A total of 35,196 U.S. properties carried foreclosure filings in May, according to new data from ATTOM. This represents a 7% increase from April and a 14% spike from May 2022.
Nationwide, one in every 3,967 housing units had a foreclosure filing last month. The states with the highest foreclosure rates were Illinois (one in every 2,144 housing units with a foreclosure filing), Maryland (one in every 2,203 housing units), New Jersey (one in every 2,257 housing units), Florida (one in every 2,470 housing units) and Ohio (one in every 2,478 housing units).
Lenders started the foreclosure process on 23,245 properties in May, up 4% from the previous year and up 5% from one year earlier. Lenders repossessed 4,020 properties through completed foreclosures in May, up 38% from April and up 41% from May 2022.
“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.”