October 2021 US foreclosure activity continues to increase nationwide
In the United States, housing starts are up 5% from last month;
Completed foreclosures increase 13% from last month
IRVINE, Calif., November 10, 2021 / PRNewswire / – ATTOM, licensor of the country’s most comprehensive lockdown data and parent company of RealtyTrac (www.realtytrac.com), the largest online marketplace for foreclosure and distressed properties, has released its October 2021 US Foreclosure Market Report, which shows that there were a total of 20,587 US properties with foreclosure filings – notices of default, scheduled auctions or bank foreclosures – up 5% from last month and 76% from a year ago, marking the sixth consecutive annual increase.
âAs expected, now that the moratorium has been lifted for three months, foreclosure activity continues to increase,â said Rick sharga, executive vice president of RealtyTrac, an ATTOM company. “But it’s growing at a slower rate, and it looks like most of the activity is mostly on vacant and abandoned properties, or loans that were foreclosed on before the pandemic.”
Illinois, Florida and New Jersey had the highest seizure rates
Nationally, one in 6,675 homes has been the subject of a foreclosure request October 2021. The states with the highest seizure rates were Illinois (one housing unit out of 1,923 that is the subject of a seizure file); Florida (one dwelling out of 3,180 dwellings); New Jersey (one in 3,438 housing units); Nevada (one dwelling out of 3,837 dwellings); and Ohio (one dwelling out of 4,386 dwellings).
Among the 220 metropolitan statistical regions with a population of at least 200,000 inhabitants, those with the highest seizure rates in October 2021 were St. Louis, Missouri (one in 1,138 homes with a foreclosure filing); Trenton, New Jersey (one in 1,293 homes; Miami, Florida (one dwelling in 2,233); Chicago, Illinois (one dwelling out of 2,284 dwellings); and Cleveland, Ohio (one dwelling in 2,285).
Foreclosure starts rise monthly in 28 states nationwide
Lenders began the foreclosure process on 10,759 U.S. properties in October 2021, up 5% from last month and 115% from a year ago.
States that had at least 100 foreclosure starts in October 2021 and saw the largest monthly increase in foreclosure starts: Pennsylvania (up 107%); North Carolina (up 104%); New Jersey (up 61%); Connecticut (up 56%); and Massachusetts (up 39 percent).
âMost of the foreclosure activity over the next few months will likely be the beginnings of foreclosure,â noted Sharga, âsince virtually nothing has gone into the foreclosure process over the past year. Normal activity levels . “
The large metropolitan areas with more than one million inhabitants and which recorded the highest number of foreclosures starting in October 2021 included: New York, New York State (667 foreclosure starts); Miami, Florida (622 seizures started); Los Angeles, CA (430 foreclosures); Houston, TX (349 foreclosures); and Atlanta, Georgia (345 beginnings of foreclosure).
Number of foreclosure completions increases 13% from last month
Lenders repossessed 3,027 properties in the United States through foreclosures (REOs) in October 2021, up 13% from last month and 17% from last year.
States that saw the greatest number of REOs in October 2021, included: Illinois (1,075 REO); California (178 REO); Pennsylvania (175 OER); Maryland (169 REO); and Florida (148 REO).
Large metropolitan areas (MSA) with a population greater than one million that have seen the highest number of REOs in October 2021 included: St. Louis, Missouri (906 REO); Chicago, Illinois (128 REO); Baltimore, Maryland (114 OER); Philadelphia, Pennsylvania (72 REO); and New York, New York State (71 REO).
Methodology of the report
The ATTOM US 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 entries in the database during the quarter may have been recorded during the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties represent over 99% of the US population. ATTOM’s report incorporates documents filed in the three foreclosure phases: Fault – Notice of defect (NOD) and Lis Pendens (LIS); Auction – Notice of fiduciary sale and notice of foreclosure sale (NTS and NFS); and real estate or REO (which has been foreclosed and bought back 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 was within the estimated foreclosure period 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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