Foreclosure Activity Increases Just Slightly In May, Signaling A Steady Climb Back To Normal
Foreclosure Activity Increases Just Slightly In May, Signaling A Steady Climb Back To Normal
Abstract
Foreclosure Activity Increases Just Slightly In May, Signaling A Steady Climb Back To Normal The 30-to-89 days mortgage delinquency rate can be an early indicator of the mortgage market's ... [ ] overall health. Foreclosure filings were up 1% from a month ago but up 185% from a year ago, according to a new report from ATTOM, a real estate data provider. As a result, there were 30,881 properties with foreclosure filings - default notices, scheduled auctions or bank repossessions. One in every 4,549 housing units had a foreclosure filing in May nationwide. States with the highest foreclosure rates were Illinois; New Jersey; Delaware; Ohio; and Florida. "While there's some volatility in the monthly numbers, foreclosure activity overall is continuing its slow, steady climb back to normal after two years of government intervention led to historically low levels of defaults," said Rick Sharga, executive vice president of market intelligence at ATTOM. "But with inflation now at a 41-year high, and runaway prices on necessities like food and gasoline, we may see foreclosure activity ramp up a little faster than most forecasts suggest." Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in May 2022 were Jacksonville, North Carolina; Cleveland; Chicago; Fayetteville, North Carolina; and Rockford, Illinois. Lenders started the foreclosure process on 22,099 properties in May 2022, down 1% from last month but up 274% from a year ago.
