ATTOM’s January 2023 U.S. Foreclosure Market Report shows there were a total of 31,557 U.S. properties with foreclosure filings, up 36 percent from a year ago, and up 2 percent from the prior month.
”The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year,” ATTOM CEO Rob Barber said in a release. “While both completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity seen over the past 21 months may indicate a more substantial trend that could continue into 2023.”
Despite the overall activity increase, foreclosure completion numbers saw their first year-over-year decline in nearly two years.
Lenders repossessed 3,896 U.S. properties through completed foreclosures (REOs) in January, up 6 percent from last month but down 19 percent from last year – the first annual decrease in completed foreclosures since June 2021.
States that had at least 100 or more REOs and that saw the greatest annual decreases in January included: Florida (down 53 percent); Maryland (down 23 percent); Michigan (down 22 percent); New Jersey (down 15 percent); and Texas (down 14 percent).
Counter to the national trend, only three states with 100 or more REOs in January saw an annual increase: New York (up 76 percent); Pennsylvania (up 12 percent); and California (up 4 percent).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs included: Detroit (783 REOs); Chicago (206 REOs); New York (149 REOs); Philadelphia (100 REOs); and Riverside, Calif. (66 REOs).
Nationwide, one in every 4,425 housing units had a foreclosure filing in January, according to ATTOM.
States with the highest foreclosure rates were Delaware (one in every 2,109 housing units with a foreclosure filing); Illinois (one in every 2,279); Michigan (one in every 2,617); New Jersey (one in every 2,858); and Maryland (one in every 2,967).
Among the 223 metro statistical areas with a population of at least 200,000, those with the highest foreclosure rates in January were Fayetteville, N.C. (one in every 1,322 housing units); Bakersfield, Calif. (one in every 1,522); Cleveland (one in every 1,); Detroit (one in every 1,575); and Laredo, Texas (one in every 1,953).
Other than Cleveland and Detroit, among the metro areas with a population greater than 1 million, those with the worst foreclosure rates in January included: Chicago (one in every 2,074 housing units); Riverside, Calif. (one in every 2,123); and Las Vegas (one in every 2,341).
Lenders started the foreclosure process on 20,752 U.S. properties in January, down 1 percent from last month but up 75 percent from a year ago.
Those states that saw the greatest number of foreclosure starts in January included: California (2,513 foreclosure starts); Texas (2,136); Florida (1,725); New York (1,375); and Illinois (1,309).
Among those major metro statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in January included: New York (1,370); Chicago (1,156); Los Angeles (774); Houston (629); and Philadelphia (612).