US properties with foreclosure filings increased +11% m/m and +129% y/y during February 2022.

Foreclosure Activity Moving Back to Normal from Historic Lows

Foreclosure activity in February 2022 kicked up +11% m/m and +129% y/y.

According to RealtyTrac’s February 2022 US Foreclosure Market Report, there were a total of 25,833 US properties with foreclosure filings (default notices, scheduled auctions or bank repossessions) during February.

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Rick Sharga, executive vice president with RealtyTrac, an ATTOM company, said, “February foreclosure activity looks a lot like what we can expect for at least the next six months – double digit month-over-month growth, and triple digit year-over-year increases.”

Sharga continued.  “This isn’t an indication of economic turmoil, or of weakness in the housing market; it’s simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect the pandemic’s financially-impacted homeowners from defaulting.”

Foreclosure Completion Numbers Down from Prior Month

Lenders repossessed 2,634 properties via completed foreclosures (REOs) in February 2022, down -45% from January but up +70% from last year.  Low numbers here were likely due to the fact that mortgage servicers were simply “catching up” on loans that had been in foreclosure.

States with the most monthly decreases of completed foreclosures  during February included:

  • Michigan – -81%
  • Texas – -58%
  • California – -52%
  • Florida – -43%
  • New Jersey – -27%

Metros with populations of at least 200,000 with the greatest monthly decreases in completed foreclosures during February included:

  • Detroit – -87%
  • Los Angeles – -63%
  • Louis MO – -50%
  • Riverside CA – -46%
  • New York – -40%

Foreclosure Starts Increase Monthly in 40 States Including District of Columbia

Foreclosure starts increased +40% m/m and +176% y/y during February 2022.

States with the highest number of foreclosure starts during February included:

  • California with 1,868 starts
  • Florida with 1,527 starts
  • Texas with 1,488 starts
  • Illinois with 1,168 starts
  • Ohio with 1,144 starts

Nationwide, the highest foreclosure rates during February 2022 were in New Jersey, Illinois and Ohio.

Metros with the highest number of foreclosure starts included:

  • Chicago – 1,075
  • New York – 793
  • Los Angeles – 530
  • Houston – 471
  • Atlanta – 415

States & Metros with Highest Foreclosure Rates

Nationwide, the highest foreclosure rates during February 2022 were in New Jersey, Illinois, Ohio, South Carolina and Nevada.

Metros with populations from at least 200,000 to +1M included:

  • Jacksonville FL – 1 in every 2,452 housing units
  • Las Vegas NV – 1 in every 2,472 housing units
  • Orlando FL – 1 in every 2,655 housing units
  • Chicago IL – 1 in every 2,058 housing units
  • Lakeland FL – 1 in every 1,983 housing units
  • Columbia SC – 1 in every 1,890 housing units
  • Atlantic City NJ – 1 in every 1,832 housing units
  • Cleveland OH – 1 in every 1,483 housing units

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Thanks to RealtyTrac and ATTOM.


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