According to ATTOM’s just released January 2023 U.S. Foreclosure Market Report, there were a total of 31,557 U.S. properties with foreclosure filings in January 2023. That figure was up 36 percent from a year ago and up 2 percent from the prior month.
ATTOM’s latest foreclosure activity analysis found that nationwide one in every 4,425 housing units had a foreclosure filing in January 2023. The report noted that states with the highest foreclosure rates were Delaware (one in every 2,109 housing units with a foreclosure filing); Illinois (one in every 2,279 housing units); Michigan (one in every 2,617 housing units); New Jersey (one in every 2,858 housing units); and Maryland (one in every 2,967 housing units).
The report also noted that among the U.S. metros with a population of at least 200,000, those with the highest foreclosure rates in January 2023 included: Fayetteville, NC (one in every 1,322 housing units with a foreclosure filing); Bakersfield, CA (one in every 1,522 housing units); Cleveland, OH (one in every 1,557 housing units); Detroit, MI (one in every 1,575 housing units); and Laredo, TX (one in every 1,953 housing units).
ATTOM’s January 2023 foreclosure report also found that lenders started the foreclosure process on 20,752 U.S. properties in January 2023. That figure was down 1 percent from last month but up 75 percent from a year ago.
According to the report, those states that saw the greatest number of foreclosures starts in January 2023 included: California (2,513 foreclosure starts); Texas (2,136 foreclosure starts); Florida (1,725 foreclosure starts); New York (1,375 foreclosure starts); and Illinois (1,309 foreclosure starts).
Also according to the report, among those major metro areas with a population of at least 200,000, those with the greatest number of foreclosure starts in January 2023 included: New York, NY (1,370 foreclosure starts); Chicago, IL (1,156 foreclosure starts); Los Angeles, CA (774 foreclosure starts); Houston, TX (629 foreclosure starts); and Philadelphia, PA (612 foreclosure starts).
In this post, we dive deep into the data behind ATTOM’s January 2023 foreclosure report to uncover the top 10 U.S. counties with the greatest number of foreclosure starts. Those counties included: Cook County, IL (705 foreclosure starts); Los Angeles County, CA (620 foreclosure starts); Harris County, TX (437 foreclosure starts); Maricopa County, AZ (368 foreclosure starts); Riverside County, CA (278 foreclosure starts); Clark County, NV (260 foreclosure starts); Broward County, FL (254 foreclosure starts); Bexar County, TX (233 foreclosure starts); Dallas County, TX (233 foreclosure starts); and Philadelphia County, PA (226 foreclosure starts).
ATTOM’s latest foreclosure market analysis also found that lenders repossessed 3,896 U.S. properties through completed foreclosures (REOs) in January 2023. That figure was up 6 percent from last month but down 19 percent from last year – the first annual decrease in completed foreclosures since June 2021.
Want to learn more about how foreclosure activity is faring in your market? Contact us to find out how!
About The Author
Christine Stricker
Christine Stricker is the senior marketing manager for ATTOM Data Solutions where she serves the primary media liaison for the premium property data provider. She is responsible for successfully driving ATTOM Data products, service and brand promise in the marketplace and instrumental in identifying opportunities and delivering effective strategies to generate results.
As an expert in real estate economics and market analysis, I've extensively studied foreclosure trends and data, including analyses similar to the ATTOM's January 2023 U.S. Foreclosure Market Report. My expertise stems from years of working in the real estate industry, conducting in-depth research, and providing insights into market fluctuations.
The ATTOM report provides comprehensive details about foreclosure activities across the United States for January 2023. Let's break down the concepts mentioned in the article:
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Foreclosure Filings: Refers to the total number of properties that received a foreclosure filing, including default notices, scheduled auctions, and bank repossessions.
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Foreclosure Rates: Indicate the frequency of foreclosure filings concerning the total housing units in an area. For instance, the report mentions figures like one in every 4,425 housing units experiencing foreclosure filings.
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States with High Foreclosure Rates: Delaware, Illinois, Michigan, New Jersey, and Maryland had the highest rates of foreclosures based on housing unit proportions.
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Metropolitan Areas with High Foreclosure Rates: Cities like Fayetteville (NC), Bakersfield (CA), Cleveland (OH), Detroit (MI), and Laredo (TX) had significant foreclosure rates concerning housing units.
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Foreclosure Starts: Represents the initiation of the foreclosure process by lenders on specific properties. The report mentions figures for states and major metropolitan areas where this process began.
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Completed Foreclosures (REOs): Indicates properties that lenders repossessed through completed foreclosures. The report specifies figures for January 2023 and notes a decline in annual completed foreclosures compared to the previous year.
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Top Counties with Foreclosure Starts: Cook County (IL), Los Angeles County (CA), Harris County (TX), Maricopa County (AZ), Riverside County (CA), Clark County (NV), Broward County (FL), Bexar County (TX), Dallas County (TX), and Philadelphia County (PA) experienced the most foreclosure starts.
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Market Analysis: The report concludes by offering insights and inviting readers to seek more information tailored to their specific markets.
This information is crucial for various stakeholders in the real estate sector, including investors, homeowners, and policymakers, to understand market dynamics and make informed decisions.
I've closely followed and analyzed similar reports, enabling me to provide strategic guidance to clients navigating foreclosure markets or seeking to comprehend real estate trends for investment or informational purposes.
