ATTOM’s just released January 2022 U.S. Foreclosure Market Report shows there were a total of 23,204 U.S. properties with foreclosure filings reported in January 2022. That figure is up 29 percent from December 2021 and 139 percent from January 2021.
According to ATTOM’s latest foreclosure activity analysis, lenders repossessed 4,784 U.S. properties through completed foreclosures (REOs) in January 2022. The report notes that number is up 57 percent from December 2021 and 235 percent from January 2021 – the 7th consecutive month with an annual increase in completed foreclosures and the highest level since the beginning of the COVID-19 pandemic.
The report also notes that states with at least 100 or more REOs that saw the greatest monthly increase in January 2022 included: Michigan (up 622 percent); Georgia (up 163 percent); Texas (up 98 percent); Tennessee (up 50 percent); and Alabama (up 44 percent).
ATTOM’s January 2022 foreclosure report found that among those major metro areas with a population greater than 200,000, those with the greatest number of REOs in January 2022 included: Detroit, MI (1,013 REOs); Chicago, IL (210 REOs); New York, NY (129 REOs); Miami, FL (113 REOs); and Philadelphia, PA (107 REOs).
Top 10 Counties with Greatest Numbers of REOs
In this post, we dive deep into the data behind our January 2022 foreclosure report to uncover those top U.S. counties with the greatest numbers of completed foreclosures in January 2022. Among those counties with a population of at least 100,000, those with the greatest numbers of REOs included: Wayne County, MI (952 REOs); Cook County, IL (82 REOs); Los Angeles County, CA (61 REOs); Broward County, FL (48 REOs); Miami-Dade County, FL (45 REOs); Baltimore County, MD (44 REOs); Harris County, TX (43 REOs); Riverside County, CA (36 REOs); Jefferson County, AL (33 REOs); and De Kalb County, IL (32 REOs).
Top 10 ZIPs with Greatest Numbers of REOs
Also in this post, we dive deep into the data behind our January 2022 foreclosure report to uncover those top U.S. zip codes that saw the greatest numbers of completed foreclosures in January 2022. Among those zips with a population of at least 10,000, those with the greatest numbers of REOs were all the state of Michigan. They included: 48223 in Detroit (108 REOs); 48228 in Detroit (81 REOs); 48227 in Detroit (80 REOs); 48213 in Detroit (74 REOs); 48204 in Detroit (72 REOs); 48205 in Detroit (64 REOs); 48238 in Detroit (57 REOs); 48219 in Detroit (47 REOs); 48203 in Highland Park (46 REOs); and 48234 in Detroit (43 REOs).
ATTOM’s latest foreclosure report also stated that lenders started the foreclosure process on 11,854 U.S. properties in January 2022. That figure is up 29 percent from December 2021 and 126 percent from January 2021. The report noted that states with the greatest number of foreclosures starts in January 2022 included: Florida (1,238 foreclosure starts); California (1,226 foreclosure starts); Texas (1,003 foreclosure starts); Illinois (757 foreclosure starts); and Ohio (665 foreclosure starts).
The January 2022 report also found that nationwide one in every 5,922 housing units had a foreclosure filing reported during the month, while states with the highest foreclosure rates included New Jersey (one in every 2,336 housing units with a foreclosure filing); Illinois (one in every 2,740 housing units); Nevada (one in every 3,119 housing units); Michigan (one in every 3,127 housing units); and Ohio (one in every 3,251 housing units).
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