May’s Data Reports Spike in Foreclosure Activity

According to May’s U.S. Foreclosure Market Report, published by ATTOM Data, there were a total of 35,196 properties with a foreclosure filing against them, up 7% from April 2023 and 14% year-over-year. 

“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.” 

Nationally, one in every 3,967 had a foreclosure filing against it. The higest rates were found in Illinois (one in every 2,144 housing units with a foreclosure filing); Maryland (one in 2,203); New Jersey (one in 2,257); Florida (one in 2,470); and Ohio (one in 2,478). 

On foreclosure starts, lenders started the process on 23,245 properties in May, up 4% from April and 5% year-over-year. States that had the greatest number of foreclosure starts in May 2023 included: Florida (2,901 foreclosure starts); California (2,451); Texas (2,286); Illinois (1,358); and New York (1,287). 

However, foreclosure completion numbers increased 38% from April—lenders repossessed 4,020 properties through REO, a number which is also up 41% year-over-year. States that had the greatest number of REOs in May 2023, included: Illinois (352 REOs); Ohio (279); Michigan (271); Texas (240); and Pennsylvania (229). 

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