US foreclosure activity to drop 4% in July 2022

Foreclosure starts are down 4% from last month.
Completed foreclosures are also down 5% from last month

irvine, california, August 9, 2022 /PRNewswire/ — ATTOM, the leading curator of real estate data for national land and property data, today announced that July 2022 A total of 30,358 U.S. properties with foreclosure claims (notices of default, scheduled auctions, or bank foreclosures) are down 4% from a month ago, according to the U.S. Foreclosure Market Report. compared to a year ago, up 143%.

“While it is encouraging to see both foreclosure starts and completions drop a bit in July, it is also worth noting that there may be some seasonality affecting the numbers,” he said. rice field. Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence. “In eight of the last ten years, foreclosure activity in the third quarter was lower than in the previous quarter, suggesting a return to a more normal seasonal pattern of delinquencies and defaults.”

Delaware, Illinois When New Jersey had the highest foreclosure rate

1 in 4,628 homes nationwide has been filed for foreclosure. July 2022The state with the highest foreclosure rate is Delaware (1 for every 2,127 housing units with foreclosure applications); Illinois (1 in 2,334 homes); new jersey (1 in 2,564); Nevada (1 in 2,609 homes); and south carolina (1 in 2,976).

Among the 223 metropolitan statistical areas with a population of 200,000 or more, the highest foreclosure rates are: July 2022 It was Elkhart, Indiana (1 out of 1,592 homes with foreclosure applications); Davenport, Iowa (1 in 1,626); Fayetteville, North Carolina (1 in 1,673 units); Cleveland, Ohio (1 in 1,757); and Atlantic City, New Jersey (1 in 1,886 units).

The lowest foreclosure rates in metropolitan areas of over 1 million people are: July 2022 include Cleveland, Ohio It was: Chicago, Illinois (1 in 2,082 units); Las Vegas, Nevada (1 in 2,190); riverside, california (1 in 2,431); and Philadelphia, Pennsylvania (1 in 2,519 homes).

Number of foreclosures initiated monthly increases in 21 states

Lenders have initiated the foreclosure process on 21,428 US properties. July 2022down 4% from last month, but up 226% from a year ago.

States with at least 100 foreclosures July 2022 And we’ve seen monthly increases in foreclosure starts include: Michigan (up 42%); Massachusetts (up 39%); Iowa (up 26%); Wisconsin (25% increase); and Indiana (up 22%).

“Some states appear to be still lagging behind in processing foreclosures on loans that were severely delinquent prior to the pandemic, which explains the year-over-year surge in foreclosure initiations.” delinquencies continue to be lower than normal, so it will be interesting to see if foreclosure initiations are significantly reduced once these older loans re-enter the foreclosure process.”

In metropolitan areas with populations over 200,000, the highest number of foreclosures was July 2022 Included: new york, new york (1,380 foreclosure starts); Chicago, Illinois (1,247 foreclosures initiated); Los Angeles, California (678 Foreclosure Start); miami, florida (666 Foreclosure Start); and Philadelphia, Pennsylvania (652 Foreclosure Initiation).

Foreclosure completions down 5% from last month

Lenders have repossessed 3,068 U.S. real estate through complete foreclosure (REO). July 2022down 5% from last month, but up 27% from last year.

States with monthly REO increases, contrary to national trends, are: July 2022included: Maryland (up 147%); Hawaii (58% increase); north dakota (up 38%); Massachusetts (38% increase); and Michigan (up 27%).

States with the most REOs July 2022included: Illinois (359 REO); pennsylvania (185 REO); Ohio (184 REO); Michigan (182 REO); and New York (167 REO).

Major Metropolitan Statistical Areas (MSAs) with more than 1 million inhabitants with the highest number of REOs July 2022 Included: Chicago, Illinois (270 REO); new york, new york (90 REO); Philadelphia, Pennsylvania (89 REO); Detroit, Michigan (82 REO); and Birmingham, Alabama (66 REO).

How to report

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. In that case, and if the previous filing was within the 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.

About Atom

ATTOM provides premium real estate data to power products that improve transparency, innovation, efficiency and disruption in the data-driven economy. ATTOM multi-sources property tax, deeds, mortgages, foreclosures, environmental risks, natural disasters, and neighborhood data for over 155 million U.S. residential and commercial properties covering 99% of the U.S. population. I’m here. A rigorous data management process involving more than 20 steps validates, standardizes and enriches the property data collected by ATTOM and assigns a permanent and unique ID (ATTOM ID) to each property record. The 20 TB ATTOM data warehouse serves many industries including mortgages, real estate, insurance, marketing, and government through flexible data delivery solutions including bulk file licensing, real estate data APIs, real estate market trends, real estate reports, and more. Promote innovation. It also introduces ATTOM Cloud, the latest innovative solution that provides instant access and streamlines data management.

Media contact:
Christine Stricker
[email protected]

Data and Reporting License:
[email protected]

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