According to ATTOM’s recently released Mid-Year 2023 U.S. Foreclosure Market Report, ATTOM CEO Rob Barber noted, “Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023. Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”
ATTOM’s latest foreclosure activity analysis reported that foreclosure activity in the first half of 2023 increased compared to a year ago in these top five states: Maryland (up 100 percent); Oregon (up 99 percent); Alaska (up 95 percent); West Virginia (up 83 percent); and Arkansas (up 72 percent).
In this post, we dive deep into the foreclosure data behind ATTOM’s Mid-Year 2023 foreclosure report to round out the remaining top 10 states that saw the greatest increases in foreclosure activity in the first half of 2023 compared to a year ago. Those states included: Vermont (up 61.36 percent); New York (up 58.91 percent); Idaho (up 51.32 percent); New Mexico (up 44.92 percent); and Kansas (up 32.82 percent).
Also in this post, at the other end of the spectrum, we dive deep into the data behind ATTOM’s Mid-Year 2023 foreclosure report to uncover the top 10 states that saw the greatest declines in the first half of 2023 in foreclosure activity compared to a year ago.
Those states included: Maine (down 21.16 percent); Missouri (down 17.64 percent); Alabama (down 9.54 percent); Colorado (down 6.16 percent); Wisconsin (down 4.41 percent); Ohio (4.37 percent); Arizona (down 4.02 percent); Illinois (down 3.32 percent); and South Carolina (down 1.25 percent).
ATTOM’s Mid-Year 2023 foreclosure report also noted that there were a total of 97,608 U.S. properties with a foreclosure filings in Q2 2023, up 2 percent from Q1 2023 and 8 percent from Q2 2022. According to the report, the national foreclosure activity total in Q2 2023 was 65 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007.
The Mid-Year analysis found that Q2 2023 foreclosure activity was below pre-recession averages in 78 percent of metro areas with a population of at least 200,000 and sufficient historical foreclosure data. Those metros posting foreclosure filings below pre-recession averages in Q2 2023 included: New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix, and Detroit.
ATTOM’s latest foreclosure report also noted that nationwide, in June 2023, one in every 3,972 properties had a foreclosure filing. According to the report, sates with the highest foreclosure rates in June 2023 were Maryland (one in every 1,733 housing units with a foreclosure filing); Delaware (one in every 2,171 housing units); New Jersey (one in every 2,189 housing units); Connecticut (one in every 2,272 housing units); and Illinois (one in every 2,348 housing units).
Want to learn more about how foreclosure activity is faring in your market? Contact us to find out how!
