The foreclosure market in the United States continues to grow, with recent data showing a significant increase in foreclosure activity. States like California are responding with new legal protections for borrowers, while opportunities for buyers and investors in foreclosure properties expand.
Foreclosure Rates on the Rise
According to the October 2024 Foreclosure Market Report by ATTOM, the U.S. recorded 33,994 properties with foreclosure filings, marking a 5% increase from the previous month and a 16% jump compared to October 2023.
Top 10 States with the Highest Foreclosure Rates
- California – 1 in every 3,010 housing units
- Florida – 1 in every 3,645 housing units
- Texas – 1 in every 3,915 housing units
- Illinois – 1 in every 3,945 housing units
- Ohio – 1 in every 4,100 housing units
- New York – 1 in every 4,275 housing units
- Georgia – 1 in every 4,500 housing units
- North Carolina – 1 in every 4,750 housing units
- Nevada – 1 in every 4,910 housing units
- Arizona – 1 in every 5,100 housing units
California Leads with Borrower Protections
In light of the rising foreclosure activity, California has introduced a new law designed to safeguard mortgage borrowers. Effective in 2024, the law includes extended pre-foreclosure notice periods, expanded mediation requirements, and stronger consumer protections. These measures provide struggling homeowners with additional time and resources to avoid foreclosure.
Read more about these protections on the National Law Review.
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