There were a total of 19,479 properties with foreclosure filings in November, according to an
ATTOM report. November foreclosures were down 5 percent month-over-month but up 94 percent year-over-year, according to the report.
“After an initial surge following the end of the government’s moratorium, it appears that foreclosure activity may be slowing down as we move towards the end of the year,” RealtyTrac Executive Vice President Rick Sharga said in a release. RealtyTrac is an ATTOM company. “Despite concerns about a pandemic-driven wave of defaults, mortgage delinquency rates and foreclosure starts have continued to decline due to government and industry programs, and a recovering U.S. economy.”
Nationwide, one in every 7,055 housing units had a foreclosure filing in November. States with the highest foreclosure rates were Illinois (one in every 3,187 homes with a foreclosure filing); Florida (one in every 3,319); Ohio (one in every 3,669); Delaware (one in every 3,800); and New Jersey (one in every 4,096).
Among the metro areas with a population of at least 200,000, those with the highest foreclosure rates were Cleveland (one in every 1,746 homes with a foreclosure filing); Lakeland, Fla. (one in every 2,345 housing units); Ocala, Fla. (one in every 2,485 housing units); Savannah, Ga. (one in every 2,618 housing units); and Miami (one in every 2,626 housing units).
Those metro areas greater than 1 million with the worst foreclosure rates in November, including Cleveland and Miami, were: Chicago (one in every 2,644 housing units); Jacksonville, Fla. (one in every 2,733); and Orlando, Fla. (one in every 3,536 housing units).
Lenders started the foreclosure process on 10,471 properties in November, down 3 percent from October but up 99 percent from a year ago.
“The fact that foreclosure starts declined despite hundreds of thousands of borrowers exiting the CARES Act mortgage forbearance program over the last few months is very encouraging,” Sharga said. “It suggests that the ‘forbearance equals foreclosure’ narrative was incorrect, and that the efforts of the government and the mortgage servicing industry have prevented potentially millions of unnecessary foreclosures from happening due to COVID-19.”
States with at least 100 foreclosure starts in November that saw the greatest monthly decreases in foreclosure starts included North Carolina (down 46 percent); New Jersey (down 31 percent); Washington (down 28 percent); Tennessee (down 28 percent); and Nevada (down 22 percent).
Those major metro areas with a population greater than 200,000 that had the greatest number of foreclosure starts in November included New York (664); Miami (494); Los Angeles (441); Houston (384); and Chicago (335).
Lenders repossessed 2,292 U.S. properties through completed foreclosures (REOs) in November 2021, down 24 percent from last month, the first monthly decrease since May 2021, but up 14 percent from last year. States that had the greatest number of REOs in November included Illinois (248 REOs); California (178 REOs); Florida (167 REOs); Pennsylvania (132 REOs); and Michigan (130 REOs).
Those major metro areas with a population of at least 200,000 that saw the greatest number of REOs in November included Chicago (158 REOs); New York (68 REOs); Detroit (54 REOs); Philadelphia (51 REOs); and Baltimore (50 REOs).