ATTOM released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago.
The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023, up 20 percent from the previous month and up 10 percent from a year ago — the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity.
“Despite efforts made by government agencies and policy makers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” Rob Barber, CEO at ATTOM, said in a release. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”
A total of 65,346 U.S. properties started the foreclosure process in the first three months of 2023, up 3 percent from the previous quarter and up 29 percent from a year ago.
States that had the greatest number of foreclosures starts in the first quarter included California (6,867 foreclosure starts); Texas (6,764); Florida (5,724); New York (4,345); and Illinois (4,006).
Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in the first quarter included, New York (4,674 foreclosure starts); Chicago (3,549); Los Angeles (2,210); Houston (2,120); and Philadelphia (1,985).
Nationwide, one in every 1,459 housing units had a foreclosure filing. States with the highest foreclosure rates were Illinois (one in every 762 housing units with a foreclosure filing); Delaware (one in every 812 housing units); New Jersey (one in every 824 housing units); Maryland (one in every 897 housing units); and Nevada (one in every 947 housing units).
Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates were Fayetteville, N.C. (one in every 526 housing units); Cleveland (one in 582); Atlantic City, N.J. (one in 661); Columbia, S.C. (one in 671); and Bakersfield, Calif. (one in 688).
Other major metros with a population of at least 1 million and foreclosure rates in the top 15 highest nationwide included Cleveland at No. 2; Chicago at No. 6; Las Vegas at No. 10; Philadelphia at No. 12; and Riverside, Calif., at No. 14.