Foreclosure Activity Up 21st Straight Month

February 9, 2023

ATTOM, Irvine, Calif., said January foreclosure filings rose by 36 percent from a year ago and by 2 percent from December, although they remained low by historical standards.

The company’s monthly U.S. Foreclosure Market Report showed 31,557 U.S. properties with foreclosure filings in January. On an annual basis, foreclosure filings have increased for 21 consecutive months.

“The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year,” said ATTOM CEO Rob Barber.” While both completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity seen over the past 21 months may indicate a more substantial trend that could continue into 2023.”

However, the report said lenders repossessed 3,896 U.S. properties through completed foreclosures in January, up 6 percent from last month but down 19 percent from last year – the first annual decrease in completed foreclosures since June 2021.

States that had at least 100 or more REOs and that saw the greatest annual decreases in January included: Florida (down 53 percent); Maryland (down 23 percent); Michigan (down 22 percent); New Jersey (down 15 percent); and Texas (down 14 percent). Three states saw an annual increase: New York (up 76 percent); Pennsylvania (up 12 percent); and California (up 4 percent).

Metros with a population greater than 200,000 that saw the greatest number of REOs included: Detroit (783 REOs); Chicago (206 REOs); New York (149 REOs); Philadelphia (100 REOs); and Riverside, Calif. (66 REOs).

Nationwide, one in every 4,425 housing units had a foreclosure filing in January. States with the highest foreclosure rates were Delaware (one in every 2,109 housing units); Illinois (one in every 2,279 housing units); Michigan (one in every 2,617 housing units); New Jersey (one in every 2,858 housing units); and Maryland (one in every 2,967 housing units).

Among metros, those with the highest foreclosure rates in January were Fayetteville, N.C. (one in every 1,322 housing units); Bakersfield, Calif. (one in every 1,522 housing units); Cleveland, Ohio (one in every 1,557 housing units); Detroit (one in every 1,575 housing units); and Laredo, Texas (one in every 1,953 housing units).