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

Sunday Reading - What's the point of a consumer electronics show?

  What's the point of a consumer electronics show? Consumer electronics shows are large convention-type events where companies debut new technologies and products. The largest and most notable shows are CES in Las Vegas, a trade show every January, and IFA Berlin, which takes place annually in September. The events have historically introduced novel, cutting-edge products that later became household standards, like HDTVs, VCRs, DVDs, and gaming consoles ( see list ).   Over time, these shows evolved from product showcases ( see last year's coolest gadgets ) into complex industry ecosystems, serving as a meeting ground for startups, multinational technology companies, investors, and the media. Hardware launches, keynote speeches, and...
Post a Comment
Read Complete Article HERE>»

A Perfect Example - What Makes Credit Unions Different from Banks!

When the government shutdown hit in October and paychecks stopped, thousands of federal employees were left wondering how to make ends meet. Credit unions across the country stepped up—but Keesler Federal Credit Union went above and beyond. No loans, no hassle—just your paycheck Instead of making members apply for emergency loans, Keesler Federal launched its Paycheck Relief Program. Revolutionary in its simplicity, it worked like this: if you were a federal employee with direct deposit at Keesler Federal, your paycheck kept coming—interest-free, fee-free, and stress-free. Each qualified member could receive up to $6,000 per pay period for as long as 90 days. No hoops, no headaches. From October 1 until the shutdown ended, Keesler Federal advanced more than 5,000 paychecks totaling $6.5 million to 1,710 members. For non-members, they even offered zero-interest loans up to $6,500 with a year to pay it back. This proactive approach meant that before the first missed paycheck, Keesler Fed...
Post a Comment
Read Complete Article HERE>»

Eight Credit Unions Pay $42 Million in Special Dividends to 1.1 Million Members

  By  Jim DuPlessis   | January 05, 2026 at 04:00 PM So far this season, CU Times has tallied 19 credit unions, which have announced $160.3 million in special dividends for members.       Eight more credit unions have reported special dividends, paying their 1.1 million members $42.1 million in December and January. The bulk of the dividends came from Police and Fire Federal Credit Union of Philadelphia and Eastman Credit Union of Kingsport, Tenn., which each announced $16 million in rewards approved by their boards. The late January payout from Eastman ($9.7 billion, 356,492 members) will bring its total special dividends to $225 million since 1998. A news release from the credit union said “the Extraordinary Dividend is never guaranteed, but the strong financial performance of ECU in 2025 enabled the Board of Directors to approve this year’s $16 million payout.” Eastman’s $16 million payout represents about $47 per member and 19 basis points of its averag...
Post a Comment
Read Complete Article HERE>»

Auto Link, Home Link, and CalcuLink Unite Under New Parent Brand: Centergy Solutions

Auto Link, Home Link, and CalcuLink Unite Under New Parent Brand: Centergy Solutions Auto Link announced a major rebrand that unifies its three established product lines- Auto Link, Home Link, and CalcuLink- under one cohesive parent brand. The transition marks a strategic evolution designed to simplify the company’s ecosystem, strengthen product synergy, and enhance the overall experience for credit unions and the members they serve. The new Centergy Solutions brand reflects the company’s mission to deliver a more connected and integrated suite of digital tools across auto and home lending, auto and home buying, and financial decision-making. From an operational perspective, the unified brand also allows Centergy Solutions to accelerate innovation and improve platform alignment. Under the new parent brand: • Auto Link continues to support financial institutions with industry-leading digital auto lending tools that boost member engagement and loan volume. • Home Link provides consume...
Post a Comment
Read Complete Article HERE>»

Temporary Corporate Credit Union Share Guarantee Expires December 31, 2012

NCUA LETTER TO CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION 1775 Duke Street, Alexandria, VA 22314 DATE: March 2012 LETTER No.: 12-CU-03 TO: Federally Insured Credit Unions SUBJ: Temporary Corporate Credit Union Share Guarantee Expires December 31, 2012 Page Content ​ Dear Board of Directors and Chief Executive Officers: We are entering the final phase in the successful stabilization of the corporate credit union system. By the end of this year, all products and services offered by conserved corporate credit unions will be seamlessly transitioned to other providers – with no interruption of service to members. In the meantime, all ongoing corporate credit unions are meeting NCUA’s higher regulatory standards for capital, investments, and governance. ***READ COMPLETE LETTER; Temporary Corporate Credit Union Share Guarantee Expires December 3...
Post a Comment
Read Complete Article HERE>»

Become a Royal Credit Union

Welcome Royal Member Services Royal Member Services About Royal   We stand behind the most dependable automotive service plans in the business. We offer a range of automotive service plans for new and used vehicles that provide exceptional protection against repair costs while increasing dealer value on each and every sale. Our plans are backed by more than 50 years of dependability and customer satisfaction. We offer a world-class service organization, marketing, training, and a complete line of services. We have plans to fit most every vehicle and consumer budget. Call today and put Roya...
Post a Comment
Read Complete Article HERE>»

DENVER (CO) FIREFIGHTER SUCCUMBS TO INJURIES

The Secret List www.FireFighterCloseCalls.com We regret to pass on to you that the Denver Firefighter who fell through a skylight while fighting a fire on June 28 died in the Line of Duty from his injuries last night. John Whelan, a 15-year veteran of the department was taken to St. Anthony North Health Campus about 1945 hours with shortness of breath, according to a release from the Denver Fire Department. Whelan died less than an hour later after going into cardiac arrest. Whelan was at the scene of a dumpster fire that broke out near an abandoned building at 3860 Blake Street on June 28th. He was on the roof of the building checking for damage when the skylight collapsed. Whelan fell 20 feet and suffered several injuries including a broken arm, broken ribs and internal injuries. More details will follow as a press conference is scheduled for this morning outside Denver Fire Headquarters. Our condolences to all those affected. RIP.
Post a Comment
Read Complete Article HERE>»

Fed Raises Rates to Highest Point Since 2001; Here's What CU Economists Are Saying

WASHINGTON—Emphasizing it remains “highly attentive to inflation risks,” the Federal Resoerve has moved to hike interest rates by 25 basis points, setting the target range for federal funds at 5.25 to 5.5%--their highest level since 2001. The Federal Open Market Committee made the announcement Wednesday at the close of its July two-day meeting here, and suggested it may not yet be done with rate increases. “Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the Fed stated in a release. Tighter Conditions “Tighter credit conditions for households and businesses are likely to weigh on economic...
Post a Comment
Read Complete Article HERE>»

'Anatomy' Of A Ransomware Attack

By Ray Birch BALTIMORE—Credit unions should brace for almost a month of major problems if they’re victimized by a ransomware attack, according to one cybersecurity expert, whose insights into the “anatomy” of a ransomware attack are coming at the same time nearly 60 CUs are currently trying to restore their own operations. As those credit unions have come to learn, it takes on average 22 days to get through a ransomware attack and get to the other side, that same expert stated. That information and additional insights were shared during a webinar hosted by cybersecurity firm Think/Stack, which that was held to provide CUs with insights and answers regarding ransomware in light of the recent attack that that continues to affect those five-dozen CUs hit by an attack on a common vendor. ...
Post a Comment
Read Complete Article HERE>»

Fed may cut rates sooner and faster than expected if disinflation holds up, Waller says

  Fed may cut rates sooner and faster than expected if disinflation holds up, Waller says By  Howard Schneider  and  Ann Saphir January 16, 2025 11:47 AM EST Updated 7 days ago , opens new tab Summary Waller's inflation outlook sees a faster return to 2% target He says a rate cut at Fed's March meeting cannot be ruled out Investors see two cuts as more likely in 2025 after his remarks WASHINGTON, Jan 16 (Reuters) - Inflation is likely to continue to ease and possibly allow the U.S. central bank to cut interest rates sooner and faster than expected, Federal Reserve Governor Christopher Waller said on Thursday in comments that pushed against recent market moves that anticipate a shallower Fed rate path. Inflation "is getting close to what our 2% inflation target would be," Waller said on CNBC, citing estimates indicating that one key measure of underlying inflation, the Personal Consumption Expenditures Price Index excluding food and energy costs, has been close to the...
Post a Comment
Read Complete Article HERE>»