Completed foreclosures hit the highest level since March 2020; foreclosure starts jumped +29% m/m.

Newly Released January 2022 US Foreclosure Market Report

ATTOM and its subsidiary RealtyTrac just released its January 2022 US Foreclosure Market Report.

The report indicated that foreclosure filings (default notices, scheduled auctions, bank repossessions) shot up +29% m/m and +139% y/y.


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“The increased level of foreclosure activity in January wasn’t a surprise,” said Rick Sharga, executive vice president of RealtyTrac.  “Foreclosures typically slow down during the holidays in November and December and picks back up after the first of the year.  This year, the increases were probably a little more dramatic than usual since foreclosure restrictions placed on mortgage servicers by the CFPB expired at the end of December.”

Foreclosure Completions Rising

Lenders completed +57% more foreclosure repossessions (REOs) in January than they did in December and +235% more repossessions than they did January 2021.  This last January was the 7th straight month with an annual increase in foreclosure completions.

States & Metros with Greatest Monthly Increases in Foreclosure Completions

States having at least 100+ REOs and experiencing the greatest increase in REOs during January 2022 included:

– Michigan – +622%

– Georgia – +163%

– Texas – +98%

– Tennessee – +50%

– Alabama – +44%

Metros with populations of 200,000 and above that experienced the largest number of REOs included:

– Detroit – 1,013 REOs

– Chicago – 210 REOs

– New York City – 1229 REOs

– Miami – 113 REOs

– Philadelphia – 107 REOs

ReaaltyTrac’s Sharga said, “It’s very important to keep these numbers in context.  Foreclosure completions are still far below normal levels – less than half as in January 2020…and about -60% lower than the number of foreclosure completions in 2019.  We’re likely to continue seeing large y/y percentage increases for the rest of this year, but it’s also likely that foreclosure activity will remain below historically normal levels until the end of 2022.”

States & Metros with Highest Foreclosure Rates in January 2022

States with the highest foreclosure rates included:

– New Jersey

– Illinois

– Nevada

– Michigan

– Ohio

Metros (populations of 200,000+) with the highest foreclosure rates included:

– Detroit MI

– Atlantic City NJ

– Cleveland OH

– Columbia SC

– Trenton NJ

Metros (populations of 1M+) with the worst foreclosure rates in January 2022 included

– Chicago IL

– Las Vegas NV

– Miami FL

– Detroit MI

– Cleveland OH

States & Metros with Greatest Number of Foreclosure Starts

States with the greatest number of foreclosures starts in January 2022 included:

– Florida

– California

– Texas

– Illinois

– Ohio

Metros with the highest number of foreclosures starts included:

– Minneapolis MN

– Detroit MI

– San Antonio TX

– Jacksonville FL

– Miami FL

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Thanks to AATTOM and RealtyTrac.


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