U.S. FORECLOSURE ACTIVITY SETS POST PANDEMIC HIGHS IN FIRST QUARTER OF 2022

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Foreclosure Starts, Bank Repossessions at Highest Numbers in Two Years, But Still Well Below Normal Levels

IRVINE, Calif., April 21, 2022 — ATTOM, licensor of the nation’s most comprehensive foreclosure data and parent company to RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, today released its Q1 2022 U.S. Foreclosure Market Report, which shows a total of 78,271 U.S. properties with a foreclosure filing during the first quarter of 2022, up 39 percent from the previous quarter and up 132 percent from a year ago.

The report also shows a total of 33,333 U.S. properties with foreclosure filings in March 2022, up 29 percent from the previous month and up 181 percent from a year ago — the 11th consecutive month with a year-over-year increase in U.S. foreclosure activity.

“Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB’s enhanced mortgage servicing guidelines,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.”

Foreclosure starts increase in all 50 states 
A total of 50,759 U.S. properties started the foreclosure process in Q1 2022, up 67 percent from the previous quarter and up 188 percent from a year ago.

States that had the greatest number of foreclosures starts in Q1 2022 included, California (5,378 foreclosure starts), Florida (4.707 foreclosure starts), Texas (4,649 foreclosure starts), Illinois (3,534 foreclosure starts), and Ohio (3,136 foreclosure starts).

U.S. Foreclosure Starts

Those major metros that had the greatest number of foreclosures starts in Q1 2022 included, Chicago, Illinois (3,101 foreclosure starts), New York, New York (2,580 foreclosure starts), Los Angeles, California (1,554 foreclosure starts), Houston, Texas (1,431 foreclosure starts), and Philadelphia, Pennsylvania (1,375 foreclosure starts).

Highest foreclosure rates in Illinois, New Jersey and Ohio 
Nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units).

Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2022 were Cleveland, Ohio (one in every 535 housing units); Atlantic City, New Jersey (one in 600); Jacksonville, North Carolina (one in 633); Rockford, Illinois (one in 634); and Columbia, South Carolina (one in 672).

U.S. Historical Total Foreclosure Activity

Other major metros with a population of at least 1 million and foreclosure rates in the top 20 highest nationwide, included Cleveland, Ohio at No.1, Chicago, Illinois at No. 6, Detroit, Michigan at No. 10, Las Vegas, Nevada at No. 13, and Jacksonville, Florida at No. 16.

Bank repossessions increase 41 percent from last quarter 
Lenders repossessed 11,824 U.S. properties through foreclosure (REO) in Q1 2022, up 41 percent from the previous quarter and up 160 percent from a year ago.

U.S. Completed Foreclosures (REOs)

Those states that had the greatest number of REOs in Q1 2022 were Michigan (1,592 REOs); Illinois (1,288 REOs); Florida (673 REOs); California (655 REOs); and Pennsylvania (639 REOs).

Average time to foreclose decreases 3 percent from previous quarter 
Properties foreclosed in Q1 2022 had been in the foreclosure process an average of 917 days, down slightly from 941 days in the previous quarter and down 1 percent from 930 days in Q1 2021.

Average Days to Complete Foreclosure

States with the longest average foreclosure timelines for homes foreclosed in Q1 2022 were Hawaii (2,578 days); Louisiana (1,976 days); Kentucky (1,891 days); Nevada (1,808 days); and Connecticut (1,632 days).

States with the shortest average foreclosure timelines for homes foreclosed in Q1 2022 were Montana (133 days); Mississippi (146 days); West Virginia (197 days); Wyoming (226 days); and Minnesota (228 days).

March 2022 Foreclosure Activity High-Level Takeaways

“March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country,” Sharga added. “It’s likely that we’ll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won’t reach historically normal levels of foreclosures until the end of the year at the earliest, unless the U.S. economy takes a significant turn for the worse.”

  • Nationwide in March 2022, one in every 4,215 properties had a foreclosure filing.
  • States with the highest foreclosure rates in March 2022 were Illinois (one in every 1,825 housing units with a foreclosure filing); New Jersey (one in every 2,022 housing units); South Carolina (one in every 2,299 housing units); Delaware (one in every 2,579 housing units); and Ohio (one in every 2,604 housing units).
  • 22,360 U.S. properties started the foreclosure process in March 2022, up 35 percent from the previous month and up 248 percent from March 2021.
  • Lenders completed the foreclosure process on 4,406 U.S. properties in March 2022, up 67 percent from the previous month and up 180 percent from March 2021.

U.S. Foreclosure Market Data by State – Q1 2022

Rate
Rank

State Name

Total
Properties
with Filings

1/every X HU
(Foreclosure
Rate)

%∆ Q4
2021

%∆ Q1
2021


U.S.

78,271

1,795

39.34

132.27

18

Alabama

1,143

2,002

68.83

78.87

44

Alaska

52

6,106

-17.46

-32.47

15

Arizona

1,656

1,861

165.38

134.23

34

Arkansas

441

3,096

31.25

143.65

12

California

8,243

1,746

31.80

119.64

32

Colorado

830

3,002

162.66

385.38

14

Connecticut

824

1,857

26.38

120.32

6

Delaware

386

1,163

29.97

51.97


District of
Columbia

47

7,455

0.00

147.37

8

Florida

8,147

1,211

0.85

92.87

10

Georgia

2,592

1,702

55.58

123.64

30

Hawaii

194

2,892

-0.51

84.76

43

Idaho

125

6,015

16.82

111.86

1

Illinois

6,861

791

17.99

178.45

7

Indiana

2,415

1,210

58.05

100.58

16

Iowa

728

1,941

34.32

78.00

40

Kansas

270

4,725

74.19

147.71

41

Kentucky

417

4,783

18.13

7.75

22

Louisiana

907

2,286

52.18

18.72

17

Maine

373

1,981

23.10

81.07

11

Maryland

1,483

1,707

21.16

132.45

35

Massachusetts

966

3,104

14.59

68.29

9

Michigan

3,205

1,426

190.57

490.24

37

Minnesota

773

3,215

72.93

170.28

33

Mississippi

433

3,048

86.64

73.20

24

Missouri

1,151

2,421

68.03

75.73

45

Montana

77

6,686

71.11

97.44

36

Nebraska

267

3,162

190.22

178.13

5

Nevada

1,175

1,090

22.91

487.50

38

New Hampshire

193

3,310

47.33

96.94

2

New Jersey

4,752

792

69.29

311.79

25

New Mexico

376

2,502

15.69

44.06

26

New York

3,215

2,640

25.54

261.64

20

North Carolina

2,265

2,079

38.03

102.59

47

North Dakota

35

10,590

-65.00

-12.50

3

Ohio

5,289

991

46.31

154.16

13

Oklahoma

956

1,827

49.84

111.50

46

Oregon

239

7,589

143.88

95.90

21

Pennsylvania

2,702

2,125

61.70

102.09

39

Rhode Island

141

3,429

-20.79

147.37

4

South Carolina

2,170

1,081

76.42

158.95

50

South Dakota

22

17,724

10.00

-8.33

28

Tennessee

1,084

2,797

49.52

125.36

23

Texas

4,982

2,326

36.61

130.33

19

Utah

558

2,063

67.57

71.17

49

Vermont

24

13,930

9.09

200.00

29

Virginia

1,287

2,811

45.75

118.88

42

Washington

645

4,965

38.71

109.42

48

West Virginia

79

10,831

125.71

119.44

27

Wisconsin

983

2,775

30.54

42.26

31

Wyoming

93

2,924

43.08

14.81

Report Methodology
The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing 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 in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If 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.

Interested in finding out more about our pre-foreclosure and foreclosure data?

Contact ATTOM for Foreclosure Data Licensing Details. 
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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 hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population.  

About RealtyTrac (Powered by ATTOM’s Property Data) 
RealtyTrac.com is the largest online marketplace for foreclosure and distressed properties, helping individual investors and real estate agents looking to gain a competitive edge in the distressed market. Realtytrac.com enables real estate professionals the ability to find, analyze and invest in residential properties.

Media Contact: 
Christine Stricker 
949.748.8428 
[email protected]

Data and Report Licensing: 
949.502.8313 
[email protected]

SOURCE ATTOM