Foreclosure filings reported in January 2022 were up by nearly 30 percent from a month prior and up by over 139 percent from a year ago, according to figures from the U.S. Foreclosure Market Report. A total of 23,204 U.S. properties were reported as having foreclosure filings.
The fact that foreclosure filings were on the rise does not come as a surprise for financial experts who have been keeping an eye on the housing market. Normally, foreclosure filings slow down around the holidays, picking up again after the first of the year. However, this year, the filings were a little more than in previous years, showing more of a spike in filings than a slow increase.
One reason attributed to the sharp increase in filings has to do with end of the foreclosure restrictions placed on mortgage providers by the Consumer Financial Protection Bureau. These restrictions ended at the end of 2021.
Not only are filings on the rise, but foreclosure case completions were also on the rise. A total of 4,784 U.S. properties had completed foreclosures in January 2022. This number is up 57 percent when compared to December 2021 and is up 235 percent from the previous year. Additionally, foreclosure completion numbers were up for the seventh consecutive month with an annual increase in completed foreclosure cases.
Some of the states hit the hardest with the largest monthly increase in completed foreclosures were Michigan, Georgia, Texas, Tennessee, and Alabama. Several other major metropolitan areas saw the largest increase, including the Miami area.
Certain major metropolitan areas saw the largest annual increase in foreclosure filings in January 2022. Jacksonville, Florida, saw an increase of 259 percent, while the Miami, Florida, saw an increase of over 242 percent in foreclosure filings.
Despite these increases, foreclosure case completions were still below normal levels and are still less than half as were reported in January 2020 before the COVID pandemic hit. Housing experts are still anticipating year-to-year percentage increases to be high for the remainder of 2022, although these figures are still expected to be below normal levels.
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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com