Skip to main content

Properties With Foreclosure Filings Show Big Jump Over One Year Ago

 CUToday

Brian Turner

Brian Turner

The data was released as part of ATTOM’s U.S. Foreclosure Market Report for the third quarter.

The report further found there were a total of 31,836 U.S. properties with foreclosure filings in September 2022, down 8Q% from the previous month but up 62% from September 2021.

In his analysis of the data, Brian Turner, president and chief economist with Meridian Economics, observed, “Lenders started the foreclosure process on 67,249 U.S. properties in Q3 2022, up 1% from the previous quarter and up 167% from a year ago — nearly reaching pre-pandemic levels. Foreclosure activity is reflecting other aspects of the economy, as unemployment rates continue to be historically low, and mortgage delinquency rates are lower than they were before the COVID-19 outbreak.”

Turner said the data show the states that posted the greatest number of foreclosure starts in Q3 2022 include California (7,368 foreclosure starts), Florida (6,671 foreclosure starts), Texas (6,217 foreclosure starts), Illinois (4,702 foreclosure starts), and New York (3,997 foreclosure starts).

Cities With Most Disclosures

The data further show that among the 223 metropolitan statistical areas analyzed in the report, those that posted the greatest number of foreclosure starts in Q3 2022, include New York City (4,621 foreclosure starts), Chicago (3,950 foreclosure starts), Los Angeles (2,275 foreclosure starts), Philadelphia (1,991 foreclosure starts), and Miami (1,990 foreclosure starts).

Turner said the ATTOM analysis also reveal bank repossessions increased nationwide, with lenders repossessing 10,515 U.S. properties through foreclosure (REO) in Q3 2022, up 18% from the previous quarter and up 39% from a year ago.

“But very few of the properties entering the foreclosure process have reverted to the lender at the end of the foreclosure,” Turner wrote. “In fact, nearly three times more homes were repossessed by lenders in the second quarter of 2019 than in the second quarter of 2022. We believe that this may be an indication that borrowers are leveraging their equity and selling their homes rather than risking the loss of their equity in a foreclosure auction.”

Additional Data Points

Other data points in the ATTOM report:

  • Properties foreclosed in Q3 2022 had been in the foreclosure process an average of 885 days, down from 948 days in the previous quarter and down 4% from 924 days in Q3 2021.
  • States with the longest average foreclosure timelines for homes foreclosed in Q3 2022 were Hawaii (2,121 days), New Jersey (2,002 days), Louisiana (1,963 days), Kansas (1,848 days,  and New York (1,808 days).
  • States with the shortest average foreclosure timelines for homes foreclosed in Q3 2022 were Minnesota (113 days), Mississippi (167 days), Texas (168 days), Nebraska (168 days), and Missouri (172 days).

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Syracuse Fire Department Credit Union

Remember, you're not alone with  NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

Happy Holidays To All Who Serve

  Happy Holidays To All Who Serve 12/22/2025 10:28 am   By Grant Sheehan and Anthony Hernandez Every year, many Americans celebrate the joy of family and relief from work the holidays bring. Apart from the hustle and bustle, the holiday season is a special time to be with loved ones, engaging in family traditions and rituals, and making memories that will last a lifetime. However, not everyone gets to partake in the holiday gatherings.   There are over a hundred thousand military members serving in harm’s way or in 24-hour command center...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - The gold standard, explained

  Gold Standard       The gold standard, explained A gold standard is a system where a country’s currency is pegged to, and can be converted into, a fixed amount of gold. It’s typically meant to create a sense of security in the country’s currency: When a government uses a gold standard , its currency can be exchanged for an equivalent amount of gold—although regulations around redemption vary by country.   After the Civil War, in 1873, America adopted the gold standard for the first time. At the time, if gold was priced at $100 an ounce, each dollar  rep...
Post a Comment
Read Complete Article HERE>»

Is another housing bubble brewing?

While there have been fears expressed by some of a repeat of the housing bubble that led to the housing crisis just over a decade ago, numerous real estate analysts say they believe the market fundamentals are much stronger now and that the sharp increase in home prices reflects low rates, a lack of inventory, and demographics. To be sure, the market is hot in many markets, with home sellers receiving multiple cash offers, often over the listed price, on homes. Some analysts, including those at Swiss banking giant UBS, have published charts showing how home prices are outstripping both wages and rents, reported USA Today. Home prices have appreciated more than 60% since November 2012, incomes have only appreciated by 20% and rents by 30% over the same time period, the report added. “But unlike the real estate boom that led to the Great Recession, this nationwide price spike is not being fueled by a wholesale collapse in lender ethics,” USA Today reported “There aren't any low-doc o...
Post a Comment
Read Complete Article HERE>»

Next Gen of Payments Could Leave ACH System Behind, Bank CEO Cautions

NEW YORK–The next generation of payments could leave the Automated Clearing House (ACH) system behind as stablecoins and tokenized deposits move into the banking core, according to one bank CEO. Custodia Bank CEO Caitlin Long said during a discussion with TheStreet Roundtable host Scott Melker that the “tokenized dollars are going to be big. Yes, there’s a distinction between tokenized bank deposits and stablecoins. Yes, right now, all the activity is in stablecoins, but we’re going to link the two in a safe and sound way.” During the discussion, Long cited Citi’s upgraded forecast for the sector, which now projects between $3 trillion and $4 trillion in stablecoins outstanding by 2030, according to Yahoo Finance, which noted Long believes even that range is far too conservative. “Those numbers are still too low,” she said. “I think they’re way too low.” According to Long, the innovation lies in embedding blockchain technology directly into the banking infrastructure rath...
Post a Comment
Read Complete Article HERE>»

Dolphin Debit & Customized Service Concepts Partner to Expand ATM Options

HOUSTON– Dolphin Debit , a provider of ATM management services, said it is partnering with Customized Service Concepts (CSC), an ATM sales and service provider in New England, to offer financial institutions in the region a complete range of ATM options. Gary Walston The two companies said the advantages the partnership bring to clients are numerous, including the ability to meet any ATM need. Dolphin Debit can provide its ATM outsourcing solutions for CSC clients, allowing credit unions to break free of the burdens of ATM fleet management and maintenance, while CSC expert technicians will provide the service for the joint Dolphin-CSC clients, the organizations said. Customized Service Concepts, LLC, with offices in Durham, Conn., and Goffstown, N.H., has served financial institutions in New England for more than 30 years. CSC provides ATM/ITM solutions as well as a broad product range that inclu...
Post a Comment
Read Complete Article HERE>»

Corporate Assessment Assailed by Industry Trades

Using the NCUA’s midpoint estimates of remaining corporate stabilization costs, CUNA Chief Economist Bill Hampel estimates it would take four more years of assessments similar to the 2012 rate of 9.5 basis points to pay off corporate losses........... Corporate Assessment Assailed by Industry Trades
Post a Comment
Read Complete Article HERE>»

Email and Text Message Etiquette

As we navigate our everyday communications, I want to emphasize the importance of practicing good email and text message etiquette. This enhances clarity and ensures that everyone feels respected and valued in our interactions. Email Etiquette: 1. Use a Clear Subject Line: A subject line that accurately reflects the content of your email will help recipients know what to expect. 2. Greet Appropriately: Start with an appropriate greeting, such as "Dear [Name]", "Hello [Name]," or "Hi [Name], which sets a positive tone. 3. Acknowledge Receipt: If you receive an email that requires a response, action, or information, please acknowledge its receipt. A simple reply confirming that you have received the email helps the sender know their message was received and provides an opportunity to clarify expectations. 4. Be Concise: Keep your emails clear and to the point. Avoid excessive details unless necessary. 5. Professional Language: Use respectful and professional l...
Post a Comment
Read Complete Article HERE>»

NAFCU Economist: U.S. Might Dodge Recession

Curt Long said a strong jobs report shows resilience despite the Fed’s escalation in interest rates. By Jim DuPlessis | January 06, 2023 CUTimes Source: Shutterstock. NAFCU Chief Economist Curt Long said Friday the continued strength in the job market has increased the odds the nation will dodge a recession this year. The U.S. Bureau of Labor Statistics reported Friday there were 153.7 million seasonally adjusted jobs in December, an increase of 223,000, or 0.1%, from November and up 3% from a year earlier. The unemployment rate was 3.5% in December, down from 3.6% in November and 3.9% in December 2021. Long said December’s rate was the lowest in more than 50 years, while the labor force participation rate rose slightly. Seasonally adjusted average hourly earnings were $32.82 in December, up 0.3% from November and up 4.6% from a year ago, a slightly lower rate of increase from previous months. Curt Long “This is an unambiguously positiv...
Post a Comment
Read Complete Article HERE>»

Mortgage Rates Decline to Their Lowest Levels Since April

WASHINGTON–Mortgage rates fell last week to their lowest level since early April. According to Freddie Mac, the standard 30-year fixed-rate mortgage averaged 6.87% in the week ending June 20, which was down from the prior week’s 6.95% average and marks the third consecutive weekly decline. Rates are down from a 2024 peak of 7.22%. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Federal Reserve rate cut,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market.” Most economists and forecasters expect rates ...
Post a Comment
Read Complete Article HERE>»