Illinois, Delaware and Caroline from the south had the highest foreclosure rates;
Concluded foreclosures increase by 28% compared to last month

IRVINE, Calif., September 8, 2022 /PRNewswire/ — ATTOMone of the main curators of real estate data nationwide for land and building data, today released its August 2022 US Foreclosure Market Report, which shows there were a total of 34,501 US properties with foreclosure filings – default notices, scheduled auctions or bank foreclosures – up 14% from a month ago and 118% from a year ago.

Foreclosures begin to reach pre-pandemic levels nationwide

Lenders began the process of foreclosing 23,952 U.S. properties in August 2022up 12% from last month and 187% from a year ago.

“Two years into the COVID-19 pandemic, and after massive government intervention and mortgage industry efforts to prevent defaults, foreclosures are almost back to 2019 levels,” said Rick Sharga, Executive Vice President of Business Intelligence at ATTOM. “The beginnings of seizures in August represented 86% of the number of beginnings of seizures in August 2019but it is important to remember that even then foreclosure activity was relatively low compared to historical averages.”

States that had at least 100 foreclosures in August 2022 and saw the largest monthly increases in foreclosure starts: Oklahoma (up to 80 percent); Tennessee (up 74%); Virginia (up 64%); Arkansas (up 53%); and Washington (up to 50%).

Taking a more granular look, the counties that had the highest number of foreclosures start in August 2022 included: Cook County, IL (798 seizures begin); Los Angeles County, California (740 seizures begin); Harris County, Texas (465 seizures begin); Suffolk County, New York State (297 seizures begin); and Riverside County, California (280 seizures begin).

Illinois, Delaware and Caroline from the south had the highest seizure rates

Nationwide, one in 4,072 homes has been filed for foreclosure in August 2022. The states with the highest foreclosure rates were Illinois (one in 1,926 homes with a foreclosure record); Delaware (one dwelling in 2,387); Caroline from the south (one dwelling in 2,417); New Jersey (one dwelling in 2,441); and Florida (one dwelling in 2,950).

Among the 223 metropolitan statistical areas with at least 200,000 inhabitants, those with the highest foreclosure rates in August 2022 were Peoria, IL (one in 869 homes with a foreclosure record); Jacksonville, North Carolina (one dwelling out of 968); Bakersfield, California (one dwelling in 1,454); South curve, IN (one dwelling in 1,478); and Rockford, IL (one dwelling in 1,496).

Metropolitan areas with more than one million inhabitants, with the worst foreclosure rates in August 2022 were: Cleveland, Ohio (one dwelling in 1,820); Chicago, IL (one dwelling in 1,877); Jacksonville, Florida (one dwelling in 2,074); Riverside, California (one dwelling in 2,091); and Orlando, Florida (one dwelling in 2,445).

The number of foreclosure completions increases by 28% compared to last month

Lenders repossessed 3,938 US properties through completed foreclosures (REOs) in August 2022up 28% from last month and 59% from last year.

“Repossessions will likely continue to be below pre-pandemic levels for several reasons, the most significant being that over 90% of foreclosed borrowers have positive equity in their homes and would benefit from selling these properties for a profit instead. than risk losing it all at foreclosure auction or lender repossession,” Sharga noted.

The states with the highest number of REOs in April 2022included: Illinois (493 REO); New York (337 REO); Michigan (326 REO); Pennsylvania (260 REO); and California (189 REO).

Among the large metropolitan statistical areas (MSAs) with populations over 1 million that experienced the largest monthly increase in REOs in August 2022were: Kansas City, Missouri (up 967%); New York, NY (up to 90 percent); Philadelphia, Pennsylvania (up 28%); and Detroit, Michigan (up 23%).

Report methodology

The ATTOM The US Foreclosure Market report provides a count of the total number of properties with at least one foreclosure case entered into the ATTOM data warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded during the previous quarter. Data is collected from over 3,000 counties nationwide, and these counties represent over 99% of the US population. The ATTOM report includes the documents filed during the three phases of the seizure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Sale by Trustee and Notice of Sale by Foreclosure (NTS and NFS); and real estate properties, or REO properties (which have been seized and bought out by a bank). For annual, semi-annual and quarterly reports, if more than one type of foreclosure document is received for a property during the period, only the most recent filing is counted in the report. Annual, semi-annual, quarterly and monthly reports all check to see if the same type of document has ever been filed against a property. If so, and if that previous filing occurred within the estimated foreclosure time for the state where the property is located, the report does not count the property in the current year, quarter, or month.

About ATTOM

ATTOM offers a premium property data to power products that enhance transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-source property tax, deed, mortgage, seizure, environmental risk, natural hazard, and neighborhood data for more than 155 million residential and commercial properties in the United States covering 99% of the country’s population. A rigorous data management process comprising more than 20 steps validates, standardizes and improves the real estate data collected by ATTOM, assigning each ownership record a unique and persistent identifier – the ATTOM ID. 30TB ATTOM Data Warehouse Powers Innovation Across Multiple Industries Including Mortgage, Real Estate, Insurance, Marketing, Government, and More with Flexible Data Delivery Solutions which include bulk file licensing, Property Data API, real estate market trends, property reports and more. We’re also introducing our latest innovative solution, which provides immediate access and streamlines data management – ATTOM cloud.

Media Contact:
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SOURCE ATTOM Data Solutions