According to ATTOM’s just released August 2022 U.S. Foreclosure Market Report, there were a total of 34,501 U.S. properties with foreclosure filings in August 2022. That number was up 14 percent from July 2022 and 118 percent from August 2021.
ATTOM’s latest foreclosure activity analysis noted that lenders started the foreclosure process on 23,952 U.S. properties in August 2022. That number was up 12 percent from July 2022 and 187 percent from August 2021.
The August 2022 foreclosure report also noted that among states with at least 100 foreclosure starts in August 2022, those with the greatest monthly increases in foreclosure starts included: Oklahoma (up 80 percent); Tennessee (up 74 percent); Virginia (up 64 percent); Arkansas (up 53 percent); and Washington (up 50 percent).
ATTOM’s report mentioned that in looking at the data on a more granular level, those counties with the greatest number of foreclosure starts in August 2022 included: Cook County, IL (798 foreclosure starts); Los Angeles County, CA (740 foreclosure starts); Harris County, TX (465 foreclosure starts); Suffolk County, NY (297 foreclosure starts); and Riverside County, CA (280 foreclosure starts).
Also according to ATTOM’s latest foreclosure report, lenders repossessed 3,938 U.S. properties through completed foreclosures (REOs) in August 2022. That number was up 28 percent from July 2022 and 59 percent from August 2021.
The report noted that states with the greatest number of REOs in August 2022 included: Illinois (493 REOs); New York (337 REOs); Michigan (326 REOs); Pennsylvania (260 REOs); and California (189 REOs).
In this post, we dive deeper into the data behind ATTOM’s August 2022 foreclosure report to uncover more granular, county level data. The top 10 counties that saw the greatest number of REOs in August 2022 included: Cook County, Illinois (182 REOs); Peoria County, Illinois (131 REOs); Wyandotte County, Kansas (115 REOs); Steuben County, New York (88 REOs); Wayne County, Michigan (63 REOs); Muskegon County, Michigan (59 REOs); Jefferson County, Alabama (43 REOs); Genesee County, Michigan (39 REOs); Philadelphia County, Pennsylvania (33 REOs); and East Baton Rouge County, Louisiana (31 REOs).
ATTOM’s August 2022 foreclosure report also stated that nationwide, one in every 4,072 housing units had a foreclosure filing in August 2022. Those states with the highest foreclosure rates included Illinois (one in every 1,926 housing units with a foreclosure filing); Delaware (one in every 2,387 housing units); South Carolina (one in every 2,417 housing units); New Jersey (one in every 2,441 housing units); and Florida (one in every 2,950 housing units).
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