According to ATTOM’s Midyear 2022 U.S. Foreclosure Market Report, nationwide in June 2022, one in every 4,431 properties had a foreclosure filing. The report revealed that states with the highest foreclosure rates in June 2022 were Illinois (one in every 2,096 housing units with a foreclosure filing); Delaware (one in every 2,117 housing units); Ohio (one in every 2,386 housing units); Nevada (one in every 2,408 housing units); and South Carolina (one in every 2,471 housing units).
ATTOM’s latest foreclosure activity analysis noted that 22,239 U.S. properties started the foreclosure process in June 2022. That figure was up 1 percent from the previous month and up 226 percent from a year ago. The report also noted that lenders completed the foreclosure process on 3,239 U.S. properties in June 2022. That figure was up 13 percent from the previous month and up 40 percent from a year ago.
In this post, we dive deep into the data behind the ATTOM Midyear 2022 foreclosure report, to uncover the top 10 U.S. counties that saw the highest foreclosure rates in June 2022. Among those counties with a population of 100,000 or more, those with the worst foreclosure rates during the month of June 2022 included: Saint Clair County, IL (one in every 796 housing units had a foreclosure filing); Cuyahoga County, OH (one in every 945 housing units); Madison County, IL (one in every 1,049 housing units); Dorchester County, SC (one in every 1,242 housing units); Cumberland County, NJ (one in every 1,328 housing units); Hardin County, KY (one in every 1,333 housing units); Rock Island County, IL (one in every 1,335 housing units); Vanderburgh County, IN (one in every 1,449 housing units); Camden County, NJ (one in every 1,467 housing units); and Winnebago County, IL (one in every 1,470 housing units).
Also according to ATTOM’s latest foreclosure market report, there were a total of 90,139 U.S. properties with foreclosure filings in Q2 2022. That figure was up 15 percent from the previous quarter and up 165 percent from a year ago. The report noted that national foreclosure activity total in Q2 2022 was 68 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007 – making Q2 2022 the 23rd consecutive quarter with foreclosure activity below the pre-recession average.
At the metro area level, second quarter foreclosure activity was below pre-recession averages in 79 percent of metros with a population of at least 200,000 and sufficient historical foreclosure data. Those areas included: New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix and Detroit. The report mentioned those metro areas with second quarter foreclosure activity that was above pre-recession averages included: Honolulu, Richmond, Virginia-Beach, Albany, and Montgomery.
ATTOM’s Midyear 2022 foreclosure report also featured commentary from Rick Sharga, executive vice president of market intelligence at ATTOM: “Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022. While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023.”
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