According to ATTOM’s newly released Q1 2023 U.S. Foreclosure Market Report, there were a total of 36,617 U.S. properties with foreclosure filings in March 2023. That figure was up 19.95 percent from February 2023 and up 9.85 percent from March 2022.
ATTOM’s latest foreclosure activity analysis found that nationwide in March 2023, one in every 3,813 properties had a foreclosure filing. The report noted that states with the highest foreclosure rates in March 2022 were Illinois (one in every 2,050 housing units with a foreclosure filing); Delaware (one in every 2,161 housing units); Nevada (one in every 2,178 housing units); Indiana (one in every 2,223 housing units); and New Jersey (one in every 2,299 housing units).
Also according to the report, 24,234 U.S. properties started the foreclosure process in March 2023, up 19 percent from February 2023 and up 8 percent from March 2022. ATTOM’s latest foreclosure report also found that lenders completed the foreclosure process on 4,791 U.S. properties in March 2023, up 25 percent from February 2023 and up 9 percent from March 2022.
In this post, we dive deep into the data behind ATTOM’s Q1 2023 foreclosure report to uncover the top 10 U.S. larger metro areas with the greatest number of foreclosure starts in March 2023. Those metros with populations over 200,000 included: New York-Newark-Jersey City, NY-NJ-PA (1,750 foreclosure starts); Chicago-Naperville-Elgin, IL-IN-WI (1,359 foreclosure starts); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (808 foreclosure starts); Houston-The Woodlands-Sugar Land, TX (792 foreclosure starts); Los Angeles-Long Beach-Anaheim, CA (726 foreclosure starts); Miami-Fort Lauderdale-West Palm Beach, FL (687 foreclosure starts); Dallas-Fort Worth-Arlington, TX (570 foreclosure starts); Atlanta-Sandy Springs-Roswell, GA (550 foreclosure starts); Detroit-Warren-Dearborn, MI (534 foreclosure starts); and Riverside-San Bernardino-Ontario, CA (474 foreclosure starts).
ATTOM’s latest foreclosure market report also found that properties foreclosed in Q1 2023 had been in the foreclosure process an average of 950 days, the highest number of average days to foreclose since Q1 2018. That figure is up 12 percent from Q4 2022 and up 4 percent from Q1 2022.
According to the report, states with the longest average foreclosure timelines for homes foreclosed in Q1 2023 were Louisiana (2,770 days); Hawaii (2,486 days); New York (1,963 days); Kentucky (1,881 days); and New Jersey (1,697 days).
The report noted that states with the shortest average foreclosure timelines for homes foreclosed in Q1 2023 were Wyoming (111 days); Minnesota (141 days); Montana (143 days); Texas (146 days); and Arkansas (157 days).
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