According to ATTOM’s just released July 2023 U.S. Foreclosure Market Report, there were a total of 31,877 U.S. properties with foreclosure filings in July 2023. That figure was down 9 percent from June 2023 but up 5 percent from July 2022.
ATTOM’s latest foreclosure activity analysis reported that nationwide, one in every 4,380 housing units had a foreclosure filing in July 2023. The report noted that states with the highest foreclosure rates were Maryland (one in every 2,071 housing units with a foreclosure filing); New Jersey (one in every 2,335 housing units); Delaware (one in every 2,343 housing units); Illinois (one in every 2,430 housing units); and South Carolina (one in every 2,511 housing units).
The report also noted that lenders started the foreclosure process on 21,020 U.S. properties in July 2023. That figure was down 12 percent from June 2023 and down 2 percent from July 2023. Also according to the report, states that saw the greatest monthly declines and had 10 or more foreclosure starts in July 2023 included: Hawaii (down 51 percent); New Hampshire (down 45 percent); Idaho (down 43 percent); Arkansas (down 40 percent); and Alabama (down 38 percent).
ATTOM’s July 2023 foreclosure analysis also reported that lenders repossessed 3,332 U.S. properties through completed foreclosures (REOs) in July 2023. That figure was up 4 percent from June 2023 and up 9 percent from July 2022. The report noted that states that had the greatest number of REOs in July 2023, included: Illinois (355 REOs); Pennsylvania (230 REOs); California (217 REOs); Michigan (200 REOs); and Texas (200 REOs).
The July 2023 foreclosure report also noted that among major metro areas with a population greater than 1 million, those that saw the greatest number of REOs in July 2023 included: Chicago, IL (233 REOs); New York, NY (148 REOs); St. Louis, MO (104 REOs); Baltimore, MD (82 REOs); and Philadelphia, PA (80 REOs).
In this post, we take a more granular look by diving deep into the data behind ATTOM’s July 2023 foreclosure report to uncover the top 10 U.S. zip codes that had the greatest number of REOs. Those zips include: 48708 – Bay City, MI (13 REOs); 08648 – Trenton, NJ (13 REOs); 48706 – Bay City, MI (11 REOs); 17104 – Harrisburg, PA (11 REOs); 63136 – Saint Louis, MO (11 REOs); 21702 – Frederick, MD (11 REOs); 60628 – Chicago, IL (10 REOs); 60619 – Chicago, IL (9 REOs); 60466 – Park Forest, IL (9 REOs); and 19962 – Magnolia, DE (9 REOs).
Want to learn more about how foreclosure activity is faring in your market? Contact us to find out how!
