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ATTOM: Foreclosure starts increase in first half of 2023

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Market Data
Friday, July 14, 2023

Property data curator ATTOM released its Midyear 2023 U.S. Foreclosure Market Report, which shows there were a total of 185,580 U.S. properties with foreclosure filings in the first six months of 2023.

That figure is up 13 percent from the same period a year ago and up 185 percent from the same time period two years ago.

“Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,” Rob Barber, CEO for ATTOM, stated in a release. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”

States that saw the greatest increase in foreclosure activity compared with a year ago included Maryland (up 100 percent); Oregon (up 99 percent); Alaska (up 95 percent); West Virginia (up 83 percent); and Arkansas (up 72 percent).

Nationwide, 0.13 percent of all housing units (one in every 752) had a foreclosure filing in the first half of 2023.

States with the highest foreclosure rates were Illinois (0.25 percent of housing units with a foreclosure filing); New Jersey (0.24 percent); Maryland (0.23 percent); Delaware (0.23 percent); Ohio (0.20 percent).; South Carolina (0.19 percent); Florida (0.19 percent); Nevada (0.19 percent); Indiana (0.18 percent); and Connecticut (0.16 percent).

Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2023 were Cleveland (0.33 percent of housing units with foreclosure filings); Atlantic City, N.J. (0.33 percent); Fayetteville, N.C. (0.30 percent); Columbia, S.C. (0.29 percent); Lakeland, Fla. (0.29 percent);Chicago (0.28 percent); Jacksonville, Fla. (0.26 percent); Florence, S.C. (0.26 percent); Philadelphia (0.25 percent); and Elkhart, Ind. (0.25 percent).

A total of 135,065 U.S. properties started the foreclosure process in the first six months of 2023, up 15 percent from the first half of last year and up 36 percent from the first half of 2020.

States that saw the greatest number of foreclosure starts included California (14,217 foreclosure starts); Florida (13,837); Texas (13,419); New York (8,772); and Illinois (7,995).

Lenders foreclosed (REO) on 22,672 properties, up 9 percent from the first half of 2022 and up 133 percent from the first half of 2021, but down 40 percent from the first half of 2020.

States that posted the greatest number of REOs included Michigan (2,423 REOs); Illinois (2,059 REOs); Pennsylvania (1,420 REOs); California (1,362 REOs); and New York (1,350 REOs). 

There were 97,608 U.S. properties with foreclosure filings during the second quarter, up 2 percent from the previous quarter and up 8 percent from a year ago.

The national foreclosure activity total in the second quarter was 65 percent below the pre-recession average of 278,912 per quarter from first quarter 2006 to third quarter 2007.

Second quarter foreclosure activity was below pre-recession averages in 173 out 223 (78 percent) metro statistical areas with a population of at least 200,000 and sufficient historical foreclosure data, including New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Calif., Phoenix, and Detroit.

Metro areas with second quarter foreclosure activity above pre-recession averages included Honolulu; Richmond, Va.; Baltimore; Virginia-Beach, Va.; Albany, N.Y.; and Montgomery, Ala.

Properties foreclosed in the second quarter had been in the foreclosure process an average of 1,212 days, the highest number of average days to foreclose since first quarter 2018. That figure was up 28 percent from the previous quarter and up 28 percent from second quarter 2022.

States with the longest average foreclosure timelines in the second quarter were Michigan (2,601 days); Louisiana (2,252 days); New York (1,966 days); Hawaii (1,934 days); and Kentucky (1,921 days).

States with the shortest average foreclosure timelines were Wyoming (104 days); Minnesota (145 days); Montana (160 days); Texas (162 days); and Missouri (170 days).

 

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