Source: Realtor Magazine
Foreclosure filings in the U.S. reached 164,581 in the first half of 2022.
According to ATTOM’s Midyear 2022 U.S. Foreclosure Market Report, that’s a 153% increase from the first half of 2021, but a 1% decrease from the first half of 2020. One in every 854 property units had a foreclosure filing in the first half of 2022, representing 0.12% of all housing. Foreclosure starts were also up year over year, rising 219%, and up 19% from 2020. More than 117,000 properties started the process in the first six months.
The number of lender-foreclosed properties was up 113% year over year, with 20,750 new properties. Foreclosures are taking longer as well, the average timeline to complete a foreclosure was 948 days in the second quarter, compared to 917 days in the first quarter and 922 days year over year.
Pennsylvania was ranked 20th overall in foreclosure filings. The commonwealth had 5,531 filings in the first half of the year, representing .10% of housing units, up 133.97% year over year, but down 24.71% from the first half of 2020. Pennsylvania also had one of the highest number of lender-foreclosed properties at 1,290.
However, foreclosure activity remains below pre-recession levels in 79% of metro areas. The foreclosure activity in the second quarter of 2022 was 68% below levels in 2006 and 2007. The second quarter of 2022 is the 23rd straight quarter with foreclosure rates below the pre-recession average.
With a housing moratorium in place for more than a year due to the pandemic, foreclosure rates are starting to rise again, but still remain below pre-pandemic levels and well below pre-recession levels, suggesting they may level out in 2023, the report said.
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