According to ATTOM’s just released Year-End 2022 U.S. Foreclosure Market Report, foreclosure filings were reported on 324,237 U.S. properties in 2022. That figure was up 115 percent from 2021, but down 34 percent from 2019, before the pandemic. The report noted that foreclosure filings in 2022 were also down 89 percent from a peak of nearly 2.9 million in 2010.
ATTOM’s latest foreclosure activity analysis found that those 324,237 properties with foreclosure filings in 2022 represented 0.23 percent of all U.S. housing units. That figure was up slightly from 0.11 percent in 2021, but down from 0.36 percent in 2019 and down from a peak of 2.23 percent in 2010.
The report noted that states with the highest foreclosure rates in 2022 included Illinois (0.49 percent of housing units with a foreclosure filing); New Jersey (0.45 percent); Delaware (0.40 percent); Ohio (0.38 percent); and South Carolina (0.37 percent). Also according to the report, rounding out those top 10 states with the highest foreclosure rates in 2022, were Nevada (0.34 percent); Florida (0.33 percent); Indiana (0.30 percent); Maryland (0.27 percent); and Michigan (0.26 percent).
ATTOM’s 2022 year-end foreclosure report also found that among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in 2022 were Cleveland, Ohio (0.70 percent of housing units with a foreclosure filing); Jacksonville, North Carolina (0.58 percent); Atlantic City, New Jersey (0.58 percent); Columbia, South Carolina (0.55 percent); and Chicago, Illinois (0.53 percent).
The report noted that among those metro areas with a population greater than 1 million, including Cleveland, Ohio and Chicago, Illinois, those with the highest foreclosure rates in 2022, included Philadelphia, Pennsylvania (0.43 percent); Las Vegas, Nevada (0.42 percent); and Jacksonville, Florida (0.42 percent).
In this post, we dive deep into the data behind ATTOM’s 2022 year-end foreclosure report to uncover the top 10 zip codes with the highest foreclosure rates in 2022. Among those zips with 10,000 or more housing units, those with the highest foreclosure rates included: 44108 in Cleveland, OH (2.54 percent of housing units with a foreclosure filing); 44112 in Cleveland, OH (2.38 percent); 44105 in Cleveland, OH (2.14 percent); 44110 in Cleveland, OH (2.00 percent); 44137 in Maple Heights, OH (1.93 percent); 8046 in Willingboro, NJ (1.91 percent); 60628 in Chicago, IL (1.86 percent); 44128 in Cleveland, OH (1.71 percent); 44103 in Cleveland, OH (1.58 percent); and 44104 in Cleveland, OH (1.58 percent).
The 2022 year-end report also noted that U.S. properties foreclosed in Q 42022 had been in the foreclosure process an average of 852 days. That figure was down 4 percent from the previous quarter and 9 percent from a year ago. According to the report, states with the longest average time to foreclose in Q4 2022 were Hawaii (2,546 days); New Jersey (2,041 days); Louisiana (1,925 days); New York (1,828 days); and Pennsylvania (1,692 days).
ATTOM’s year-end foreclosure report provides a unique count of properties with a foreclosure filing during the year based on publicly recorded and published foreclosure filings collected in more than 3,000 counties nationwide, accounting for more than 99 percent of the U.S. population – also available for license or customized reporting.
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