Foreclosure Activity
Foreclosures Rates Highest in Illinois, New Jersey and Ohio By ATTOM Staff ATTOM, a leading curator of real estate data nationwide for land and property data, released its Midyear 2022 U.S. Foreclosure Market Report, which shows there were a total of 164,581 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2022. That figure is up 153% from the same time period a year ago but down just 1% from the same time period two years ago. “Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023.” Illinois, New Jersey and Ohio post highest state foreclosure rates Nationwide, 0.12% of all housing units (one in every 854) had a foreclosure filing in the first half of 2022. States with the highest foreclosure rates in the first half of 2022 were: » Illinois (0.26% of housing units with a foreclosure filing) » New Jersey (0.24%) » Ohio (0.21%) » Delaware (0.20%) » South Carolina (0.19%) Other states with first-half foreclosure rates among the 10 highest nationwide, were: » Florida (0.18%) » Nevada (0.18%) » Indiana (0.16%) » Georgia (0.13%) » Michigan (0.13%) Highest metro foreclosure rates in Cleveland, Atlantic City and Jacksonville Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2022 were: » Cleveland, Ohio (0.40% of housing units with foreclosure filings) » Atlantic City, N.J. (0.33%) » Jacksonville, N.C. (0.31%) » Chicago, Ill. (0.30%) » Columbia, S.C. (0.30%) Other metro areas with foreclosure rates ranking among the top 10 highest in the first half of 2022 were: » Rockford, Ill. (0.30% of housing units with a foreclosure filing) » Lakeland, Fla. (0.27%) » Akron, Ohio (0.24%) » Fayetteville, N.C. (0.24%) » Trenton, N.J. (0.23%) Foreclosure starts up 219% from last year A total of 117,383 U.S. properties started the foreclosure process in the first six months of 2022, up 219% from the first half of last year and up 19% from the first half of 2020. States that saw the greatest number of foreclosures starts in the first half of 2022 included: » California (12,805 foreclosure starts) » Florida (11,448 foreclosure starts) » Tennessee (10,970 foreclosure starts) » Illinois (8,411 foreclosure starts) » Ohio (6,987 foreclosure starts) “It’s important to note that many of the foreclosure starts we’re seeing today – in fact, much of the overall foreclosure activity we’re seeing right now – is on loans that were either already in foreclosure or were more than 120 days delinquent prior to the pandemic,” Sharga added. “Many of these loans were protected by the government’s foreclosure moratorium, or they would have already been foreclosed on two years ago. There’s very little delinquency or default activity that’s truly new in the numbers we’re tracking.” Foreclosure Activity High-Level Takeaways Nationwide in June 2022, one in every 4,431 properties had a foreclosure filing. States with the highest foreclosure rates in June 2022 were: » Illinois (one in every 2,096 housing units with a foreclosure filing) » Delaware (one in every 2,117 housing units) » Ohio (one in every 2,386 housing units) » Nevada (one in every 2,408 housing units) » South Carolina (one in every 2,471 housing units) 22,239 U.S. properties started the foreclosure process in June 2022, up 1% from the previous month and up 226% from a year ago. Lenders completed the foreclosure process on 3,239 U.S. properties in June 2022, up 13% from the previous month and up 40% from a year ago.
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