According to ATTOM, foreclosure starts were unchanged in April while completed foreclosures fell -36% m/m.

Foreclosure Filings Down -8% m/m BUT Up +160% y/y

ATTOM’s just released April 2022 US Foreclosure Market Report indicates that there were 30,674 US properties with foreclosure filings (default notices, scheduled auctions, buy- back repossessions) in April.  April’s filings decreased -8% m/m while simultaneously increasing +160% y/y.

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Across the country, one in every 4,580 units had a foreclosure filing in April 2022.

States with Highest Foreclosure Rates

  • Illinois – one in every 2,241 housing units
  • New Jersey: one in 2,292 housing units
  • Ohio – one in every 2,585
  • Indiana – one in every 2,660
  • Nevada – one in every 3,043

Highest Foreclosure Rates among Metros with Populations 200,000+

  • Greeley CO – one in every 1,237 housing units
  • Cleveland OH – one in every 1,326
  • Elkhart IN – one in every 1,531
  • Fayetteville NC – one in every 1,639
  • Chicago IL – one in every 1,851

Highest Foreclosure Rates among Metros with Populations of 1M+

  • Cleveland OH – one in every 1,326 housing units
  • Chicago IL – one in every 1,851
  • Philadelphia PA – one in every 2,196
  • Indianapolis IN – one in every 2,268
  • Riverside CA – one in every 2,366

Foreclosure Starts Unchanged m/m in April – A Trend?

Lenders began the foreclosure process on 22,286 properties in the US in April 2022, essentially flat m/m but up +251% y/y.

“The extreme difference between foreclosure starts and foreclosure completions in April might be the beginning of a trend,” said Rick Sharga, executive Vice President of market intelligence for ATTOM.  “Record levels of homeowner equity should provide financially distressed homeowners the opportunity to sell their homes prior to a foreclosure auction, meaning we should continue to see fewer foreclosure completions.  While it may take several months to determine if this is actually what’s happening, it seems like a real possibility in today’s low supply/high demand housing market.”

There were, however, some states and metros that bucked the flatness of foreclosure starts.

States with Greatest Monthly Increases in Foreclosure Starts

  • Massachusetts – +139%
  • Colorado – +95%
  • Minnesota – +59%
  • Indiana – +39%
  • Washington – +24%

Counties with Greatest Monthly Increases in Foreclosure Starts

  • Cook County IL – 759 foreclosure starts
  • Los Angeles CA – 652
  • Harris County TX – 429
  • Maricopa County AZ – 331
  • Philadelphia PA – 277

Foreclosure Completions Down -36% m/m & Up +82% y/y

States with the greatest number of REOs in April 2022 included:

  • Illinois – 417
  • Pennsylvania – 266
  • Michigan – 187
  • Ohio – 150
  • California

Metros of +1M people with the greatest number of REOs in April 2022 included:

  • Chicago IL – 347 REOs
  • Philadelphia PA – 149
  • New York NY – 128
  • Detroit MI – 64
  • Louis MO – 53

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Thanks to ATTOM.

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