ATTOM’s Q1 2023 U.S. Foreclosure Market Report has found that a total of 95,712 U.S. properties had foreclosure filings during Q1 of 2023, up 6% from Q4 of 2022, and up 22% year-over-year. The report also shows a total of 36,617 U.S. properties with foreclosure filings in March 2023 alone, up 20% from February 2023’s totals, and up 10% from a year ago—the 23rd consecutive month with a year-over-year increase in U.S. foreclosure activity.
“Despite efforts made by government agencies and policymakers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said Rob Barber, CEO at ATTOM. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”
A total of 65,346 U.S. properties started the foreclosure process in the first quarter of 2023, up 3% from the previous quarter, and up 29% from a year ago. States that had the greatest number of foreclosures starts in Q1 2023 included:
- California (6,867 foreclosure starts)
- Texas (6,764 foreclosure starts)
- Florida (5,724 foreclosure starts)
- New York (4,345 foreclosure starts)
- Illinois (4,006 foreclosure starts)
Those major metros with a population of 200,000 or more that had the greatest number of foreclosures starts in Q1 2023 included:
- New York, New York (4,674 foreclosure starts)
- Chicago, Illinois (3,549 foreclosure starts)
- Los Angeles, California (2,210 foreclosure starts)
- Houston, Texas (2,120 foreclosure starts)
- Philadelphia, Pennsylvania (1,985 foreclosure starts)
Nationwide, one in every 1,459 housing units had a foreclosure filing in the first quarter of 2023. States with the highest foreclosure rates included:
- Illinois (one in every 762 housing units with a foreclosure filing)
- Delaware (one in every 812 housing units)
- New Jersey (one in every 824 housing units)
- Maryland (one in every 897 housing units)
- Nevada (one in every 947 housing units)
Among 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in Q1 2023 were found in:
- Fayetteville, North Carolina (one in every 526 housing units)
- Cleveland, Ohio (one in 582)
- Atlantic City, New Jersey (one in 661)
- Columbia, South Carolina (one in 671)
- Bakersfield, California (one in 688)
Other major metros with a population of at least one million and foreclosure rates in the top 15 highest nationwide, included Cleveland, Ohio at second; Chicago, Illinois at sixth; Las Vegas, Nevada at 10th; Philadelphia, Pennsylvania at 12th; and Riverside, California at 14th.
Lenders repossessed 12,518 U.S. properties through foreclosure (REO) in the first quarter of 2023, up 8% from the previous quarter and up 6% year-over-year.
Those states that had the greatest number of REOs in the first quarter of 2023 included:
- Michigan (1,819 REOs)
- Illinois (1,039 REOs)
- California (846 REOs)
- Pennsylvania (788 REOs)
- New York (774 REOs)
In terms of the average time to foreclose, properties foreclosed in the first quarter of 2023 had been in the foreclosure process an average of 950 days, the highest number of average days to foreclose since Q1 2018–up 12% from the previous quarter, and up 4% from Q1 2022. States reporting the longest average foreclosure timelines for homes foreclosed in Q1 2023 were found in:
- Louisiana (2,770 days)
- Hawaii (2,486 days)
- New York (1,963 days)
- Kentucky (1,881 days)
- New Jersey (1,697 days)
States with the shortest average foreclosure timelines for homes foreclosed in Q1 of 2023 were found in:
- Wyoming (111 days)
- Minnesota (141 days)
- Montana (143 days)
- Texas (146 days)
- Arkansas (157 days)
Original Article [Source: www.dsnews.com]
