Rob Barber, CEO of ATTOM, stated in a release, "While we observe a slight decrease in foreclosure activity in the United States, which may be due to seasonal factors, it must be noted that these fluctuations are part of the cyclical nature of the market."

In November, over 3,200 properties still faced foreclosure, a 5% increase from the same period in 2022. This means that one property out of every 4,347 residential properties applied for the cancellation of mortgage redemption rights in November.

The process of applying for the cancellation of mortgage redemption rights includes default notices, scheduled auctions, and bank repossessions. Most real estate experts expect a repeat of the foreclosure wave that swept the nation during the Great Recession is unlikely.

New laws and requirements from lenders aim to remove the highest-risk mortgage loans and increasing loans from the market. Today, individuals applying for mortgage loans must meet higher qualifications to obtain financing.

Moreover, the current number of homebuyers exceeds the available homes for sale, a situation opposite to that of the 2000s. This has kept housing prices high, and few homeowners are likely to face financial distress. Therefore, even if homeowners experience some financial turbulence, they should be able to sell their homes without losing mortgage redemption rights.

However, this does not mean that some homeowners will not lose their properties. Barber stated, "Looking ahead to 2024, we anticipate that the activity of canceling mortgage redemption rights may rise with the evolution of various economic factors and changes in market dynamics."

Which areas have the highest number of applications for the cancellation of mortgage redemption rights? Homeowners across the country are applying for the cancellation of mortgage redemption rights, with some areas in the Mid-Atlantic region, Ohio, South Carolina, and California facing more challenging situations.

Homeowners in Delaware had the highest proportion of applications for the cancellation of mortgage redemption rights in November, with 1 in every 2,393 households at risk. Following closely were Maryland, with 1 in every 2,537 households at risk; Ohio, with 1 in every 2,656 households at risk; South Carolina, with 1 in every 2,711 households at risk; and New Jersey, with 1 in every 2,834 households at risk.

Bakersfield, California, had the highest number of homeowners applying for the cancellation of mortgage redemption rights in metropolitan areas, with 1 in every 1,595 properties being applied for redemption. Following were Cleveland, with 1 in every 1,818 properties; Canton, Ohio, with 1 in every 1,820 properties; Columbia, South Carolina, with 1 in every 1,922 properties; and Stockton, California, with 1 in every 1,961 properties.

For homeowners, the good news is that only 2,558 transactions involving the cancellation of mortgage redemption rights were completed nationwide in November. Compared to October, the number of homeowners losing their properties decreased by 23%, and it decreased by 32% compared to the same period last year. This indicates some improvement but emphasizes the need to closely monitor real estate market dynamics and future economic trends.