ATTOM released its April 2023 U.S. Foreclosure Market Report, showing a total of 32,977 U.S. properties with foreclosure filings, down 10 percent from a month ago but up 8 percent from a year ago.
Nationwide, one in every 4,234 housing units had a foreclosure filing in April 2023. States with the highest foreclosure rates were Illinois (one in every 2,221 housing units with a foreclosure filing); Maryland (one in every 2,283 housing units); New Jersey (one in every 2,334); South Carolina (one in every 2,495); and Delaware (one in every 2,603).
Among the 223 metro statistical areas with a population of at least 200,000, those with the highest foreclosure rates in April were Atlantic City, N.J. (one in every 1,356 housing units with a foreclosure filing); Cleveland (one in every 1,580 housing units); Lakeland, Fla. (one in every 1,649); Columbia, S.C. (one in every 1,651); and Chicago (one in every 1,950).
“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10 percent decrease in overall activity after a 20 percent increase last month,” Rob Barber, CEO at ATTOM, said in a release. “While there is no apparent indication of a continued decline in the number of foreclosures, it’s important to note that the month of April typically exhibits a recurring trend of decreased activity. However, this trend underscores the significance of monitoring foreclosure rates and identifying any potential market shifts or trends.”
Among those metro areas with a population greater than 1 million, those with the worst foreclosure rates in April, aside from Cleveland and Chicago, included: Riverside, Calif. (one in every 2,046 housing units); Philadelphia (one in every 2,079); and Jacksonville, Fla. (one in every 2,091).
Lenders started the foreclosure process on 22,455 U.S. properties in April, down 7 percent from last month and up only 1 percent from a year ago.
Counter to the national trend, states that had at least 100 foreclosure starts in April and saw the greatest monthly increases included: Maryland (up 55 percent); New Mexico (up 55 percent); Iowa (up 29 percent); Utah (up 13 percent); and Florida (up 12 percent).
Those major metro areas with a population greater than 1 million that had the greatest number of foreclosure starts in April included: New York (1,711 foreclosure starts); Chicago (1,153 foreclosure starts); Miami (846 foreclosure starts); Los Angeles (829 foreclosure starts); and Philadelphia (747 foreclosure starts).
Lenders repossessed 2,919 U.S. properties through completed foreclosures (REOs) in April, down 39 percent from last month but up 3 percent from last year.
Those states that had the greatest number of REOs in April included: Illinois (334 REOs); Pennsylvania (218 REOs); New York (199); Texas (184); and California (171).
Major metro statistical areas with a population greater than 200,000 that saw the greatest number of REOs in April 2023 included: Chicago (259 REOs); New York (165 REOs); Philadelphia (128); St. Louis (54); and Detroit (52).