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Jack Bluestein
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Top 10 U.S. Metros Where Foreclosure Filings Are on the Rise

ATTOM’s Midyear 2022 U.S. Foreclosure Market Report revealed there were a total of 164,581 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — in the first six months of 2022. According to the report, that figure was up 153 percent from the same time period a year ago but down just one percent from the same time period two years ago.

The latest ATTOM foreclosure activity analysis shows that nationwide 0.12 percent of all housing units, or one in every 854, had a foreclosure filing in the first half of 2022. The report noted that states with the highest foreclosure rates in the first half of 2022 included: Illinois (0.26 percent of housing units with a foreclosure filing); New Jersey (0.24 percent); Ohio (0.21 percent); Delaware (0.20 percent); and South Carolina (0.19 percent).

ATTOM’s midyear 2022 foreclosure report also noted that among the 223 metro areas analyzed with a population of at least 200,000, those with the highest foreclosure rates in the first half of 2022, included: Cleveland, Ohio (0.40 percent of housing units with foreclosure filings); Atlantic City, New Jersey (0.33 percent); Jacksonville, North Carolina (0.31 percent); Chicago, Illinois (0.30 percent); and Columbia, South Carolina (0.30 percent).

Also according to the report, 96 percent of major metro areas saw an annual increase in foreclosure filings from the first half of 2021 to the first half of 2022. In this post, we unveil the top 10 U.S. metros among those with annual increases in foreclosure filings and a population greater than 1 million, including: Detroit-Warren-Dearborn, MI (401 in Jan-Jun 2021; 3,640 in Jan-Jun 2022); Denver-Aurora-Lakewood, CO (145 in Jan-Jun 2021; 1,075 in Jan-Jun 2022); Nashville-Davidson–Murfreesboro–Franklin, TN (55 in Jan-Jun 2021; 347 in Jan-Jun 2022); Grand Rapids-Wyoming, MI (50 in Jan-Jun 2021; 256 in Jan-Jun 2022); Oklahoma City, OK (203 in Jan-Jun 2021; 1,003 in Jan-Jun 2022); Tucson, AZ (127 in Jan-Jun 2021; 521 in Jan-Jun 2022); Minneapolis-St. Paul-Bloomington, MN-WI (402 in Jan-Jun 2021; 1,621 in Jan-Jun 2022); San Antonio-New Braunfels, TX (386 in Jan-Jun 2021; 1,397 in Jan-Jun 2022); Phoenix-Mesa-Scottsdale, AZ (570 in Jan-Jun 2021; 2,009 in Jan-Jun 2022); and Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (1,583 in Jan-Jun 2021; 5,578 in Jan-Jun 2022).

ATTOM Chart on Top Metros with Foreclosures

ATTOM Chart on Top Metros with Foreclosures

ATTOM’s latest foreclosure market report noted that bucking the national trend with decreasing foreclosure activity compared to a year ago in the nation’s most populated metros during the first half of 2022, were only 7 of the 223 metro areas analyzed. Those metros included: Lake Havasu, Arizona (down 47 percent); Eugene, Oregon (down 27 percent); Springfield, Illinois (down 19 percent); Shreveport, Louisiana (down 9 percent); and Brownsville, Texas (down 8 percent).

Also according to the report, properties foreclosed in Q2 2022 took an average of 948 days from the first public foreclosure notice to complete the foreclosure process, up from 917 days in Q1 2022 and up from 922 days in Q2 2021.

The report noted the states with the longest average foreclosure timelines for foreclosures completed in Q2 2022 included: Nevada (2,683 days), Hawaii (2,619 days), New Jersey (1,984 days), Louisiana (1,901 days), and New York (1,823 days).

ATTOM’s Midyear 2022 foreclosure analysis also reported that the states with the shortest average foreclosure timelines for foreclosures completed in Q2 2022 included: West Virginia (82 days), Montana (84 days), Missouri (117 days), Minnesota (141 days), and Arkansas (154 days).

 

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