Foreclosures in the United States increase 167% from a year ago, the lowest rate in Vermont in the country

0

Vermont Business Magazine ATTOM, a leading nationwide real estate data curator for land and real estate data, has released its Third Quarter 2022 U.S. Foreclosures Market Report, which shows there were a total of 92,634 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank foreclosures — up 3 percent from the prior quarter and 104 percent from a year ago. Meanwhile, Vermont has seen foreclosures decline and the state has by far the lowest rate in the country at 1 per 22,288 homes. Illinois had the highest rate at 1 per 694 HU (7,821 total). In the past year, there have only been 15 foreclosure filings in Vermont. California (10,850) and Florida (9,284) saw the most filings.

The report also shows there were a total of 31,836 US properties with foreclosure filings in September 2022, down 8% from the previous month but up 62% from September 2021.

Lockdown begins near pre-pandemic levels nationwide
Lenders began foreclosures on 67,249 U.S. properties in Q3 2022, up 1% from the prior quarter and 167% from a year ago, nearly reaching pre-pandemic levels .

“Foreclosures are starting, although increasing since the end of the government foreclosure moratorium, still lagging pre-pandemic levels,” said Rick Sharga, executive vice president of market intelligence for ATTOM. “Foreclosure activity reflects other aspects of the economy as unemployment rates continue to be historically low and mortgage delinquency rates are lower than they were before the COVID-19 outbreak. .”

Start of lockdown in the United States

States that posted the highest number of foreclosure starts in Q3 2022 included California (7,368 foreclosure starts); Florida (6,671 foreclosure openings); Texas (6,217 foreclosure openings); Illinois (4,702 open foreclosures); and New York (3,997 seizures).

Of the 223 metropolitan statistical areas analyzed in the report, those that posted the highest number of foreclosure starts in Q3 2022 included New York, New York (4,621 foreclosure starts); Chicago, Illinois (3,950 foreclosure openings); Los Angeles, California (2,275 seizures); Philadelphia, Pennsylvania (1,991 foreclosure openings); and Miami, Florida (1,990 seizures);

Contrary to the national trend of quarterly increases, among metro areas with populations over 1 million that saw declines in foreclosure housing starts in Q3 2022 were Tulsa, Oklahoma (down 60%); Kansas City, Missouri (down 26%); Birmingham, Alabama (down 25%); Minneapolis, Minnesota (down 23%); and Cincinnati, Ohio (down 22%).

Highest foreclosure rates in Illinois, Delaware and New Jersey
Nationally, one in 1,517 properties had a foreclosure filing in Q3 2022. The states with the highest foreclosure rates in Q3 2022 were Illinois (one in 694 homes with a seizure deposit); Delaware (one in 825); New Jersey (one in 855); South Carolina (one in 971); and Ohio (one in 1,027).

Of the 223 metropolitan statistical areas analyzed in the report, those with the highest foreclosure rates in Q3 2022 were Peoria, Illinois (one in 472 dwellings with a foreclosure record); Cleveland, Ohio (one in 589); Jacksonville, North Carolina (one in 593); Columbia, South Carolina (one in 599); and Rockford, Illinois (one in 602).

Bank foreclosures are increasing across the country
Lenders repossessed 10,515 U.S. properties through foreclosure (REO) in the third quarter of 2022, up 18% from the previous quarter and 39% from a year ago.

“Very few properties entering the foreclosure process returned to the lender at the end of the foreclosure,” Sharga noted. “In fact, almost three times as many homes were repossessed by lenders in the second quarter of 2019 than in the second quarter of 2022. We believe this may be an indication that borrowers are leveraging their equity and selling their homes. rather than risk the loss of their equity in a foreclosure auction.”

United States Foreclosures (REO)

States that posted the highest number of completed foreclosures in Q3 2022 included Illinois (1,331 REO); Michigan (729 REO); New York (695 REO); Pennsylvania (643 REO); and Ohio (557 REO).

The average seizure time decreases by 4% compared to last year
Properties foreclosed in Q3 2022 had been in the foreclosure process an average of 885 days, down from 948 days in the prior quarter and down 4% from 924 days in Q3 2021.

Average number of days to complete seizure

The states with the longest average foreclosure times for foreclosed homes in Q3 2022 were Hawaii (2,121 days); New Jersey (2,002 days); Louisiana (1,963 days); Kansas (1,848 days); and New York (1,808 days).

The states with the shortest average foreclosure times for foreclosed homes in Q3 2022 were Minnesota (113 days); Mississippi (167 days); Texas (168 days); Nebraska (168 days); and Missouri (172 days).

September 2022 lockdown activity High level takeaways

  • Nationwide in September 2022, one in 4,413 properties had a foreclosure record.
  • The states with the highest foreclosure rates in September 2022 were Illinois (one in 1,959 homes with a foreclosure record); Nevada (one in 2,473 housing units); New Jersey (one in 2,649 housing units); Maryland (one in 2,825 housing units); and Ohio (one in 2,885 housing units).
  • 21,869 US properties began the foreclosure process in September 2022, down 9% from the previous month but up 113% from a year ago.
  • Lenders completed foreclosures on 3,509 U.S. properties in September 2022, down 11% from the previous month but up 31% from a year ago.

US Foreclosure Market Data by State – Q3 2022

Assess
Rank

State name

Total
Properties with
Deposits

1/each X HU
(Foreclosure rate)

%∆ Q2
2022

%∆ Q3
2021

WE

92,634

1,517

2.77

103.52

18

Alabama

1,271

1,800

-7.43

74.83

21

Alaska

165

1,924

51.38

101.22

32

Arizona

1,281

2,406

-12.62

130.40

38

Arkansas

461

2,962

24.26

94.51

12

California

10,850

1,326

11.04

77.55

26

Colorado

1,172

2,126

-22.84

224.65

ten

Connecticut

1,205

1,270

3.34

100.50

2

Delaware

544

825

2.45

90.21

District of Colombia

58

6,041

9.43

123.08

seven

Florida

9,284

1,063

-3.93

71.26

14

Georgia

3,021

1,460

-3.11

141.29

31

Hawaii

239

2,348

20.10

77.04

44

Idaho

180

4,177

-9.09

83.67

1

Illinois

7,821

694

2.84

113.75

8

Indiana

2,533

1,154

-1.40

76.52

15

Iowa

942

1,500

-1.67

98.73

41

Kansas

405

3,150

114.29

20.18

45

Kentucky

447

4,462

8.50

35.45

20

Louisiana

1,085

1,911

6.90

89.69

19

Maine

388

1,905

-1.02

83.89

9

Maryland

2,103

1,203

47.79

141.72

29

Massachusetts

1,337

2,243

26.61

101.36

11

Michigan

3,547

1,288

20.77

242.04

28

Minnesota

1,117

2,225

-18.94

184.22

35

Mississippi

507

2,603

-1.17

108.64

34

Missouri

1,132

2,462

-19.77

63.82

46

Montana

103

4,998

-8.85

202.94

39

Nebraska

285

2,962

-14.93

176.70

6

Nevada

1,241

1,032

8.67

45.15

37

New Hampshire

226

2,827

6.10

98.25

3

New Jersey

4,401

855

-3.10

102.90

30

New Mexico

404

2,329

-5.16

31.60

13

New York

5,926

1,432

31.57

187.95

17

North Carolina

2,646

1,780

-9.88

104.64

48

North Dakota

45

8,236

4.65

60.71

5

Ohio

5,106

1,027

-12.63

96.54

23

Oklahoma

877

1,992

-25h30

89.01

42

Oregon

573

3,165

35.78

402.63

22

Pennsylvania

2,911

1,973

1.36

129.39

36

Rhode Island

184

2,628

8.24

80.39

4

Caroline from the south

2,415

971

0.00

123.40

49

South Dakota

23

16,953

9.52

35.29

33

Tennessee

1,240

2,445

35.82

76.89

16

Texas

6,593

1,758

-0.42

114.34

25

Utah

562

2,049

4.66

143.29

50

Vermont

15

22,288

-25.00

-51.61

27

Virginia

1,701

2,127

5.19

175.24

43

Washington

857

3,737

26:40

55.82

47

West Virginia

167

5,124

5.03

317.50

40

Wisconsin

905

3,014

-1.63

14.27

24

Wyoming

133

2,044

25.47

111.11

Report methodology
The ATTOM US Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure case entered into the ATTOM data warehouse during the month and quarter. Some foreclosure deposits entered into the database during the quarter may have been recorded during the previous quarter. Data is collected from over 3,000 counties nationwide, and these counties represent over 99% of the US population. The ATTOM report includes the documents filed during the three phases of the seizure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Sale by Trustee and Notice of Sale by Foreclosure (NTS and NFS); and real estate properties, or REO properties (which have been seized and bought out by a bank). For annual, semi-annual and quarterly reports, if more than one type of foreclosure document is received for a property during the period, only the most recent filing is counted in the report. Annual, semi-annual, quarterly and monthly reports all check to see if the same type of document has ever been filed against a property. If so, and if that previous filing occurred within the estimated foreclosure time for the state where the property is located, the report does not count the property in the current year, quarter, or month.

About ATTOM
ATTOM provides superior real estate data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. Multi-source ATTOM property tax, deed, mortgage, foreclosure, environmental hazard, natural hazard, and neighborhood data for over 155 million residential and commercial properties in the United States covering 99% of the population from the country. A rigorous data management process comprising more than 20 steps validates, standardizes and improves the real estate data collected by ATTOM, by assigning each property record a unique and persistent identifier – the ATTOM identifier. The 30TB ATTOM Data Warehouse powers innovation across multiple industries, including mortgage, real estate, insurance, marketing, government, and more, with flexible data delivery solutions that include bulk file licensing, real estate data APIs, real estate market trends, real estate reports, and more. We also introduce you to our newest innovative solution, which provides immediate access and streamlines data management – ATTOM Cloud.

SOURCE IRVINE, Calif., Oct. 13, 2022 /PRNewswire/ — ATTOM

Share.

Comments are closed.