The number of properties that were repossessed by lenders decreased by 19 percent year-over-year in January, but foreclosure activity such as default notices, auctions, and bank repossessions rose significantly – hinting at a potential surge in foreclosures for the coming year.
“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, CEO of leading real estate data curator ATTOM.
“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.”
According to the real estate data curator, a total of 31,557 U.S. properties were subject to some form of foreclosure filing in January 2023 – up 36 percent from this time last year.
Completed foreclosures for the month totalled 3,896 properties – a 6 percent increase from December 2022.
Delaware, Illinois and Michigan had highest foreclosure rates on a state-by-state basis.
- Delaware (one in every 2,109 housing units)
- Illinois (one in every 2,279 housing units)
- Michigan (one in every 2,617 housing units)
While the three states had the highest overall foreclosure rates on a state-wide basis, certain metropolitan areas stood out with even higher rates of foreclosure filings.
- Fayetteville, NC (one in every 1,322 housing units)
- Bakersfield, CA (one in every 1,522 housing units)
- Cleveland, OH (one in every 1,557 housing units)
