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
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.