IRVINE, Calif., Feb. 10, 2022 /PRNewswire/ -- ATTOM,
licensor of the nation's most comprehensive foreclosure data and
parent company to RealtyTrac (www.realtytrac.com), the largest
online marketplace for foreclosure and distressed properties, today
released its January 2022
U.S. Foreclosure Market Report, which shows there were a total of
23,204 U.S. properties with foreclosure filings — default
notices, scheduled auctions or bank repossessions — up 29 percent
from a month ago and 139 percent from a year ago.
"The increased level of foreclosure activity in January wasn't a
surprise," said Rick Sharga,
executive vice president of RealtyTrac, an ATTOM company.
"Foreclosures typically slow down during the holidays in November
and December and pick back up after the first of the year. This
year, the increases were probably a little more dramatic than usual
since foreclosure restrictions placed on mortgage servicers by the
CFPB expired at the end of December."
Foreclosure completion numbers continue to
Lenders repossessed 4,784 U.S. properties through
completed foreclosures (REOs) in January
2022, up 57 percent from last month and 235 percent from
last year – the 7th consecutive month with an annual
increase in completed foreclosures.
States that had at least 100 or more REOs and 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).
Those major metropolitan statistical areas (MSAs) with a
population greater than 200,000 that saw the greatest number of
REOs included: Detroit, MI (1,013
REOs); Chicago, IL (210 REOs);
New York, NY (129 REOs);
Miami, FL (113 REOs); and
Philadelphia, PA (107 REOs).
"It's very important to keep these numbers in context," Sharga
noted. "Foreclosure completions are still far below normal levels –
less than half as many as in January of 2020 before the pandemic
was declared, and about 60% lower than the number of foreclosure
completions in 2019. We're likely to continue seeing large
year-over-year percentage increases for the rest of this year, but
it's also likely that foreclosure activity will remain below
historically normal levels until the end of 2022."
Highest foreclosure rates in New
Jersey, Illinois, and
Nationwide one in
every 5,922 housing units had a foreclosure filing in January 2022. States with the highest foreclosure
rates were 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).
Among the 220 metropolitan statistical areas with a population
of at least 200,000, those with the highest foreclosure rates in
January 2022 were Detroit, MI (one in every 1,547 housing units
with a foreclosure filing); Atlantic
City, NJ (one in every 1,564 housing units); Cleveland, OH (one in every 1,659 housing
units); Columbia, SC (one in every
1,921 housing units); and Trenton,
NJ (one in every 2,299 housing units).
Other than Detroit and
Cleveland, among the metropolitan
areas with a population greater than 1 million, those with the
worst foreclosure rates in January
2022 included: Chicago, IL
(one in every 2,514 housing units); Las
Vegas, NV (one in every 2,654 housing units); Miami, FL (one in every 2,731 housing).
Foreclosure starts increase monthly in 33 states including
the District of Colombia
Lenders started the
foreclosure process on 11,854 U.S. properties in January 2022, up 29 percent from last month and
126 percent from a year ago.
Those states that saw 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
Among the 220 metropolitan statistical areas with a population
of at least 200,000 and at least 100 or more foreclosure starts in
January 2022, those that saw the
greatest annual increase, included: Minneapolis, MN (up 300 percent); Detroit, MI (up 298 percent); San Antonio, TX (up 291 percent); Jacksonville, FL (up 259 percent); and
Miami, FL (up 242 percent).
The ATTOM U.S. Foreclosure Market
Report provides a count of the total number of properties with at
least one foreclosure filing entered into the ATTOM Data Warehouse
during the month and quarter. Some foreclosure filings entered into
the database during the quarter may have been recorded in the
previous quarter. Data is collected from more than 3,000 counties
nationwide, and those counties account for more than 99 percent of
the U.S. population. ATTOM's report incorporates documents filed in
all three phases of foreclosure: Default — Notice of Default (NOD)
and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice
of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO
properties (that have been foreclosed on and repurchased by a
bank). For the annual, midyear and quarterly reports, if more than
one type of foreclosure document is received for a property during
the timeframe, only the most recent filing is counted in the
report. The annual, midyear, quarterly and monthly reports all
check if the same type of document was filed against a property
previously. If so, and if that previous filing occurred within the
estimated foreclosure timeframe for the state where the property is
located, the report does not count the property in the current
year, quarter, or month.
Interested in finding out more about our pre-foreclosure and
Contact ATTOM for Foreclosure Data Licensing Details.
Visit RealtyTrac.com for Foreclosure Search and Listings.
ATTOM provides foreclosure data
licenses that can power various enterprise industries including
real estate, insurance, marketing, government, mortgage and more.
ATTOM multi-sources from 3,000 counties property tax, deed,
mortgage, environmental risk, natural hazard, and neighborhood data
for more than 155 million U.S. residential and commercial
properties covering 99 percent of the nation's population.
About RealtyTrac (Powered by ATTOM's Property
RealtyTrac.com is the largest online marketplace for
foreclosure and distressed properties, helping individual investors
and real estate agents looking to gain a competitive edge in the
distressed market. Realtytrac.com enables real estate professionals
the ability to find, analyze and invest in residential
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