Despite an increase in foreclosure activity, they remain below pre-pandemic levels and well below the Great Recession numbers.
According to ATTOM, 324,237 properties had foreclosure filings, which includes default notices, scheduled auctions and bank repossessions in 2022, representing a 115% increase from 2021. However, it is still below 2019’s numbers by 34%. Compared to a high of 2.9 million in 2010, foreclosure filings were 89% below in 2022. Representing 0.23% of all housing units in the country, the number is up from 0.11% in 2021, but below the 0.36% in 2019 and the high of 2.23% in 2010.
Bank repossessions were up since 2021, but also remained below 2019 levels. According to the report, 42,854 properties were repossessed, an increase of 67% year over year, but still 70% below 2019 levels and 96% below 2010 levels, when more than 1 million homes were repossessed. Pennsylvania had one of the highest number of repossessions at 2,741, behind only Illinois and Michigan. Philadelphia had 1,302 of those repossessions.
Foreclosure starts rose 169% compared to 2021, representing 248,170 properties, but were below 2019 levels by 26% and 2010’s peak of more than 2 million by 88%. Philadelphia had one of the highest rate of foreclosure starts for larger metros at 7,286.
The whole foreclosure process took 852 days on average, a 9% drop year over year. Pennsylvania had one of the longest processes at 1,692 days.
“Eighteen months after the end of the government’s foreclosure moratorium, and with less than five percent of the 8.4 million borrowers who entered the CARES Act forbearance program remaining, foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”
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