October 2022 U.S. Foreclosure Activity Increases 57% from October 2021
Industry Update
November 9, 2022
Source: www.prnewswire.com
ATTOM, a leading curator of real estate data nationwide for land and property data, today released its October 2022 U.S. Foreclosure Market Report, which shows there were a total of 32,376 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions – up 57 percent from a year ago, but only up 2 percent from the prior month.
Lenders repossessed 4,156 U.S. properties through completed foreclosures (REOs) in October 2022, up 18 percent from last month and up 37 percent from last year.
“Repossessions in October were just under 31 percent of where they were in October of 2019,” Sharga added. “This suggests that borrowers in foreclosure have been able to sell their homes prior to the foreclosure auction, and that a higher percentage of properties at the auctions are being sold to third-party buyers. A new flood of REO homes seems increasingly unlikely to happen anytime soon.”
States that had the greatest number of REOs in October 2022, included: Illinois (1,100 REOs); New York (273 REOs); Pennsylvania (251 REOs); Michigan (239 REOs); and California (194 REOs).
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in October 2022 included: St. Louis, MO (841 REOs); Chicago, IL (220 REOs); New York, NY (147 REOs); Philadelphia, PA (124 REOs); and Detroit, MI (98 REOs).
For full report, please click the source link above.