US Foreclosure Activity Increases Slightly in May 2022 — RISMedia

There were a total of 30,881 US properties with foreclosure filings – default notices, scheduled auctions or bank foreclosures – up 1% from a month ago, but up 185% from there a year ago, according to real estate data curator ATTOM’s May 2022 US Foreclosure Market Report, released this week.

Key additional findings:

Illinois, New Jersey and Delaware had the highest foreclosure rates

  • Nationwide, one in 4,549 homes went into foreclosure in May 2022
  • The states with the highest foreclosure rates were Illinois (1 in 2,000 homes with a foreclosure record); New Jersey (one in 2,346 housing units); Delaware (one in 2,426 housing units); Ohio (one in 2,667 housing units); and Florida (one in 2,788 housing units).
  • Of the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, North Carolina (one in 1,052 dwellings with a foreclosure record); Cleveland, Ohio (one in 1,389 housing units); Chicago, Illinois (one in 1,777 housing units); Fayetteville, North Carolina (one in 1,823 housing units); and Rockford, Illinois (one in 1,861 housing units).
  • Metropolitan areas with populations over 1 million with the worst foreclosure rates in May 2022, including Cleveland, Ohio, and Chicago, Illinois, were: Jacksonville, Florida (one in 1,985 housing units); Orlando, Florida (one in 2,295 housing units); and Miami, Florida (one in 2,432 housing units).

Florida, California and Texas had the highest number of foreclosures

  • Lenders began foreclosures on 22,099 U.S. properties in May 2022, down 1% from last month but up 274% from a year ago.
  • The states with the highest number of foreclosures in May 2022 are: Florida (2,483 foreclosures); California (2,238 foreclosures opened); Texas (2,019 seizure starts); Illinois (1,757 foreclosures opened); and Ohio (1,285 seizures).
  • Major metropolitan areas with a population over 1 million that had at least 100 foreclosure starts in May 2022 and saw increases from last month include: Miami, Florida (up 81%); Washington, DC (up 60%); Birmingham, Alabama (up 56%); Cincinnati, Ohio (up 56%); and Jacksonville, Florida (+54%).

The number of foreclosure completions increases by 1% compared to last month

  • Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1% from last month and 117% from last year.
  • States with the highest number of REOs in May 2022 included: Illinois (350 REOs); Michigan (249 REO); Pennsylvania (226 REO); New Jersey (175 REO); and Ohio (146 REO).
  • The major metropolitan statistical areas (MSAs) with populations over 1 million that saw the most REOs in May 2022 included: Chicago, Illinois (289 REOs); New York, New York (133 REO); Detroit, Michigan (124 REO); Philadelphia, Pennsylvania (98 REO); and Pittsburgh, Pennsylvania (79 OER).

Take-out:

“While there is some volatility in the monthly figures, foreclosure activity as a whole continues its slow and steady climb back to normal after two years of government intervention that led to historically low default levels” , said Rick Sharga, executive vice president of market intelligence at ATTOM. . “But with inflation now at its highest level in 41 years and soaring prices for basic necessities like food and gasoline, we could see foreclosure activity picking up a little faster than suggested. most forecasts.

“Interestingly, there were almost 10 times more foreclosures than completed foreclosures,” Sharga added. “This suggests that borrowers in financial difficulty may find ways to avoid losing their home to a foreclosure sale.”

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