Many Americans are struggling to buy a home, and some homeowners are having trouble keeping theirs.
Attom, a real estate data provider, reports that 95,349 U.S. properties had a foreclosure filing during the first quarter of 2024. That’s up 3% from the previous quarter but down 1% from the year prior.
Of course, that number isn’t spread evenly across the country, and Attom analyzed data from 224 U.S. metropolitan areas with a population of at least 200,000 people to find out where the most foreclosures are taking place.
Let’s countdown to the city with the highest foreclosure filing rate.
5. Cleveland
Foreclosure filing rate in this metropolitan area: 1 in every 662 housing units during the first quarter of 2024
Cleveland is considered a seller’s market with houses selling relatively fast and with multiple offers.
For lower-income Clevelanders, the Ohio Housing Finance Agency offers resources through the Save the Dream Ohio program which is intended to help homeowners who are struggling to pay their mortgages.
4. Atlantic City, New Jersey
Foreclosure filing rate in this metropolitan area: 1 in every 628 housing units during the first quarter of 2024
According to the Bureau of Labor Statistics, the unemployment rate in Atlantic City was 9.1% in January 2024 — an increase from last year’s 7.3% and more than twice the national rate of 4.1%.
Debt can be another factor in no longer affording a home, and personal debt in New Jersey is on the rise. It ranks in the top 10 for cities adding on the most debt, according to a WalletHub study.
3. Lakeland, Florida
Foreclosure filing rate in this metropolitan area: 1 in every 624 housing units during the first quarter of 2024
An analysis from website GoBankingRates reports that this Polk County community is one of the cities in Florida most likely to be hit with a housing crisis. Lakeland also been rated as one of the most overpriced housing markets in the nation.
2. Spartanburg, South Carolina
Foreclosure filing rate in this metropolitan area: 1 in every 597 housing units during the first quarter of 2024
Spartanburg is a seller’s market, with one-bedroom homes seeing a 108.7% increase in selling price between March 2023 and March 2024, according to Rocket Homes. Personal debt in the area likely isn’t helping with the foreclosure rate, and nearly 40% of Spartanburg County residents had debt in collections in early 2024, the website Stacker says.
1. Columbia, South Carolina
Foreclosure filing rate in this metropolitan area: 1 in every 569 housing units during the first quarter of 2024
Unfortunately, the state capital of South Carolina was also in Attom’s list of cities with the highest foreclosure rates in 2022 and 2023. Still, the cost of a home in Columbia is less than the national average.
Add a Comment