Highest Activity Level Since March 2020
According to the January 2022 ATTOM Foreclosure Execution Market Report, there were a total of 23,204 U.S. buildings with filters – initial notices, scheduled auctions, or bank repayments – more than 29 percent from last month and 139 percent from the previous year.
“The rise in the closing rate in January is not surprising,” said Rick Sharga, vice president of RealtyTrac, ATTOM. “The closure is usually postponed during the holidays in November and December and takes place later in the year. This year, the increase has been even more dramatic than ever, as bans imposed on CFPB mortgage employees expired in late December.”
The numbers for completing the forecast continue to rise
Lenders repossessed 4,784 U.S. buildings with completed forecasts (REO) in January 2022, up 57 percent from the Foreclosure the previous month and 235 percent from the previous year – the seventh month in line with the annual increase in completed renovations.
Countries that had one hundred or more REOs and saw the largest monthly increase for January 2022 included: Michigan (up 622 percent); Georgia (up to 163 percent); Texas (up to 98 percent); Tennessee (up to 50 percent); and Alabama (up 44 percent).
The major metropolitan statistical areas (MSAs) with a population of over 200,000 saw a large number of REOs including Detroit, MI (1,013 REO); Chicago, IL (210 REOs); New York, NY (129 REOs); Miami, FL (113 REOs); and Philadelphia, PA (107 REOs).
“It’s important to keep these numbers in shape,” Sharga said. “Completion of forecasts is still below normal – less than half as high as in January 2020 before the epidemic was announced, and it was about 60% lower than the number of closures in 2019. The closure will remain under the old order until the end of 2022. “
Very closed prices in New Jersey, Illinois, and Nevada
Nationwide one home out of 5,922 households registered in January 2022. Countries with the highest rates of housing closure are New Jersey (one in every 2,336 households has a favored fine); Illinois (one in every 2,740 apartments); Nevada (one of 3,119 households); Michigan (one of 3,127 housing units); and Ohio (one of 3,251 households).
Among the 220 metropolitan statistical sites with a population of about 200,000, the highest levels of arrest in January 2022 were Detroit, MI (one of 1,547 households with an arrest file); Atlantic City, NJ (one of 1,564 housing units); Cleveland, OH (one in every 1,659 homes); Columbia, SC (one in every 1,921 homes); and Trenton, NJ (one of 2,299 homes in total).
Outside Detroit and Cleveland, among the urban areas with a population of over one million, whose worst closing rates in January 2022 included: Chicago, IL (one of 2,514 housing units); Las Vegas, NV (one in every 2,654 homes); Miami, FL (one in every 2,731 homes).
Execution begins monthly in 33 states, including the Province of Colombia
Lenders began plans to close 11,854 U.S. buildings in January 2022, up 29 percent from the previous month and 126 percent from the previous year.
Countries that saw the highest number of incarceration commencing in January 2022 include Florida (1,238 incarcerations); California (1,226 closes begin); Texas (1,003 closes begin); Illinois (757 closure begins); and Ohio (665 closure begins).
Among the two hundred and twenty data centers with a population of two hundred thousand and one hundred or more closures since January 2022 that have seen significant annual growth include Minneapolis, MN (up to three hundred percent); Detroit, MI (up to 298 percent); San Antonio, TX (up 291 percent); Jacksonville, FL (up to 259 percent); and Miami, FL (up 242 percent).