Foreclosure filings are starting to inch closer to the figures seen before the start of the COVID-19 pandemic in 2020. As pandemic relief programs end, these numbers are expected to continue to rise.
According to ATTOM’s August 2022 U.S. Foreclosure Market Report, a total of 34,501 U.S. properties had foreclosure filings as of August at various stages of the foreclosure process, whether it be default notices, scheduled auctions, or bank repossessions. This figure is 14 percent more than numbers reported in July 2022. These numbers also represent a 118 percent increase when compared to August 2021.
Foreclosure starts, often referred to as the first step of the foreclosure process, affected a total of 23,952 properties in the U.S. in August. This figure is up 12 percent from the previous month and up 187 percent from the prior year. However, these numbers are still not at the point they were in August 2019. According to figures from ATTOM, August foreclosure starts were at 86 percent of the number of foreclosure starts reported in August 2019.
The states with the largest monthly increases in foreclosure starts included Oklahoma, Tennessee, Virginia, Arkansas, and Washington. At the top of this list, Oklahoma saw an 80 percent increase in August 2022.
Nationally, one in every 4, 072 housing units had a foreclosure filing in August 2022. The states with the highest foreclosure rates in the month of August included Illinois, Delaware, South Carolina, New Jersey, and Florida. In Florida, one in every 2,950 housing units had a foreclosure filing.
Florida also made the top five for metropolitan areas with the highest foreclosure rates for populations of one million or more. The top five metropolitan areas included Cleveland, Ohio; Chicago, Illinois; Jacksonville, Florida; Riverside, California; and Orlando, Florida.
Foreclosure completion numbers were also up from the previous year. Foreclosure completions occur when the bank takes possession of the home at the end of the process. The number of foreclosure completions were up 28 percent nationwide in the month of August and 59 percent from the previous year.
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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