According to the August 2022 ATTOM US Foreclosure Market Report, there were 34,501 properties with foreclosure filings, which are default notices, bank-repossessions, or scheduled auctions. This is a 14 percent increase from the previous month and a 118 percent increase from the same period a year ago.
The number of properties that were started by lenders in the foreclosure process in August 2022 was 23,952, which is 12 percent higher than the previous month and 187 percent higher than the same period a year ago.
After two years following the outbreak of the COVID-19 pandemic, the number of properties that were started by lenders in the foreclosure process in August 2022 was 23,952, which is 12 percent higher than the previous month and 187 percent higher than the same period a year ago. According to Rick Sharga, an executive vice president of ATTOM, the recovery in the housing market is expected to continue in 2023.
The states with the most number of foreclosure starts in August 2022 were Tennessee, Oklahoma, Arkansas, and Virginia. These states experienced significant increases in the number of properties that were started by lenders in the foreclosure process during the month.
Taking a deeper look into the data, counties such as Cook County in Illinois and Los Angeles County in California had the most foreclosure starts in August 2022. Other counties such as Suffolk County in New York and Harris County in Texas also experienced significant increases in the number of properties that were started by lenders in the foreclosure process.
In August 2022, one in every 4,072 housing units in the country had a foreclosure filing. Florida was on of five states experiencing the highest foreclosure rates.
The highest foreclosure rates were reported in areas with populations of at least 200,000. These include areas such as Jacksonville, FL; Lakeland, FL; Maryville, IL; South Bend, IN; and Bakersfield, CA. Other areas with high foreclosure rates include Rockford, Illinois, and San Bernardino, CA.
The worst areas in the country when it comes to experiencing high foreclosure rates during August 2022 were Chicago, Ohio; Cleveland, Ohio; Jacksonville, Florida; and Riverside, California. These areas had populations of more than one million.
In August 2022, the number of properties that were taken back by lenders through the completed foreclosure process was 3,938, which is 28 percent higher than the previous month and 59 percent higher than the same period a year ago.
The number of properties that were taken back by lenders during the month is expected to continue declining due to various factors. One of these is the fact that over 90 percent of the borrowers who are in foreclosure have positive equity. This means that they can sell their homes at a profit.
The states with the most number of residential properties that were taken back by lenders in the foreclosure process in August 2022 were Illinois with 493, New York with 337, Michigan with 332, and Pennsylvania with 260.
The areas with the biggest monthly increases in the number of properties that were taken back by lenders were those with populations of over a million. These include Kansas City, Missouri, which had a 967 percent increase in the number of properties that were taken back by lenders in August 2022, and New York City.
