According to ATTOM’s April 2023 U.S. Foreclosure Market Report, a total of 32,977 U.S. properties had foreclosure filings – down 10% from a month ago but up 8% from a year ago.
Nationwide, one in every 4,234 housing units had a foreclosure filing in April. States with the highest foreclosure rates were Illinois (one in every 2,221); Maryland (one in every 2,283); New Jersey (one in every 2,334); South Carolina (one in every 2,495); and Delaware (one in every 2,603).
“Foreclosure activity continues to stabilize and even correct itself in 2023, with April showing a 10 percent decrease in overall activity after a 20 percent increase last month,” says Rob Barber, CEO at ATTOM. “While a continued decline in the number of foreclosures is not indicated, April typically exhibits a trend of decreased activity, which makes monitoring foreclosure rates and identifying potential market shifts important.”
Metropolitan areas with a population greater than 1 million that had the worst foreclosure rates, aside from Cleveland and Chicago, included Riverside, Calif. (one in every 2,046); Philadelphia (one in every 2,079); and Jacksonville, Fla. (one in every 2,091).
Lenders started the foreclosure process on 22,455 U.S. properties, down 7% from last month and up 1 percent from a year ago.
Major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in April 2023 included New York (1,711); Chicago (1,153); Miami (846); Los Angeles (829); and Philadelphia (747).
Lenders repossessed 2,919 U.S. properties through completed foreclosures (REOs), down 39% from last month but up 3% from last year.
States with the greatest number of REOs included Illinois (334); Pennsylvania (218); New York (199); Texas (184); and California (171).
Major metropolitan statistical areas with a population greater than 200,000 that saw the highest number of REOs included: Chicago (259); New York (165); Philadelphia (128); St. Louis (54); and Detroit (52).
Photo by Zac Gudakov on Unsplash