Foreclosure Activity Continues to Increase
According to ATTOM Data’s Q3 2022 U.S. Foreclosure Market Report, showing there were 92,634 U.S. properties with foreclosure filings (default notices, scheduled auctions or bank repossessions). This figure was up 3% from Q2 and up 104% from one year ago. In addition, ATTOM says lenders repossessed 10,515 U.S. properties (REO) in Q3 2022, up 18% from the previous quarter and up 39% from a year ago.
Some key takeaways:
- Nationwide in September 2022 one in every 4,413 properties had a foreclosure filing.
- States with the highest foreclosure rates in September 2022 were Illinois (one in every 1,959 housing units with a foreclosure filing); Nevada (one in every 2,473 housing units); New Jersey (one in every 2,649 housing units); Maryland (one in every 2,825 housing units); and Ohio (one in every 2,885 housing units).
- 21,869 U.S. properties started the foreclosure process in September 2022, down 9% from the previous month but up 113% from a year ago.
“Foreclosure starts, while rising since the end of the government’s foreclosure moratorium, still lag behind pre-pandemic levels…” Said Rick Sharga, executive vice president of market intelligence for ATTOM.
Click here to read the full report at ATTOM.
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