Foreclosure Applications Surge After CFPB Limit Expires – NMP

According to ATTOM’s January 2022 U.S. Foreclosure Market Report, foreclosure filings increased 29% from a month ago and 139% from a year ago, with a total of 23,204 U.S. properties having foreclosure applications.

“The rise in levels of foreclosure activity in January was not surprising,” said Rick Sharga, executive vice president of ATTOM’s RealtyTrac. “Foreclosures typically slow down during the November and December holidays and pick up after the start of the year. There was an increase in December.”

Foreclosure completions are on the rise, with lenders repossessing 4,784 U.S. properties through REOs in January 2022, up 57% from last month and 235% from last year, marking the seventh consecutive month of foreclosure completions. is increasing each year. .

The state with at least 100 REOs and the largest monthly increase was Michigan (up 622%). Georgia (up 163%); Texas (up 98%); Tennessee (up 50%); and Alabama (up 44%). Meanwhile, the metropolitan areas of over 200,000 with the highest number of REOs include: Detroit, Michigan (1,013 REO). Chicago, IL (210 REO); New York, NY (129 REO); Miami, FL (113 REO); and Philadelphia, PA (107 REO).

“Keeping these numbers in context is very important,” Sharga said. “Foreclosure completions remain well below normal levels, less than half of what they were in January 2020, before the pandemic was declared, and about 60% fewer than the number of foreclosure completions in 2019. A big year is likely to follow, with year-on-year increases for the remainder of the year, but foreclosure activity likely to remain below historically normal levels through the end of 2022.”

The state with the highest foreclosure rate was New Jersey (1 for every 2,336 residential units with foreclosure filings). Illinois (1 in 2,740 homes). Nevada (1 in 3,119 homes). Michigan (1 for every 3,127 housing units). and Ohio (1 in 3,251 homes).

The highest foreclosure rates in metropolitan areas with a population of 200,000 or more were: Atlantic City, NJ (1 in 1,564 units). Cleveland, Ohio (1 in 1,659 homes). Columbia, South Carolina (1 in 1,921 homes). Trenton, NJ (1 in 2,299 homes).

Lenders have begun the foreclosure process on 11,854 US properties in January 2022. That’s a 29% increase from last month and a 126% increase from last year. The states with the highest number of foreclosure starts in January were: Florida (1,238 foreclosures initiated). California (1,226 foreclosures initiated); Texas (1,003 foreclosures initiated); Illinois (757 foreclosures initiated); and Ohio (665 foreclosures initiated).

The metropolitan areas (with at least 200,000 residents and over 100 foreclosures) with the highest year-on-year growth in foreclosure initiations in January 2022 are: Detroit, Michigan (up 298%), San Antonio, Texas (up 291%), Jacksonville, FL (up 259%), Miami, FL (up 242%).

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