ATTOM’s just released Mid-Year 2023 U.S. Foreclosure Market Report shows there were a total of 185,580 U.S. properties with foreclosure filings in the first six months of 2023. According to the report, that figure is up 13 percent from the same time period a year ago and up 185 percent from the same time period two years ago.
ATTOM’s latest foreclosure activity analysis reported that states that saw the greatest increases in foreclosure activity compared to a year ago in the first half of 2023, included Maryland (up 100 percent); Oregon (up 99 percent); Alaska (up 95 percent); West Virginia (up 83 percent); and Arkansas (up 72 percent).
Also according to the report, nationwide, 0.13 percent of all housing units (one in every 752) had a foreclosure filing in the first half of 2023. The report noted that states with the highest foreclosure rates in the first half of 2023 were Illinois (0.25 percent of housing units with a foreclosure filing); New Jersey (0.24 percent); Maryland (0.23 percent); Delaware (0.23 percent); and Ohio (0.20 percent).
ATTOM’s Mid-Year 2023 foreclosure analysis also reported that there were a total of 97,608 U.S. properties with a foreclosure filings during the second quarter of 2023, up 2 percent from the previous quarter and up 8 percent from a year ago.
According to the report, nationwide, one in every 1,431 housing units had a foreclosure filing in Q2 2023. The report noted that states with the highest foreclosure rates were Maryland (one in every 721 housing units with a foreclosure filing); Illinois (one in every 772 housing units); New Jersey (one in every 776 housing units); Florida (one in every 904 housing units); and Delaware (one in every 918 housing units).
The report also noted that among 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in Q2 2023 were Atlantic City, New Jersey (one in 530); Lakeland, Florida (one in 532); Cleveland, Ohio (one in 593); Columbia, South Carolina (one in 638); and Jacksonville, Florida (one in 657).
In this post, we dive deep into the data behind ATTOM’s Mid-Year 2023 foreclosure report to uncover the complete list of the top 10 U.S. metros with the worst foreclosure rates in Q2 2023. Those areas include: Palm Bay-Melbourne-Titusville, FL (one is 660); Elkhart-Goshen, IN (one in 667); Ocala, FL (one in 670); Chicago-Naperville-Elgin, IL-IN-WI (one in 698); and Orlando-Kissimmee-Sanford, FL (one in 728).
ATTOM’s latest foreclosure market analysis also reported that properties foreclosed in Q2 2023 had been in the foreclosure process an average of 1,212 days, the highest number of average days to foreclose since Q1 2018. According to the report, that figure was up 28 percent from the previous quarter and up 28 percent from Q2 2022.
The report noted that states with the longest average foreclosure timelines for homes foreclosed in Q2 2023 were Michigan (2,601 days); Louisiana (2,252 days); New York (1,966 days); Hawaii (1,934 days); and Kentucky (1,921 days).
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