The report stated that Delaware, Illinois, and New Jersey posted the highest foreclosure rates last month.
“Nationwide one in every 4,320 housing units had a foreclosure filing in May 2024. States with the highest foreclosure rates were New Jersey (one in every 1,939 housing units with a foreclosure filing); Illinois (one in every 2,362 housing units); Delaware (one in every 2,595 housing units); Connecticut (one in every 2,600 housing units); and Florida (one in every 2,638 housing units),” the report said.
Among the 224 metropolitan statistical areas with a population of at least 200,000, the following areas have recorded the highest foreclosure rates in May:
- Longview, TX (one in every 1,162 housing units with a foreclosure filing)
- Trenton, NJ (one in every 1,471 housing units)
- Atlantic City, NJ (one in every 1,569 housing units)
- Lakeland, FL (one in every 1,584 housing units)
- Bakersfield, CA (one in every 1,685 housing units)
Meanwhile, the metropolitan areas with a population higher than one million with the “worst” foreclosure rates in May 2024 were:
- Chicago, IL (one in every 2,015 housing units)
- Philadelphia, PA (one in every 2,143 housing units)
- Riverside, CA (one in every 2,216 housing units)
- Jacksonville, FL (one in every 2,267 housing units)
- Las Vegas, NV (one in every 2,361 housing units)
On the other hand, the states of Florida, Texas, and California are leading when it comes to the greatest numbers of foreclosures, according to the report. The report also noted that foreclosure completion numbers decreased slightly from last month – 1% lower compared to April 2024 and 24% lower compared to the same month last year.
