ATTOM’s May 2022 U.S. Foreclosure Market Report found there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — in May 2022. That number was up just 1 percent from April 2022 but up 185 percent from May 2021.
According to ATTOM’s latest foreclosure activity analysis, nationwide one in every 4,549 housing units had a foreclosure filing in May 2022. The report noted that states with the highest foreclosure rates were Illinois (one in every 2,000 housing units with a foreclosure filing); New Jersey (one in every 2,346 housing units); Delaware (one in every 2,426 housing units); Ohio (one in every 2,667 housing units); and Florida (one in every 2,788 housing units).
The report also noted that among the 223 metro areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units).
Also according to the report, among those larger metro areas with a population greater than 1 million, those with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units).
In this post, we drill down to the zip code level to uncover those top U.S. zip codes with the highest foreclosure rates in May 2022. Among zips with a population of 10,000 or more, the top 10 with the worst foreclosure rates in May 2022 included: 60419 in Dolton, IL (one in every 333 housing units); 44105 in Cleveland, OH (one in every 354 housing units); 60478 in Country Club Hills, IL (one in every 358 housing units); 44128 in Cleveland, OH (one in every 362 housing units); 11701 in Amityville, NY (one in every 368 housing units); 60153 in Maywood, IL (one in every 394 housing units); 44108 in Cleveland, OH (one in every 424 housing units); 44112 in Cleveland, OH (one in every 436 housing units); 60545 in Plano, IL (one in every 466 housing units); and 60628 in Chicago, IL (one in every 476 housing units).
ATTOM’s latest foreclosure market analysis also reported that lenders started the foreclosure process on 22,099 U.S. properties in May 2022. That number was down just 1 percent from April 2022 but up 274 percent from May 2021. Those states with the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts).
Also according to the report, lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022. That number was up just 1 percent from April 2022 but up 117 percent from May 2021. Those states with the greatest number of REOs in May 2022 included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs).
Want to learn more about how foreclosure rates, starts and REOs are faring in your market? Contact us to find out how!
