Are Forclosure Rates Going Up Again?
IRVINE, Calif., February. 10, 2022 /PRNewswire/ -- ATTOM, licensor of the nation's most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online market place for foreclosure and distressed properties, today releasedits January 2022 U.S. Foreclosure Market place Report, which shows there were a total of 23,204 U.Southward. backdrop with foreclosure filings — default notices, scheduled auctions or depository financial institution repossessions — upwards 29 percent from a calendar month ago and 139 percentage from a yr ago.
"The increased level of foreclosure activity in January wasn't a surprise," said Rick Sharga, executive vice president of RealtyTrac, an ATTOM visitor. "Foreclosures typically dull downwardly during the holidays in November and December and pick back up after the first of the year. This twelvemonth, the increases were probably a trivial more than dramatic than usual since foreclosure restrictions placed on mortgage servicers by the CFPB expired at the end of December."
Foreclosure completion numbers go along to rise
Lenders repossessed iv,784 U.S. backdrop through completed foreclosures (REOs) in January 2022, up 57 percent from last month and 235 percent from last year – the 7thursday consecutive month with an almanac increase in completed foreclosures.
States that had at least 100 or more REOs and that saw the greatest monthly increase in January 2022 included: Michigan (up 622 percent); Georgia (up 163 pct); Texas (up 98 percentage); Tennessee (up 50 percent); and Alabama (up 44 percent).
Those major metropolitan statistical areas (MSAs) with a population greater than 200,000 that saw the greatest number of REOs included: Detroit, MI (1,013 REOs); Chicago, IL (210 REOs); New York, NY (129 REOs); Miami, FL (113 REOs); and Philadelphia, PA (107 REOs).
"It's very important to keep these numbers in context," Sharga noted. "Foreclosure completions are still far beneath normal levels – less than half as many as in January of 2020 before the pandemic was declared, and about 60% lower than the number of foreclosure completions in 2019. We're likely to continue seeing big twelvemonth-over-twelvemonth percent increases for the remainder of this year, but information technology's also likely that foreclosure action will remain beneath historically normal levels until the end of 2022."
Highest foreclosure rates in New Bailiwick of jersey, Illinois, and Nevada
Nationwide one in every 5,922 housing units had a foreclosure filing in January 2022. States with the highest foreclosure rates were New Jersey (i in every ii,336 housing units with a foreclosure filing); Illinois (1 in every 2,740 housing units); Nevada (one in every 3,119 housing units); Michigan (ane in every iii,127 housing units); and Ohio (one in every 3,251 housing units).
Amongst the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Jan 2022 were Detroit, MI (one in every ane,547 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,564 housing units); Cleveland, OH (one in every 1,659 housing units); Columbia, SC (one in every 1,921 housing units); and Trenton, NJ (one in every 2,299 housing units).
Other than Detroit and Cleveland, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in January 2022 included: Chicago, IL (one in every ii,514 housing units); Las Vegas, NV (one in every two,654 housing units); Miami, FL (ane in every 2,731 housing).
Foreclosure starts increment monthly in 33 states including the Commune of Colombia
Lenders started the foreclosure procedure on 11,854 U.Due south. properties in Jan 2022, upwards 29 percentage from concluding calendar month and 126 percentage from a year ago.
Those states that saw the greatest number of foreclosures starts in January 2022 included: Florida (1,238 foreclosure starts); California (ane,226 foreclosure starts); Texas (1,003 foreclosure starts); Illinois (757 foreclosure starts); and Ohio (665 foreclosure starts).
Among the 220 metropolitan statistical areas with a population of at least 200,000 and at to the lowest degree 100 or more foreclosure starts in January 2022, those that saw the greatest annual increase, included: Minneapolis, MN (up 300 percent); Detroit, MI (upwardly 298 per centum); San Antonio, TX (up 291 pct); Jacksonville, FL (up 259 percent); and Miami, FL (up 242 percent).
Report Methodology
The ATTOM U.Southward. Foreclosure Marketplace Written report provides a count of the total number of properties with at least i foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may accept been recorded in the previous quarter. Information is collected from more than 3,000 counties nationwide, and those counties account for more than than 99 pct of the U.South. population. ATTOM'southward study incorporates documents filed in all three phases of foreclosure: Default — Detect of Default (NOD) and Lis Pendens (LIS); Sale — Observe of Trustee Sale and Find of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO backdrop (that take been foreclosed on and repurchased by a depository financial institution). For the annual, midyear and quarterly reports, if more one type of foreclosure certificate is received for a property during the timeframe, merely the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the aforementioned type of document was filed against a property previously. If and so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter, or month.
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About ATTOM
ATTOM provides foreclosure data licenses that can power various enterprise industries including real estate, insurance, marketing, government, mortgage and more. ATTOM multi-sources from 3,000 counties property tax, deed, mortgage, environmental risk, natural gamble, and neighborhood data for more than 155 million U.Southward. residential and commercial backdrop roofing 99 pct of the nation'south population.
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RealtyTrac.com is the largest online market place for foreclosure and distressed properties, helping individual investors and real manor agents looking to proceeds a competitive edge in the distressed marketplace. Realtytrac.com enables existent estate professionals the ability to find, analyze and invest in residential properties.
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SOURCE ATTOM
Source: https://www.prnewswire.com/news-releases/us-foreclosure-activity-in-january-2022-highest-since-beginning-of-covid-19-pandemic-301479363.html
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