California leads U.S. in the number of home foreclosures, an alarming sign in housing market

Additionally, California saw 370 completed foreclosures, marking a 14 percent increase from the previous month.Photo byRobin Jonathan DeutschonUnsplash

California continues to be a focal point in the U.S. foreclosure landscape, as the latest July 2024 U.S. Foreclosure Market Report from ATTOM highlights. The state recorded 2,342 foreclosure starts, leading the nation alongside Florida and Texas in this category. Additionally, California saw 370 completed foreclosures, marking a 14 percent increase from the previous month, ATTOM stated.

The Riverside metropolitan area, with one in every 2,556 housing units facing foreclosure, ranks among the hardest-hit regions for major metro areas. Los Angeles, with 689 foreclosure starts and 97 completed foreclosures, also remains a significant area of concern, according to ATTOM.

Rob Barber, CEO at ATTOM, noted that the increase in foreclosure activity could signal growing pressures in certain markets. However, he emphasized that rising home prices continue to boost equity for homeowners, which could offset some of these challenges in the months ahead, he stated.

As California leads in both foreclosure starts and completions, the coming months will be critical for understanding the broader implications for the state's real estate market, ATTOM stated.