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January Foreclosure Filings Up 36% YoY

January Foreclosure Filings

Foreclosure volume continues in America, with year-end totals reaching 31,557, which includes default notices, scheduled auctions, or bank repossessions, a 36% increase compared to the previous year. The numbers reported in January 2022 represent a 2% increase compared to December 2021.

Nationwide, one in every 4,425 housing units had a foreclosure filing in January 2023.

“The uptick in overall foreclosure filings nationwide points toward a trend that may suggest more increased activity is on the horizon as we enter the new year,” said Rob Barber, the CEO at ATTOM, the real estate data conglomerate that produced the January 2023 U.S. Foreclosure Market Report. “While both completed foreclosures and foreclosure starts have stalled slightly over the past month, the annual increase in overall activity seen over the past 21 months may indicate a more substantial trend that could continue into 2023.”

States with the highest overall foreclosure rates were Delaware, Illinois, New Jersey, and Maryland.

Metro areas Fayetteville, North Carolina; Bakersfield, California; Cleveland; Detroit; and Laredo, Texas reported the most foreclosure activity.

Other than Cleveland and Detroit, among the metropolitan areas with a population greater than one million, January’s highest foreclosure activity included Chicago; Riverside, California; and Las Vegas.

Foreclosure completions declined in January for the first time since June 2021, the company reported.

Florida, Maryland, Michigan, New Jersey, and Texas reported the greatest annual decreases in complete foreclosures.

Only three states—New York, Pennsylvania, and California—bucked the trend with an increase in REOs.

Metropolitan areas reporting the highest number of REOs include Detroit; Chicago; New York; Philadelphia; and Riverside, California.

Foreclosure starts, where lenders initiated the foreclosure process on 20,752 properties in January, were down 1% from last month, but up 75% from a year ago. States reporting the most foreclosure starts in January included California, Texas, Florida, New York, and Illinois.

Metropolitan areas with the greatest number of foreclosure starts in January included New York, Chicago, Los Angeles, Houston, and Philadelphia.

ATTOM’s report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. The company collects data from more than 3,000 counties nationwide, and those counties account for more than 99% of the U.S. population.