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In August, US foreclosures reached pre-pandemic levels nationwide, according to the latest US foreclosure market report published by ATTOM.
There were a total of 34,501 properties in the United States with foreclosure applications (default, scheduled auctions, or bank foreclosures), up 14% from the previous month and 118% from the previous year.
Lenders began foreclosures on 23,952 U.S. properties in August, up 12% from last month and 187% from a year ago.
“Two years after the COVID-19 pandemic and after significant government intervention and prevention efforts in the mortgage industry, foreclosure start-ups are back at close to 2019 levels,” Says Market Intelligence Executive at ATTOM.
“Foreclosure notices in August accounted for 86% of the number of foreclosure applications in August 2019, but it is important to remember that until then foreclosure activity was relatively low compared to historical rates.”
States with at least 100 foreclosure claims in August and the largest monthly increase in foreclosure claims are Oklahoma (+80%), Tennessee (+74%); Virginia (up to 64%); Arkansas (up 53%); and Washington (up to 50%).
Cook County, Illinois was the county with the most foreclosure lawsuits in August. (798 foreclosures initiated); Los Angeles County (740 foreclosures initiated); Harris County, Texas (465 foreclosures initiated); Suffolk County, New York (297 foreclosures initiated); Riverside County, California (280 foreclosures initiated).
In August, a single home foreclosure application was filed in 4,072 units across the country.
The state with the highest foreclosure rates was Illinois (1926 housing units with foreclosure data), Delaware (1 in 2387); South Carolina (1 in 2417); NJ (1 in 2441); Florida (1 in 2,950).
The metropolitan area with a population of more than 200,000 people and the highest foreclosure rate in August was Peoria, Illinois (one in 869 households filing foreclosures), Jacksonville, NC (1 in 968); Bakersfield, California (1 in 1,454); South Bend, Indiana (1 of 1,478 units); and Rockford, Illinois (one of 1496 units).
The metro area with a population of over 1 million and the highest foreclosure rate was Cleveland, Ohio (one of 1,820 properties). Chicago (1 in 1,877); Jacksonville, Fla. (one of 2,074 units); Riverside, California (1 of 2,091 units); and Orlando, Florida. (one of 2,445 units).
Lenders repossessed 3,938 U.S. properties through the stablecoin debt conglomerate in August, up 28% from last month and 59% more from a year ago.
“The recovery is likely to be below pre-pandemic levels for a number of reasons. First, more than 90% of foreclosed borrowers have positive equity in their homes and are willing to sell these properties.” Making a profit makes a profit…at the same time,” Sharga said.
The state with the most REOs in August was Illinois (493 REOs). New York (337 REO); Michigan (326 REO); Pennsylvania (260 REO); and California (189 REO).
Kansas City, Missouri was the largest metropolitan area with a population of over 1 million, which saw the largest monthly REO increase in August. (+ 967%); New York (up to 90%); Philadelphia (+ 28%); and Detroit (over 23%).
Reference Source: National Mortgage Professional
