ATTOM released its November 2022 U.S. Foreclosure Market Report, which shows a total of 30,677 U.S. properties with foreclosure filings, up 57 percent from a year ago, but down 5 percent from the previous month.
“We may be at or near a peak level of foreclosure activity for 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM, in a release. “While foreclosure starts and foreclosure completions both increased compared to last year’s artificially low levels, they declined from last month, and lenders often put a moratorium on foreclosures during the holiday season.”
Nationwide, one in every 4,580 housing units had a foreclosure filing in November 2022. States with the highest foreclosure rates were again: Illinois (one in every 2,401 housing units with a foreclosure filing); Delaware (one in every 2,736 housing units); New Jersey (one in every 2,916); South Carolina (one in every 3,195); and Wyoming (one in every 3,237), according to the report.
Among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in November 2022 were Cleveland (one in every 1,913 housing units with a foreclosure filing); Columbia, S.C. (one in every 1,938 housing units); Davenport, Iowa (one in every 2,000); Bakersfield, Calif. (one in every 2,034); and Atlantic City, N.J. (one in every 2,063).
Metro areas with a population greater than 1 million with the worst foreclosure rates in November were Chicago (one in every 2,221 housing units); Riverside, Calif. (one in every 2,294); and Philadelphia (one in every 2,539).
States showing the greatest number of foreclosure starts in November were California (2,244 foreclosure starts); Texas (2,114); Florida (1,709 ); New York (1,575); and Illinois).
Lenders started the foreclosure process on 20,686 properties in November, down 5 percent from last month but up 98 percent from a year ago, according to ATTOM.
“Foreclosure starts in November nearly doubled from last year’s numbers, but are still just above 80 percent of pre-pandemic levels,” Sharga added. “We may continue to see below-normal foreclosure activity, since unemployment rates are still very low, and mortgage delinquency rates are lower than historical averages.”
Data also shows that lenders repossessed 3,770 properties through completed foreclosures (REOs) in November 2022, down 9 percent from last month but up 64 percent from last year.
States recording the greatest number of REOs in November 2022 included Illinois (343 REOs); New York (313); Pennsylvania (220); Michigan (210); and Ohio (208).
Metros with a population greater than 1 million that saw the greatest number of REOs in November 2022 included Chicago (278 REOs); New York (174); Philadelphia (103); Detroit (77); and Houston (59).