Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, NC (one in every 1,052 housing units with a foreclosure filing); Cleveland, OH (one in every 1,389 housing units); Chicago, IL (one in every 1,777 housing units); Fayetteville, NC (one in every 1,823 housing units); and Rockford, IL (one in every 1,861 housing units).
Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in May 2022 including Cleveland, OH and Chicago, IL were: Jacksonville, FL (one in every 1,985 housing units); Orlando, FL (one in every 2,295 housing units); and Miami, FL (one in every 2,432 housing units).
Florida, California and Texas had the greatest number of foreclosure starts
Lenders started the foreclosure process on 22,099 U.S. properties in May 2022, down 1 percent from last month but up 274 percent from a year ago.
States that had the greatest number of foreclosure starts in May 2022 included: Florida (2,483 foreclosure starts); California (2,238 foreclosure starts); Texas (2,019 foreclosure starts); Illinois (1,757 foreclosure starts); and Ohio (1,285 foreclosure starts).
Those major metropolitan areas with a population greater than 1 million and that had at least 100 foreclosure starts in May 2022 and saw increases from last month included: Miami, FL (up 81 percent); Washington, DC (up 60 percent); Birmingham, AL (up 56 percent); Cincinnati, OH (up 54 percent); and Jacksonville, FL (up 54 percent).
“It’s interesting that there were almost ten times more foreclosure starts than foreclosure completions,” Sharga added. “This suggests that financially-distressed borrowers may be finding ways to avoid losing their home to a foreclosure sale.”
Foreclosure completion numbers increase 1 percent from last month
Lenders repossessed 2,857 U.S. properties through completed foreclosures (REOs) in May 2022, up 1 percent from last month and up 117 percent from last year.
States that had the greatest number of REOs in May 2022, included: Illinois (350 REOs); Michigan (249 REOs); Pennsylvania (226 REOs); New Jersey (175 REOs); and Ohio (146 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2022 included: Chicago, IL (289 REOs); New York, NY (133 REOs); Detroit, MI (124 REOs); Philadelphia, PA (98 REOs); and Pittsburgh, PA (79 REOs).
Report methodology
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.
About ATTOM
ATTOM provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, 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. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 20TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, property data APIs, real estate market trends, property reports and more. Also, introducing our newest innovative solution, that offers immediate access and streamlines data management – ATTOM Cloud.
