ATTOM’s newly released May 2023 U.S. Foreclosure Market Report shows that foreclosure filings were up 7 percent from April 2023 and 14 percent from May 2022.
According to the latest foreclosure market analysis by ATTOM, nationwide one in every 3,967 housing units had a foreclosure filing in May 2023. The report noted that states with the highest foreclosure rates included Illinois (one in every 2,144 housing units with a foreclosure filing); Maryland (one in every 2,203 housing units); New Jersey (one in every 2,257 housing units); Florida (one in every 2,470 housing units); and Ohio (one in every 2,478 housing units).
The report also noted that foreclosure starts in May 2023 were up 4 percent from April 2023 and 5 percent from May 2022. Also according to ATTOM’s latest foreclosure report, states that had the greatest number of foreclosure starts in May 2023 included Florida (2,901 foreclosure starts); California (2,451 foreclosure starts); Texas (2,286 foreclosure starts); Illinois (1,358 foreclosure starts); and New York (1,287 foreclosure starts).
ATTOM’s May 2023 foreclosure market analysis also found that lenders repossessed 4,020 U.S. properties through completed foreclosures (REOs). That figure was up 38 percent from April 2023 and 41 percent from May 2023. According to the report, states that had the greatest number of REOs in May 2023 included Illinois (352 REOs); Ohio (279 REOs); Michigan (271 REOs); Texas (240 REOs); and Pennsylvania (229 REOs).
The latest ATTOM foreclosure report also noted that among those major metros with a population greater than 1 million, those with the greatest number of REOs in May 2023 included New York, NY (244 REOs); Chicago, IL (230 REOs); Detroit, MI (136 REOs); St. Louis, MO (112 REOs); and Washington, DC (91 REOs).
In this post, we dive deep into the data behind ATTOM’s May 2023 U.S. Foreclosure Market Report to uncover those top 10 U.S. zip codes with the greatest number of REOs in May 2023. Those ZIPS included: 78254 in San Antonio, TX (27 REOs); 30901 in Augusta, GA (24 REOs); 21502 in Cumberland, MD (10 REOs); 19121 in Philadelphia, PA (9 REOs); 20878 in Gaithersburg, MD (9 REOs); 21043 in Ellicott City, MD (8 REOs); 48089 in Warren, MI (8 REOs); 30127 in Powder Springs, GA (7 REOs); 60409 in Calumet City, IL (7 REOs); and 29501 in Florence, SC (7 REOs).
ATTOM CEO Rob Barber noted, “The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur. This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.”
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