U.S. Foreclosure Auction Trends: Insights from Q2 2024*

As the real estate market experiences fluctuations, foreclosure activities have become a focal point for many investors and homeowners alike. In the second quarter of 2024, there has been a notable increase in completed foreclosure auctions across the United States. This trend can offer both challenges and opportunities for those involved in foreclosure recovery, like our team at National Overages Finders Alliance (NOFA).

### Which States Are Leading in Completed Foreclosures?

Among all states, New York holds the top spot for completed foreclosure auctions in mid-2024, with 377 repossessed properties. California closely follows with 370 properties, and Illinois ranks third with 221 completed foreclosures. These figures reflect the impact of economic pressures, such as rising unemployment and inflation, that continue to affect homeowners across the country.

While New York leads in completed foreclosures, other states have high foreclosure rates. Delaware, Nevada, and Utah are facing some of the highest foreclosure rates nationally, which may point to future surges in completed auctions.

### A Growing National Trend

In July 2024 alone, foreclosure filings surged by 15%, with nearly 32,000 properties across the U.S. facing foreclosure action. Lenders initiated foreclosure proceedings on over 21,000 properties, highlighting a potential shift in the market. This rise in foreclosure activity aligns with growing financial pressures on households, despite the overall increase in home equity due to higher property value.

### NOFA’s Role in Recovery

At NOFA, we specialize in helping homeowners recover funds from overages that result from foreclosure auctions. As states like New York and California see higher foreclosure completions, many homeowners are left with excess funds that they may not even be aware of. We’re here to assist in the recovery process, ensuring that those affected can claim the funds rightfully owed to them.

As the housing market continues to evolve, NOFA remains committed to guiding clients through the complexities of foreclosure and overage recovery. Whether you're facing foreclosure or seeking to recover funds, we're here to support you every step of the way.

If you’re interested in learning more about how we can assist you in recovering overages from a completed foreclosure auction, schedule a consultation with us today.