A total of 95,712 U.S. properties carried foreclosure filings during the first quarter of this year, according to new data from ATTOM. This is a 6% uptick from the previous quarter and a 22% spike from one year ago. Nationwide, one in every 1,459 housing units had a foreclosure filing in the first quarter.
ATTOM also reported there were 36,617 properties with foreclosure filings in March, a 20% increase from February and a 10% rise from March 2022. This represents the 23rd consecutive month with a year-over-year increase in foreclosure activity.
A total of 65,346 properties started the foreclosure process in the first quarter, up 3% from the previous quarter and up 29% from one year ago. The states with the greatest number of foreclosures starts were California (6,867 foreclosure starts), Texas (6,764 foreclosure starts), Florida (5,724 foreclosure starts), New York (4,345 foreclosure starts) and Illinois (4,006 foreclosure starts).
ATTOM also reported that lenders repossessed 12,518 properties through foreclosure in the first quarter, up 8% from the previous quarter and up 6% from a year ago. Properties foreclosed in first quarter had been in the foreclosure process an average of 950 days, the highest number of average days to foreclose since the first quarter of 2018.
“Despite efforts made by government agencies and policy makers to try and reduce foreclosure rates, we are seeing an upward trend in foreclosure activity,” said ATTOM CEO Rob Barber. “This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”