ATTOM, a prominent provider of land, property, and real estate data, has released its Year-End 2023 U.S. Foreclosure Market Report. In 2023, foreclosure filings, which encompass default notices, scheduled auctions, and bank repossessions, were reported on 357,062 U.S. properties. This figure reflects a 10% increase from 2022 and a significant 136% rise from 2021. However, it is essential to note that this number is down 28% from 2019, before the pandemic disrupted the market. Moreover, foreclosure filings in 2023 were substantially lower, down 88%, from the peak seen in 2010, when nearly 2.9 million properties were affected.

In 2023, these foreclosure filings represented 0.26% of all U.S. housing units, a slight increase from 0.23% in 2022 but a notable drop from 0.36% in 2019 and the peak of 2.23% in 2010.

Rob Barber, CEO of ATTOM, interprets the recent rise in foreclosure activity as a market correction rather than a cause for alarm. He emphasizes that it signifies a return to more traditional patterns after years of volatility. The data suggests that while foreclosure activity may fluctuate, it is unlikely to reach the levels seen in the last decade. Instead, a more predictable aspect of the housing landscape is anticipated, providing opportunities for investors, homeowners, and industry professionals to plan and strategize with greater confidence.

The report also delves into specific data, such as foreclosure starts, bank repossessions, state foreclosure rates, and metropolitan foreclosure rates, offering a comprehensive view of the U.S. foreclosure market in 2023. It's important to note that while there have been fluctuations, the foreclosure market is stabilizing.

In summary, ATTOM's Year-End 2023 U.S. Foreclosure Market Report highlights the trends in foreclosure activity, demonstrating a return to more traditional patterns and providing insights for industry professionals to make informed decisions.

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