ATTOM has released its May 2023 U.S. Foreclosure Market Report, which shows there were a total of 35,196 U.S. properties with foreclosure filings last month. That means default notices, scheduled auctions or bank repossessions are up 7 percent from a month ago and up 14 percent from a year ago.
Nationwide, one in every 3,967 housing units had a foreclosure filing last month, with Illinois, Maryland, New Jersey and Florida leading the country. Among the 223 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates were Lakeland, FL; Elkhart, IN; Cleveland; Palm Bay, FL and Ocala, FL.
Metros with a population greater than 1 million with the worst foreclosure rates in May 2023, include Cleveland, Jacksonville, Baltimore, Chicago and Orlando.
“The recent increase in foreclosure filings nationwide indicates a trend that has been observed throughout the year, and what we have expected to occur,” said Rob Barber, CEO at ATTOM. “This upward trajectory suggests the possibility of continued heightened activity, and with foreclosure completions seeing the largest monthly increase this year, we will continue to monitor the potential impacts this may have on the housing market.”
Lenders started the foreclosure process on 23,245 U.S. properties in May 2023, up 4 percent from last month and up 5 percent from a year ago. Lenders repossessed 4,020 U.S. properties through completed foreclosures in May 2023, up 38 percent from last month and up 41 percent from last year.