A total of 30,677 U.S. properties had foreclosure filings in November 2022, up 57% from a year ago but down 5% from the prior month, according to a new report from ATTOM.
ATTOM’s Foreclosure Market Report for November 2022 found that nationwide one in every 4,580 housing units had a foreclosure filing. Additionally, lenders repossessed 3,770 properties through completed foreclosures (REOs), down 9% from last month but up 64% from last year.
Key highlights:
- States with the highest foreclosure rates were Illinois (one in every 2,401), Delaware (one in every 2,736), New Jersey (one in every 2,916) South Carolina (one in every 3,195) and Wyoming (one in every 3,237).
- Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in were Cleveland, Ohio (one in every 1,913); Columbia, South Carolina (one in every 1,938); Davenport, Indiana (one in every 2,000); Bakersfield, California (one in every 2,034); and Atlantic City, New Jersey (one in every 2,063).
- Metro areas with a population greater than 1 million with the worst foreclosure rates were Chicago, Illinois (one in every 2,221); Riverside, California (one in every 2,294); and Philadelphia, Pennsylvania (one in every 2,539).
- States that had the greatest number of REOs include Illinois (343), New York (313), Pennsylvania (220), Michigan (210) and Ohio (208).
- Those major metro areas with a population greater than 1 million that saw the greatest number of REOs include Chicago (278); New York, New York (174); Philadelphia, Pennsylvania (103); Detroit, Michigan (77); and Houston, Texas (59).
- Lenders started the foreclosure process on 20,686 properties, down 5% from last month but up 98% from a year ago.
- States that had the greatest number of foreclosure starts again include California (2,244), Texas (2,114), Florida (1,709), New York (1,575), and Illinois (1,243).
- Those major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts include New York, New York (1,593); Chicago (1,028); Houston (685); Miami, Florida (657); and Los Angeles, California (642).
Major takeaway:
“We may be at or near a peak level of foreclosure activity for 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While foreclosure starts and foreclosure completions both increased compared to last year’s artificially low levels, they declined from last month, and lenders often put a moratorium on foreclosures during the holiday season.”
Sharga added, “Foreclosure starts in November nearly doubled from last year’s numbers, but are still just above 80% of pre-pandemic levels. We may continue to see below-normal foreclosure activity, since unemployment rates are still very low, and mortgage delinquency rates are lower than historical averages.”
For the full report, click here.
