As expected, foreclosure starts rose +5% m/m and completed foreclosures increased +13% m/m in October.

(Learn how to use this foreclosure activity data with your clients and prospects by registering and participating in this new, FREE webinar offered you by Tim and Julie Harris Real Estate Coaching.)

READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register

Foreclosure Activity in October Expectedly Increased

ATTOM Data Solutions, parent company of RealtyTrac which is the largest online marketplace for foreclosure and distressed properties, released its October 2021 US Foreclosure Market Report which indicated that foreclosure activity increased month-to-month in October.

Foreclosure states (default notices, scheduled auctions or bank repossessions) were up +5% m/m and +76% y/y and completed foreclosures jumped +13% m/m.

Rick Sharga, executive vice president with RealtyTrac, said, “As expected, now that the moratorium has been over for three months, foreclosure activity continues to increase.  But it’s increasing at a slower rate, and it appears that most of the activity is primarily on vacant and abandoned properties, or loans that were in foreclosure prior to the pandemic.”

States with Highest Foreclosure Rates

Illinois, Florida and New Jersey finished first, second and third among the states with the highest foreclosure rates in October.  Nevada and Ohio ran fourth and fifth, respectively.

Among the 220 metro areas both ATTOM and RealtyTrac analyze, St. Louis MO had one in every 1,138 housing units with a foreclosure filing in October; Trenton NJ with one in every 1,293 units; Miami FL with one in every 2,233 housing units; Chicago IL with one in every 2,284, and Cleveland OH with one in every 2,285 housing units.

28 States Saw Increase in Monthly Foreclosure Starts

Lenders initiated the foreclosure process on 10,759 properties in the US in October 2021.  These 10,759 properties represent an increase of +5% from September and +115% from one year ago.

States with the greatest monthly increases in foreclosure starts included Pennsylvania (+107%), North Carolina (+104%). New Jersey (+61%), Connecticut (+56%) and Massachusetts (+39%).

Metros with populations of more than 1M that saw the greatest number of foreclosure starts in October included, New York City, Miami, Los Angeles, Houston and Atlanta.

Foreclosure Completions Increased +13% m/m

Lenders repossessed 3,027 properties via completed foreclosures (REOs) in October, a jump of +13% m/m and +17% y/y.

States with the most REOs in October included Illinois, California, Pennsylvania, Maryland and Florida.

Major metro areas with +1M people that experienced the most REOs in October were St. Louis MO, Chicago IL, Baltimore MD, Philadelphia PA and New York NY.

Thanks to ATTOM Data Solutions and RealtyTrac.

Claim Your FREE Real Estate Treasure Map!