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July 11, 2024

Report: As the number of homes in foreclosure drops nationally, CT sees a steep increase

Wikimedia Commons A home under foreclosure.
By Andrew Larson

A new report from real estate data curator ATTOM says the number of U.S. properties in foreclosure dropped 4.4% during the first half of 2024 from the same period last year, but remained 7.8% higher than the same time two years ago.

There were a total of 177,431 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2024, according to ATTOM’s Midyear 2024 U.S. Foreclosure Market Report.

Connecticut’s foreclosure rate during the first six months of 2024 was well above the national average, with 0.19% of all housing units in various stages of foreclosure. Connecticut ranked No. 7 among states with the highest foreclosure rates. 

During the same period, the Nutmeg State had 2,860 residential properties in foreclosure. That number was up 17.36% from Jan. 1, 2023 to June 30, 2023, and up 44.52% from Jan. 1, 2022 to June 30, 2022, according to the report.

Nationwide, 0.13% of all housing units (one in every 794) had a foreclosure filing in the first half of 2024. In Connecticut, one in every 535 housing units was in foreclosure. 

The five states with the highest foreclosure rates in the first half of 2024 were: New Jersey (0.21% of housing units), Illinois (0.21%), Florida (0.2%), Nevada (0.19%) and South Carolina (0.19%).

The national data suggests a “potential stabilization in the housing market,” according to Rob Barber, CEO of ATTOM.

"In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024," Barber said. "In addition, U.S. foreclosure starts also decreased by 3% in the first six months of 2024."

Click here to see the full report.

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