According to ATTOM’s just released November 2022 U.S. Foreclosure Market Report, there were a total of 30,677 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions. That figure was up 57 percent from a year ago, but down 5 percent from the prior month.
ATTOM’s latest foreclosure activity analysis found that nationwide one in every 4,580 housing units had a foreclosure filing in November 2022. The report noted that states with the highest foreclosure rates included: Illinois (one in every 2,401 housing units with a foreclosure filing); Delaware (one in every 2,736 housing units); New Jersey (one in every 2,916 housing units); South Carolina (one in every 3,195 housing units); and Wyoming (one in every 3,237 housing units).
The November 2022 foreclosure report also noted that lenders started the foreclosure process on 20,686 U.S. properties in November 2022. That figure was down 5 percent from last month but up 98 percent from a year ago.
ATTOM’s latest analysis reported that states with the greatest number of foreclosure starts in November 2022 included: California (2,244 foreclosure starts); Texas (2,114 foreclosure starts); Florida (1,709 foreclosure starts); New York (1,575 foreclosure starts); and Illinois (1,243 foreclosure starts).
Also according to ATTOM’s November 2022 foreclosure report, lenders repossessed 3,770 U.S. properties through completed foreclosures (REOs) – down 9 percent from last month but up 64 percent from last year.
The report mentioned that states with the greatest number of REOs in November 2022 included: Illinois (343 REOs); New York (313 REOs); Pennsylvania (220 REOs); Michigan (210 REOs); and Ohio (208 REOs).
Among those major metro areas with a population greater than 1 million, those with the greatest numbers of REOs in November 2022 included: Chicago, IL (278 REOs); New York, NY (174 REOs); Philadelphia, PA (103 REOs); Detroit, MI (77 REOs); and Houston, TX (59 REOs).
In this post, we dive deeper into the data behind ATTOM’s November 2022 foreclosure report to uncover more granular, zip code level data. The top 10 zips that saw the greatest number of REOs in November 2022 included 14701 – Jamestown, New York (18 REOs); 30906 – Augusta, Georgia (16 REOs); 14048 – Dunkirk, New York (16 REOs); 47265 – North Vernon, Indiana (15 REOs); 30901 – Augusta, Georgia (10 REOs); 12401 – Kingston, New York (10 REOs); 47302 – Muncie, Indiana (9 REOs); 30127 – Powder Springs, Georgia (8 REOs); 30655 – Monroe, Georgia (8 REOs); and 60617 – Chicago, Illinois (8 REOs).
ATTOM EVP of Market Intelligence, Rick Shargae noted, “We may be at or near a peak level of foreclosure activity for 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While foreclosure starts and foreclosure completions both increased compared to last year’s artificially low levels, they declined from last month, and lenders often put a moratorium on foreclosures during the holiday season.”
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