Mortgage News February 23, 2023
ATTOM reports that the number of properties in foreclosure in the United States increased by 2% in January from a month earlier, marking the 21st consecutive month of growth.
In its US Foreclosure Market Report release for January 2023, the land, property, and real estate data company reported that U.S. properties with foreclosure filings (default notices, bank repossessions or scheduled auctions) totaled to 31,557 — up 36% from the previous year.
According to the report, foreclosure completions decreased from last year, despite overall activity rising. The number of completed REO foreclosures rose by 6% in January 2023, but declined by 19% from January 2022. This was the first annual decline in completed REO foreclosures since June 2021, according to ATTOM property information.
The states with more than 100 REOs in January 2023 that experienced the greatest reductions in REOs included: Florida (-53%); Maryland (-23%); Michigan (-22%); New Jersey (-15%); and Texas (-14%).
There was an increase in REOs in just three states that had 100 or more REOs in January 2023, counter to the national trend: New York (+76%), Pennsylvania (+12%), and California (+4%).
The greatest number of REOs in major metropolitan statistical areas (MSAs) with a population of more than 200,000 included: Detroit with 783 REOs; Chicago with 206 REOs; New York with 149 REOs; Philadelphia with 100 REOs; and Riverside, California with 66 REOs.
As of January 2023, 20,752 U.S. properties have entered the foreclosure process, a 1% decrease from last month, but an increase of 75% from the previous year.
In January, there were 2,513 foreclosures starts in California, 2,136 in Texas, 1,725 in Florida, 1,375 in New York, and 1,309 in Illinois.
The greatest number of foreclosure starts in January for major MSAs with a population of not less than 200,000 included: New York with 1,370; Chicago with 1,156; Los Angeles with 774; Houston with 629; and Philadelphia with 612.
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