US foreclosures begin, reach pre-pandemic levels nationwide

Illinois, Delaware When south carolina It had the highest foreclosure rate.
Completed foreclosures up 28% from last month

irvine, california, September 8, 2022 /PRNewswire/ — ATTOM, the leading curator of real estate data for national land and property data, today announced that August 2022 A total of 34,501 U.S. properties with foreclosure applications (default notices, scheduled auctions, or bank foreclosures) were up 14% from a month ago, according to the U.S. Foreclosure Market Report. 118% increase from

Foreclosure initiations reach pre-pandemic levels nationwide

Lenders have initiated the foreclosure process on 23,952 US properties. August 2022up 12 percent from last month and 187 percent from a year ago.

“Two years after the onset of the COVID-19 pandemic and after massive government intervention and the mortgage industry’s efforts to prevent defaults, foreclosure initiations have largely returned to 2019 levels,” it said. rice field. Rick Sharga, ATTOM’s Executive Vice President of Market Intelligence. “August foreclosure openings were 86% of the number of foreclosure openings in 2018. August 2019, but it’s important to remember that even then, foreclosure activity was relatively low compared to historical averages. ”

States with at least 100 foreclosures August 2022 And we’ve seen the largest monthly increases in foreclosure starts include: Oklahoma (80% increase); Tennessee (74% increase); Virginia (64% increase); Arkansas (53% increase); and Washington (50% up).

Looking more closely, the counties with the highest number of foreclosures were: August 2022 Included: Cook County, Illinois (798 Foreclosure Start); Los Angeles County, California (740 Foreclosure Start); Harris County, Texas (465 Foreclosure Start); Suffolk County, New York (297 Foreclosure Start); and Riverside County, California (280 Foreclosure Start).

Illinois, Delaware When south carolina had the highest foreclosure rate

1 in 4,072 homes nationwide has been filed for foreclosure. August 2022The state with the highest foreclosure rate is Illinois (1 for every 1,926 housing units with foreclosure applications); Delaware (1 out of 2,387 units); south carolina (1 in 2,417 homes); new jersey (1 in 2,441 homes); and florida (1 in 2,950).

Among the 223 metropolitan statistical districts with a population of 200,000 or more, the highest foreclosure rates are: August 2022 It was Peoria, Illinois (1 for every 869 homes with foreclosure applications); Jacksonville, North Carolina (1 in 968); bakersfield, california (1 in 1,454 units); South Bend, Indiana (1 in 1,478); and rockford, illinois (1 in 1,496 units).

Worst foreclosure rates in metropolitan areas of over 1 million people August 2022 It was: Cleveland, Ohio (1 in 1,820); Chicago, Illinois (1 in 1,877 units); jacksonville, florida (1 in 2,074); riverside, california (1 in 2,091); and orlando, florida (1 in 2,445 homes).

Foreclosure completions up 28% from last month

Lenders have repossessed 3,938 US properties through Foreclosure Completed (REO). August 2022up 28 percent from last month and 59 percent from last year.

“Foreclosures are likely to remain below pre-pandemic levels for a number of reasons, most importantly, more than 90% of borrowers in foreclosures have positive equity in their homes and lose everything. Rather than risking it, it means profiting from selling these properties at a profit: a foreclosure auction or a lender’s foreclosure,” Sharga said.

States with the most REOs April 2022included: Illinois (493 REO); New York (337 REO); Michigan (326 REO); pennsylvania (260 REO); and California (189 REO).

Among metropolitan statistical areas (MSAs) with over one million inhabitants, the highest monthly REO growth rates were: August 2022It was: Kansas City, Missouri (967% increase); new york, new york (90% increase); Philadelphia, Pennsylvania (28% increase); and Detroit, Michigan (up 23%).

Reporting method

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, interim, 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.

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, deed, mortgage, foreclosure, environmental risk, natural disaster, and neighborhood data for over 155 million U.S. residential and commercial properties covering 99% of the U.S. population It has turned into. A rigorous data management process involving more than 20 steps validates, standardizes and enriches property data collected by ATTOM, assigning a permanent and unique ID (ATTOM ID) to each property record. The 30 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:
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