According to ATTOM’s Mid-2022 Foreclosure Market Report, conducted nationwide in June 2022, 1 in 4,431 properties has been filed for foreclosure. According to the report, the state with the highest foreclosure rate in June 2022 was Illinois (one for every 2,096 residential units he had foreclosed on). Delaware (1 in 2,117 homes). Ohio (1 in 2,386 homes). Nevada (1 in 2,408 homes). and South Carolina (1 for every 2,471 residential units).
In June 2022, 22,239 US properties began the foreclosure process, according to ATTOM’s latest foreclosure activity analysis. This number is up 1% from the previous month and up 226% from a year ago. The report also noted that the lender completed the foreclosure process on his 3,239 US properties in June 2022. That number is up 13% from the previous month and up 40% from a year ago.
In this post, we take a deep dive into the data behind the ATTOM 2022 Interim Foreclosures Report, revealing the top 10 U.S. counties with the highest foreclosure rates in June 2022. Foreclosure rates for June 2022 include: Cuyahoga County, Ohio (1 in 945 homes). Madison County, Illinois (1 in 1,049 homes). Dorchester County, South Carolina (1 in 1,242 homes). Cumberland County, New Jersey (1 in 1,328 homes). Hardin County, Kentucky (1 in 1,333 homes). Rock Island County, Illinois (1 in 1,335). Bunderborough County, Indiana (1 in 1,449 homes). Camden County, New Jersey (1 in 1,467 units). Winnebago County, Illinois (1 in 1,470 homes).
And according to ATTOM’s latest foreclosure market report, there were a total of 90,139 US properties foreclosed foreclosures in Q2 2022. That number is up 15% from the previous quarter and up 165% from a year ago. Total national foreclosure activity in the second quarter of 2022 will be 68% below the pre-recession average of 278,912 cases per quarter from the first quarter of 2006 to the third quarter of 2007, according to the report. The quarter marked the 23rd consecutive quarter in which foreclosure activity was below the pre-recession average.
At the metropolitan area level, foreclosure activity in the second quarter was below the pre-recession average in 79% of metropolitan areas with populations greater than 200,000 and sufficient historical foreclosure data. These regions include New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix and Detroit. The report mentions metropolitan areas where foreclosures were above pre-recession averages in the second quarter, including Honolulu, Richmond, Virginia Beach, Albany and Montgomery.
ATTOM’s Mid-2022 Foreclosure Report also includes comments from Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence. Activity remains well below historical averages, but a dramatic increase in foreclosure initiations suggests a return to normal levels is likely by early 2023. ”
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