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HUD Announces 30-basis-point reduction in Annual Mortgage Insurance Premiums
March 31, 2023U.S. Foreclosure Activity Continues to Climb in Q1 2023
IRVINE, Calif. — April 19, 2023 — ATTOM, a leading curator of land, property, and real estate data, today released its Q1 2023 U.S. Foreclosure Market Report, which shows a total of 95,712 U.S. properties with a foreclosure filings during the first quarter of 2023, up 6 percent from the previous quarter and up 22 percent from a year ago.
The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023, up 20 percent from the previous month and up 10 percent from a year ago — the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity.
U.S. Foreclosure Activity Doubles Annually but Still Below Pre-Pandemic Levels
IRVINE, Calif. – Jan. 12, 2023 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its Year-End 2022 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 324,237 U.S. properties in 2022, up 115 percent from 2021 but down 34 percent from 2019, before the pandemic shook up the market. Foreclosure filings in 2022 were also down 89 percent from a peak of nearly 2.9 million in 2010.
Those 324,237 properties with foreclosure filings in 2022 represented 0.23 percent of all U.S. housing units, 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.
“Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”
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Top 10 U.S. Metros with the Most Foreclosure Starts in March 2023
According to ATTOM’s newly released Q1 2023 U.S. Foreclosure Market Report, there were a total of 36,617 U.S. properties with foreclosure filings in March 2023. That figure was up 19.95 percent from February 2023 and up 9.85 percent from March 2022.
ATTOM’s latest foreclosure activity analysis found that nationwide in March 2023, one in every 3,813 properties had a foreclosure filing. The report noted that states with the highest foreclosure rates in March 2022 were Illinois (one in every 2,050 housing units with a foreclosure filing); Delaware (one in every 2,161 housing units); Nevada (one in every 2,178 housing units); Indiana (one in every 2,223 housing units); and New Jersey (one in every 2,299 housing units). Also, according to the report, 24,234 U.S. properties started the foreclosure process in March 2023, up 19 percent from February 2023 and up 8 percent from March 2022. ATTOM’s latest foreclosure report also found that lenders completed the foreclosure process on 4,791 U.S. properties in March 2023, up 25 percent from February 2023 and up 9 percent from March 2022. In this post, we dive deep into the data behind ATTOM’s Q1 2023 foreclosure report to uncover the top 10 U.S. larger metro areas with the greatest number of foreclosures starts in March 2023. Those metros with populations over 200,000 included: New York-Newark-Jersey City, NY-NJ-PA (1,750 foreclosure starts); Chicago-Naperville-Elgin, IL-IN-WI (1,359 foreclosure starts); Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (808 foreclosure starts); Houston-The Woodlands-Sugar Land, TX (792 foreclosure starts); Los Angeles-Long Beach-Anaheim, CA (726 foreclosure starts); Miami-Fort Lauderdale-West Palm Beach, FL (687 foreclosure starts); Dallas-Fort Worth-Arlington, TX (570 foreclosure starts); Atlanta-Sandy Springs-Roswell, GA (550 foreclosure starts); Detroit-Warren-Dearborn, MI (534 foreclosure starts); and Riverside-San Bernardino-Ontario, CA (474 foreclosure starts).
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