Data curator ATTOM released its May 2023 U.S. Foreclosure Market Report, which shows there were a total of 35,196 U.S. properties with foreclosure filings, up 7 percent from a month ago and up 14 percent from a year ago.
“The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” Rob Barber, CEO at ATTOM, said in a release. “This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.”
Nationwide, one in every 3,967 housing units had a foreclosure filing in May. States with the highest foreclosure rates were Illinois (one in every 2,144 housing units with a foreclosure filing); Maryland (one in every 2,203 housing units); New Jersey (one in every 2,257); Florida (one in every 2,470); and Ohio (one in every 2,478 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May were Lakeland, Fla. (one in every 1,361 housing units with a foreclosure filing); Elkhart, Ind. (one in every 1,621); Cleveland (one in every 1,622Palm Bay, Fla. (one in every 1,647); and Ocala, Fla. (one in every 1,671).
Those metro areas with a population greater than 1 million with the worst foreclosure rates in May, including Cleveland, were: Jacksonville, Fla. (one in every 1,699 housing units); Baltimore (one in every 1,908); Chicago (one in every 1,991); and Orlando, Fla. (one in every 2,049 housing units).
Lenders started the foreclosure process on 23,245 U.S. properties in May, up 4 percent from last month and up 5 percent from a year ago.
States that had the greatest number of foreclosure starts in May included: Florida (2,901 foreclosure starts); California (2,451); Texas (2,286); Illinois (1,358); and New York (1,287).
Those major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts in May included: New York (1,452 foreclosure starts); Chicago (1,163); Houston (811); Los Angeles (700); and Philadelphia (677).
Lenders repossessed 4,020 U.S. properties through completed foreclosures (REOs) in May, up 38 percent from last month and up 41 percent from last year. States that had the greatest number of REOs in May 2023, included: Illinois (352); Ohio (279); Michigan (271); Texas (240); and Pennsylvania (229).
Those major metro statistical areas with a population greater than 1 million that saw the greatest number of REOs in May included: New York (244); Chicago (230); Detroit (136); St. Louis (112); and Washington, D.C. (91).