Foreclosure Activity Remains Up 57 Percent from Last Year, and Foreclosure Starts Increase Annually by 98 Percent; But Both Measures Down from October 2022
Nationwide one in every 4,580 housing units had a foreclosure filing in November 2022. States with the highest foreclosure rates were: Illinois (one in every 2,401 housing units with a foreclosure filing); Delaware (one in every 2,736 housing units); New Jersey (one in every 2,916 housing units); South Carolina (one in every 3,195 housing units); and Wyoming (one in every 3,237 housing units).
Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in November 2022 were Cleveland, OH (one in every 1,913 housing units with a foreclosure filing); Columbia, SC (one in every 1,938 housing units); Davenport, IA (one in every 2,000 housing units); Bakersfield, CA (one in every 2,034 housing units); and Atlantic City, NJ (one in every 2,063 housing units).
Those metropolitan areas with a population greater than 1 million, with the worst foreclosure rates in November 2022, including Cleveland, OH were: Chicago, IL (one in every 2,221 housing units); Riverside, CA (one in every 2,294 housing units); and Philadelphia, PA (one in every 2,539 housing units).
Lenders repossessed 3,770 U.S. properties through completed foreclosures (REOs) in November 2022, down 9 percent from last month but up 64 percent from last year. The greatest number of foreclosure starts are still in California, Texas, and Florida. Lenders started the foreclosure process on 20,686 U.S. properties in November 2022, down 5 percent from last month but up 98 percent from a year ago.
States that had the greatest number of foreclosure starts in November 2022 again included: California (2,244 foreclosure starts); Texas (2,114 foreclosure starts); Florida (1,709 foreclosure starts); New York (1,575 foreclosure starts); and Illinois (1,243 foreclosure starts).
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in November 2022 included: New York, NY (1,593 foreclosure starts); Chicago, IL (1,028 foreclosure starts); Houston, TX (685 foreclosure starts); Miami, FL (657 foreclosure starts); and Los Angeles, CA (642 foreclosure starts).
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