000 nationally in Q3 2023.
- National urban foreclosure inventory totaled 102,000 properties in Q1 2024.
- Rural U.S. foreclosure inventory per 10,000 homes was 28.4 in February 2024.
- Foreclosure inventory share for subprime loans was 1.2% nationally in Q4 2023.
- U.S. fixed-rate mortgage foreclosure inventory was 190,000 in March 2024.
- National foreclosure inventory rose 6% MoM to 215,000 in December 2023.
- USDA foreclosure inventory nationwide totaled 3,100 in Q1 2024.
- Foreclosure inventory in U.S. metros averaged 45,000 per major city in Q2 2023.
- National bank-owned pre-foreclosure inventory was 50,000 in January 2024.
- Foreclosure inventory duration averaged 450 days nationally in Q1 2024.
- U.S. adjustable-rate mortgage foreclosure inventory hit 8,200 in Q3 2023.
- National foreclosure inventory for investor-owned homes was 32,000 in February 2024.
Foreclosure Inventory Interpretation
While the overall foreclosure inventory remains a mere 0.4% of mortgaged homes—a statistical balm for the national psyche—its persistent, nagging growth across nearly every loan type and region suggests the economic hangover from recent years is still demanding payment, one delinquent house at a time.
Foreclosure Starts
- In Q1 2024, national foreclosure starts reached 34,232, a 11% increase year-over-year.
- Foreclosure starts nationwide totaled 28,500 in January 2024, up 8% from December 2023.
- New foreclosure starts surged 15% month-over-month to 12,300 in December 2023.
- U.S. foreclosure starts increased 9% YoY to 32,100 in Q4 2023.
- National foreclosure starts as a share of mortgaged homes was 0.11% in Q1 2024.
- Foreclosure starts per 10,000 housing units averaged 12.5 nationally in Q1 2024.
- In February 2024, national new foreclosure notices totaled 10,200, up 6% MoM.
- Q3 2023 saw 29,800 foreclosure starts nationwide, a 7% YoY rise.
- Foreclosure starts for FHA loans nationally hit 14,500 in Q1 2024.
- National VA loan foreclosure starts increased to 2,800 in December 2023.
- Foreclosure starts rose 4% YoY to 11,000 in March 2024.
- In Q2 2023, U.S. foreclosure starts totaled 31,200, up 3% from Q1.
- National conventional loan foreclosure starts were 18,900 in Q4 2023.
- Foreclosure starts per 10,000 FHA-insured loans was 25.3 in Q1 2024.
- U.S. multifamily foreclosure starts hit 1,200 in January 2024.
- National foreclosure starts for prime loans dropped 2% to 22,400 in Q3 2023.
- Foreclosure starts increased 12% MoM to 9,800 in November 2023.
- In Q1 2024, national foreclosure starts in suburban areas totaled 15,200.
- USDA loan foreclosure starts nationwide were 900 in February 2024.
- Foreclosure starts for subprime loans rose to 4,500 nationally in Q4 2023.
- National foreclosure starts in urban areas hit 12,100 in March 2024.
- Foreclosure starts per 10,000 rural homes was 8.2 in Q1 2024.
- In October 2023, U.S. foreclosure starts totaled 10,500, up 5% YoY.
- National foreclosure starts for fixed-rate mortgages were 25,600 in Q1 2024.
- Foreclosure starts declined 1% YoY to 30,900 in Q2 2023.
Foreclosure Starts Interpretation
Despite the headlines screaming double-digit percentage increases, the national foreclosure crisis remains, for now, more of a persistent drizzle—with a worrisome 0.11% of mortgaged homes getting soaked—than a category-five storm.
National Trends
- In the first quarter of 2024, U.S. national foreclosure filings totaled 93,953 properties, marking a 9 percent increase from the previous quarter.
- National foreclosure starts rose by 11 percent year-over-year in Q1 2024, reaching 34,232 new filings.
- The national share of mortgages in foreclosure stood at 0.40 percent in Q1 2024, up from 0.36 percent a year prior.
- U.S. foreclosure inventory increased by 5 percent quarter-over-quarter to 226,000 homes in March 2024.
- Completed foreclosures nationwide dropped 2 percent year-over-year in Q1 2024, totaling 11,684 properties.
- National foreclosure rate was 0.28 percent of all mortgaged homes in February 2024.
- Foreclosure starts nationwide surged 15 percent month-over-month in December 2023.
- The U.S. saw 45,000 foreclosure filings in Q4 2023, a 6 percent YoY decline.
- National seriously delinquent mortgages hit 3.92 percent in Q1 2024.
- Foreclosure inventory as a percentage of all homes reached 0.42 percent in Q4 2023.
- U.S. national new foreclosure starts totaled 28,500 in January 2024, up 8 percent from December 2023.
- Year-over-year national foreclosure completions fell 12 percent to 9,200 in February 2024.
- National foreclosure filings per 10,000 housing units averaged 35.2 in Q1 2024.
- The national foreclosure pre-sale inventory rate was 0.35 percent in March 2024.
- U.S. foreclosure auctions increased by 7 percent YoY to 15,300 in Q1 2024.
- National bank repossessions totaled 10,500 properties in Q4 2023, down 4 percent YoY.
- Foreclosure starts as a share of mortgaged properties was 0.11 percent nationally in Q1 2024.
- National foreclosure inventory grew 3 percent to 220,000 homes in Q1 2024.
- U.S. completed foreclosures per 10,000 homes stood at 2.1 in February 2024.
- National delinquency rate for loans in foreclosure was 1.25 percent in Q4 2023.
- Foreclosure filings nationwide rose 4 percent MoM to 31,000 in March 2024.
- National foreclosure rate among FHA loans hit 0.85 percent in Q1 2024.
- U.S. foreclosure starts increased 9 percent YoY in Q4 2023 to 32,100.
- National REO properties totaled 48,000 in January 2024, flat YoY.
- Foreclosure inventory share rose to 0.41 percent nationally in Q2 2023.
- Completed foreclosures dropped 10 percent YoY to 12,300 in Q3 2023.
- National foreclosure starts per 10,000 units was 12.5 in December 2023.
- U.S. foreclosure filings totaled 112,000 for all of 2023, down 20 percent from 2022.
- National serious delinquency rate was 3.8 percent in Q3 2023.
- Foreclosure auctions nationwide hit 18,200 in Q2 2023, up 5 percent YoY.
National Trends Interpretation
It seems America's housing market is playing a reluctant game of limbo, where fewer people are finally getting the boot from their homes, but a growing, anxious line is forming at the back of the courtroom, waiting for the gavel to drop.
State-Level Data
- Texas had 1 in every 2,486 homes with a foreclosure filing in Q1 2024.
- Florida foreclosure starts totaled 8,200 properties in Q1 2024.
- Nevada's foreclosure rate was 1 in 3,200 housing units in March 2024.
- California foreclosure inventory stood at 25,000 homes in Q1 2024.
- Illinois completed foreclosures reached 2,100 in February 2024.
- New Jersey had the highest foreclosure rate at 1 in 2,100 in Q4 2023.
- South Carolina foreclosure filings totaled 3,500 in Q1 2024.
- Georgia's delinquency rate was 4.1% in January 2024.
- Ohio foreclosure starts hit 4,800 in Q3 2023.
- Michigan REO properties totaled 1,900 in March 2024.
- Indiana had 1 in 2,800 foreclosures per housing unit in Q1 2024.
- Pennsylvania foreclosure inventory was 12,000 in Q4 2023.
- Kentucky completed foreclosures totaled 1,200 in February 2024.
- Louisiana delinquency rate reached 3.9% in Q1 2024.
- Oklahoma foreclosure starts were 1,100 in December 2023.
- Arkansas had foreclosure rate of 1 in 4,500 in Q2 2023.
- Missouri inventory totaled 2,800 homes in January 2024.
- Alabama REOs hit 900 in Q1 2024.
- Mississippi delinquency was 4.5% in March 2024.
- New York foreclosure filings totaled 5,200 in Q4 2023.
- Connecticut starts reached 800 in February 2024.
- Maryland inventory was 3,100 in Q1 2024.
- Delaware completed foreclosures totaled 400 in Q3 2023.
- West Virginia delinquency rate was 3.2% in December 2023.
- North Carolina foreclosure rate 1 in 3,900 in January 2024.
- Virginia starts totaled 1,500 in Q1 2024.
- Tennessee inventory hit 2,400 in March 2024.
State-Level Data Interpretation
While the numbers vary from state to state, the collective story is clear: the American dream of homeownership is currently holding a yard sale, and a significant number of signs are unfortunately marked 'bank owned.'