Properties with a foreclosure filing during Q1 2022 jumped +39% q/q and +132% y/y.

Q1 2022 US Foreclosure Market Report

ATTOM, the parent company to RealtyTrac, just released its latest Q1 2022 US Foreclosure Market Report that shows a total of 78,271 properties with a foreclosure filing in Q1 2022, an increase of +39% q/q and +132% y/y.

In March alone, this report indicates that 33,333 properties had a foreclosure filing, an increase of +29% m/m and an increase of +181% y/y, for the 11th consecutive month with a year-over-year increase in foreclosure activity.

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“Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB’s (Consumer Financial Protection Bureau) enhanced mortgage servicing guidelines,” said Rick Sharga, executive vice president of market intelligence with ATTOM. “But even with the large year-over-year increase in foreclosure starts and bank repossessions, foreclosure activity is still only running at about 57% of where it was in Q1 2020, the last quarter before the government enacted consumer protection programs due to the pandemic.”

Foreclosure Starts Up in All 50 States

50,759 US properties saw the start of the foreclosure process in Q1 2022, an increase of +67% q/q and an increase of +188% from one year ago.

States with the most foreclosure starts in Q1 2022 included:

  • California with 5,378 foreclosure starts
  • Florida with 4,704 starts
  • Texas with 4,649 starts
  • Illinois with 3,534 starts
  • Ohio with 3,136 starts

Metros with the least foreclosure starts in Q1 2022 included:

  • Chicago IL with 3,101 foreclosure starts
  • New York NY with 2,589 starts
  • Los Angeles CA with 1,554 starts
  • Houston TX with 1,431 starts
  • Philadelphia PA with 1,375 starts

Smaller metros with populations of at least 200,000 that had the highest foreclosure rates in Q1 2022 included Cleveland OH, Atlantic City NJ, Jacksonville NC, Rockford IL and Columbia SC.

States with Longest & Shortest Foreclosure Timelines

According to ATTOM’s Q1 2022 US Foreclosure Market Report, the average foreclosure timeline across the nation is 917 days.

States with the longest foreclosure timelines in Q1 2022 included:

  • Hawaii – 2,578 days
  • Louisiana – 1,976 days
  • Kentucky – 1,891 days
  • Nevada – 1,808 days
  • Connecticut – 1,632 days

States with the shortest foreclosure timelines in Q1 2022 included:

  • Montana – 133 days
  • Mississippi – 146 days
  • West Virginia – 197 days
  • Wyoming – 226 days
  • Minnesota – 228 days

High-Level Foreclosure Activity Takeaways

“March foreclosure activity was at its highest level in exactly two years – since March 2020, when there were almost 47,000 foreclosure filings across the country,” said Sharga.  “It’s likely that we’ll continue to see significant month-over-month and year-over-year growth through the second quarter of 2022, but still won’t reach historically normal levels of foreclosures until the end of the year at the earliest, unless the US economy takes a significant turn for the worse.”

Most important foreclosure takeaways in March included:

  • One in every 4,215 properties nationwide had a foreclosure filing
  • States with the highest foreclosure rates in March included Illinois, New Jersey, South Carolina, Delaware and Ohio
  • 22,360 properties started the foreclosure process in March 2022, an increase of +35% m/m and +248% y/y
  • Lenders completed foreclosure on 4,406 properties in March 2022, an increase of +67% m/m and +180% y/y.

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Thanks to ATTOM.

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