Originally published on September 8, 2022 by ATTOM Staff for ATTOM.
ATTOM, a leading curator of real estate data nationwide for land and property data, today released its August 2022 U.S. Foreclosure Market Report, which shows there were a total of 34,501 U.S. properties with foreclosure filings — default notices, scheduled auctions, or bank repossessions — up 14 percent from a month ago and up 118 percent from a year ago.
Foreclosure starts to reach pre-pandemic levels nationwide
Lenders started the foreclosure process on 23,952 U.S. properties in August 2022, up 12 percent from last month and up 187 percent from a year ago.
“Two years after the onset of the COVID-19 pandemic, and after massive government intervention and mortgage industry efforts to prevent defaults, foreclosure starts have almost returned to 2019 levels,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “August foreclosure starts were at 86 percent of the number of foreclosures starts in August 2019, but it’s important to remember that even then, foreclosure activity was relatively low compared to historical averages.”