Foreclosures begin, highest number of bank foreclosures in two years, but still well below normal levels
IRVINE, CA — April 21, 2022 — ATTOM, the U.S.’s most comprehensive licensor of foreclosure data and the parent company of RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosures and distressed properties, today announced the first quarter 2022 U.S. Foreclosure Market. published a report. Foreclosure filings in Q1 2022 increased 39% from the previous quarter and 132% from the same period last year.
The report also shows a total of 33,333 US properties with foreclosure applications filed in March 2022. This is an increase of 29 percent from the previous month and 181 percent from the previous year, marking the 11th consecutive month of year-over-year increases in U.S. foreclosure activity.
Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, said: “However, despite a significant year-on-year increase in foreclosure initiations and bank remands, foreclosure activity was about Only 57% running. Pandemic.”
Foreclosures begin to rise in all 50 states
A total of 50,759 US properties began the foreclosure process in Q1 2022. This was up 67% from the previous quarter and up 188% from the year-ago quarter.
The states with the highest number of foreclosure initiations in Q1 2022 were California (5,378 foreclosure initiations), Florida (4,707 foreclosure initiations), Texas (4,649 foreclosure initiations), and Illinois (3,534 foreclosure initiations). foreclosure initiations), and Ohio (3,136 foreclosure initiations).
Major cities with the highest number of foreclosure initiations in Q1 2022 include Chicago, Illinois (3,101 foreclosure initiations), New York, NY (2,580 foreclosure initiations), Los Angeles, California (1,554 foreclosure initiations), and Texas. Houston (1,431 foreclosures initiated), Philadelphia, Pennsylvania (1,375 foreclosures initiated).
Highest Foreclosure Rates in Illinois, New Jersey, and Ohio
Nationwide, one in every 1,795 residential units was foreclosed in the first quarter of 2022. The state with the highest foreclosure rate was Illinois (1 in 791 homes had a foreclosure). New Jersey (1 in 792). Ohio (1 in every 991 housing units); South Carolina (1 in 1,081 units). and Nevada (1 in 1,090 homes).
Among 223 metropolitan statistical areas with a population of 200,000 or more, Cleveland, Ohio (1 in 535 homes) had the highest foreclosure rate in Q1 2022. Atlantic City, New Jersey (1 in 600). Jacksonville, North Carolina (1 in 633). Rockford, Illinois (1 in 634); Columbia, South Carolina (1 in 672).
Other major cities with a population of one million or more and with the top 20 foreclosure rates in the nation include Cleveland, Ohio, which ranks first, Chicago, Illinois, which ranks sixth, Detroit, Michigan, which ranks tenth, and Las Vegas, Nevada. I was 10th. No. 13, Jacksonville, Florida where he is No. 16.
Bank foreclosures up 41% from last quarter
Lenders repossessed 11,824 US properties through foreclosures (REOs) in the first quarter of 2022, up 41% from the previous quarter and up 160% from the same period last year.
The state with the highest number of REOs in Q1 2022 was Michigan (1,592 REOs). Illinois (1,288 REO); Florida (673 REO); California (655 REO); and Pennsylvania (639 REO).
Average time to foreclosure decreased 3% from the previous quarter
Property foreclosed in Q1 2022 was on average 917 days in the foreclosure process, down slightly from 941 days in the previous quarter and down 1% from 930 days in Q1 2021.
Hawaii (2,578 days) had the longest average foreclosure duration for homes that were foreclosed in Q1 2022. Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days).
The state with the shortest average foreclosure timeline for homes foreclosed in Q1 2022 was Montana (133 days). Mississippi (146 days); West Virginia (197 days); Wyoming (226 days); Minnesota (228 days).
Overview of foreclosure activity in March 2022
“March foreclosure activity was at its highest level in exactly two years since March 2020, when there were approximately 47,000 foreclosure applications across the country,” Sharga added. “While strong month-over-month and year-over-year growth is likely to continue through the second quarter of 2022, foreclosures will not reach historically normal levels until at least the end of the year. As long as it doesn’t get worse.”
- As of March 2022, 1 in 4,215 properties nationwide had been foreclosed.
- The state with the highest foreclosure rate in March 2022 was Illinois (1 in 1,825 homes foreclosed). New Jersey (1 in every 2,022 housing units); South Carolina (1 in 2,299 housing units). Delaware (1 in 2,579 homes). and Ohio (1 in 2,604 homes).
- 22,360 US properties began foreclosure processes in March 2022, up 35% from the previous month and up 248% from March 2021.
- Lenders have completed the foreclosure process on 4,406 US properties in March 2022. This is a 67% increase from the previous month and a 180% increase from March 2021.
US Foreclosure Market Data by State – Q1 2022
| Rating rank | state name | Total property with filing | Per 1/X HU (foreclosure rate) | %∆ Q4 2021 | %∆ Q1 2021 |
| we | 78,271 | 1,795 | 39.34 | 132.27 | |
| 18 | Alabama | 1,143 | 2,002 | 68.83 | 78.87 |
| 44 | Alaska | 52 | 6,106 | -17.46 | -32.47 |
| 15 | Arizona | 1,656 | 1,861 | 165.38 | 134.23 |
| 34 | Arkansas | 441 | 3,096 | 31.25 | 143.65 |
| 12 | California | 8,243 | 1,746 | 31.80 | 119.64 |
| 32 | colorado | 830 | 3,002 | 162.66 | 385.38 |
| 14 | connecticut | 824 | 1,857 | 26.38 | 120.32 |
| 6 | Delaware | 386 | 1,163 | 29.97 | 51.97 |
| District of Columbia | 47 | 7,455 | 0.00 | 147.37 | |
| 8 | Florida | 8,147 | 1,211 | 0.85 | 92.87 |
| Ten | Georgia | 2,592 | 1,702 | 55.58 | 123.64 |
| 30 | Hawaii | 194 | 2,892 | -0.51 | 84.76 |
| 43 | Idaho | 125 | 6,015 | 16.82 | 111.86 |
| 1 | Illinois | 6,861 | 791 | 17.99 | 178.45 |
| 7 | Indiana | 2,415 | 1,210 | 58.05 | 100.58 |
| 16 | Iowa | 728 | 1,941 | 34.32 | 78.00 |
| 40 | Kansas | 270 | 4,725 | 74.19 | 147.71 |
| 41 | kentucky | 417 | 4,783 | 18.13 | 7.75 |
| twenty two | Louisiana | 907 | 2,286 | 52.18 | 18.72 |
| 17 | maine | 373 | 1,981 people | 23.10 | 81.07 |
| 11 | Maryland | 1,483 | 1,707 | 21.16 | 132.45 |
| 35 | Massachusetts | 966 | 3,104 | 14.59 | 68.29 |
| 9 | Michigan | 3,205 | 1,426 | 190.57 | 490.24 |
| 37 | Minnesota | 773 | 3,215 | 72.93 | 170.28 |
| 33 | Mississippi | 433 | 3,048 | 86.64 | 73.20 |
| twenty four | Missouri | 1,151 | 2,421 | 68.03 | 75.73 |
| 45 | Montana | 77 | 6,686 | 71.11 | 97.44 |
| 36 | Nebraska | 267 | 3,162 | 190.22 | 178.13 |
| Five | Nevada | 1,175 | 1,090 | 22.91 | 487.50 |
| 38 | new hampshire | 193 | 3,310 | 47.33 | 96.94 |
| 2 | new jersey | 4,752 | 792 | 69.29 | 311.79 |
| twenty five | new mexico | 376 | 2,502 | 15.69 | 44.06 |
| 26 | New York | 3,215 | 2,640 | 25.54 | 261.64 |
| 20 | north carolina | 2,265 | 2,079 | 38.03 | 102.59 |
| 47 | north dakota | 35 | 10,590 | -65.00 | -12.50 |
| 3 | Ohio | 5,289 | 991 | 46.31 | 154.16 |
| 13 | Oklahoma | 956 | 1,827 | 49.84 | 111.50 |
| 46 | Oregon | 239 | 7,589 | 143.88 | 95.90 |
| twenty one | pennsylvania | 2,702 | 2,125 | 61.70 | 102.09 |
| 39 | rhode island | 141 | 3,429 | -20.79 | 147.37 |
| Four | south carolina | 2,170 | 1,081 | 76.42 | 158.95 |
| 50 | south dakota | twenty two | 17,724 | 10.00 | -8.33 |
| 28 | Tennessee | 1,084 | 2,797 | 49.52 | 125.36 |
| twenty three | texas | 4,982 | 2,326 | 36.61 | 130.33 |
| 19 | Utah | 558 | 2,063 | 67.57 | 71.17 |
| 49 | Vermont | twenty four | 13,930 | 9.09 | 200.00 |
| 29 | Virginia | 1,287 | 2,811 | 45.75 | 118.88 |
| 42 | Washington | 645 | 4,965 | 38.71 | 109.42 |
| 48 | west virginia | 79 | 10,831 | 125.71 | 119.44 |
| 27 | Wisconsin | 983 | 2,775 | 30.54 | 42.26 |
| 31 | wyoming | 93 | 2,924 | 43.08 | 14.81 |
Report methodology
The ATTOM US Foreclosure Market report shows the total number of properties with at least one foreclosure application entered into the ATTOM data warehouse during the month and quarter. Some of the foreclosure claims entered into the database during the quarter may have been recorded in the previous quarter. Data are collected from his more than 3,000 counties nationwide, which make up more than 99% of his population in the United States. ATTOM’s report incorporates documents filed at all three stages of foreclosure. Default — Notice of Default (NOD) and Lis Pendens (LIS); auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS). Property owned, or REO property (foreclosed and repurchased by bank). For annual, mid-year, and quarterly reports, if multiple types of foreclosure documents were received for a single property during the period, only the most recent submission will be included in the report. Annual, mid-year, quarterly, and monthly reports all check to see if the same type of document has been previously filed against the property. If so, and if the previous filing was within the estimated foreclosure period for the state in which the property is located, the report will not count the property for the current year, quarter, or month.
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About Atom
ATTOM provides foreclosure data licenses that empower a variety of corporate industries including real estate, insurance, marketing, government and mortgages. ATTOM draws on more than 155 million U.S. residential and commercial properties, covering 99% of the U.S. population, from 3,000 counties’ property tax, deed, mortgage, environmental risk, natural disaster, and neighborhood data. getting the source.
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