{"id":155539,"date":"2023-07-24T08:50:17","date_gmt":"2023-07-24T14:50:17","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=155539"},"modified":"2024-01-08T07:16:01","modified_gmt":"2024-01-08T14:16:01","slug":"foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end","title":{"rendered":"Foreclosure Activity Continues to Steadily Increase as COVID-Era Policies End"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC3667447235\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">Foreclosures across the U.S. are on the rise and nearing pre-pandemic levels, according to real estate data firm ATTOM.<\/span><\/p>\n\n\n\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.attomdata.com\/news\/market-trends\/foreclosures\/attom-mid-year-2023-u-s-foreclosure-market-report\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ATTOM\u2019s midyear foreclosure activity report<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;found that foreclosure activity has been gradually increasing over the last few quarters as COVID-related policies have ended.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Across the U.S., 0.13% of all housing units foreclosed in the first half of 2023. Foreclosures are up 13% from the same period in 2022 and up 185% from the same period two years ago.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cSimilar to the first half of 2022, foreclosures activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,\u201d Rob Barber, CEO of ATTOM, said in a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.housingwire.com\/articles\/foreclosure-activity-ticks-up-in-the-first-half-of-2023\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">statement<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Foreclosure Trend Could Continue but Remains Below Pre-Recession Levels<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">One of the reasons for the rise in foreclosures is that housing relief measures put in place during 2020 to assist homeowners struggling to pay their mortgages ended in May.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">While foreclosures in the second quarter of 2023 are below pre-2008 recession levels in 78% of major markets, there\u2019s been a notable uptick in the last six months. A total of 97,608 properties filed for foreclosure during the second quarter of 2023, far below pre-Great Recession quarter averages of 278,912.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Still, the rise in foreclosures could continue, said Barber. Properties that have started the foreclosure process were up 15% from the first half of 2021 and up 36% from the first half of 2020.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cAlthough overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years,\u201d Barber said.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Lenders foreclosed on a total of 22,672 properties in the first half of 2023, which was up 9% from the first half of 2022 and 133% from the first half of 2021, but down 40% from the first half of 2020.<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_64be8f9c6af3a: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_64be8f9c6af3a\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">States With Largest Foreclosures in First Half of 2023<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">So, which states saw the greatest increase in foreclosure activity in the first half of the year when compared to year-over-year numbers? That would be Maryland, which saw an uptick of 100%, followed by:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Oregon, at 99%&nbsp;<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Alaska, with a rise of 95%<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">West Virginia, which increased 83%<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Arkansas, which was up 72%<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">The states with the highest foreclosure rates were Illinois, which saw 0.25% of all housing units with a foreclosure filing. New Jersey, Maryland, Delaware, and Ohio also all had high foreclosure rates.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">While foreclosure activity was below pre-recession averages for most metro areas, it was above average in:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Honolulu<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Richmond, Virginia<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Baltimore<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Virginia Beach, Virginia<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Albany, New York<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">Montgomery, Alabama<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">Cleveland and Atlantic City, New Jersey tied for the largest foreclosure filing among the 223 metropolitan statistical areas with a population of at least 200,000 in the first half of the year, at 0.33%, followed by Fayetteville, North Carolina, and Columbia, South Carolina at 0.30% and 0.29, respectively.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">California, Florida, Texas, New York, and Illinois all had the greatest number of foreclosure starts, which indicates there could be an increase in foreclosures in those states in the coming quarters.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Top 10 States With Highest Foreclosure Filings<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table><thead><tr><th>State Name<\/th><th>Total Properties With Filings<\/th><th>% of Housing Units<\/th><th>% Increase from Jan &#8211; June 2022<\/th><th>% Increase from Jan &#8211; June 2021<\/th><\/tr><\/thead><tbody><tr><td><span style=\"font-weight: 400;\">Illinois<\/span><\/td><td><span style=\"font-weight: 400;\">13,619<\/span><\/td><td><span style=\"font-weight: 400;\">0.25<\/span><\/td><td><span style=\"font-weight: 400;\">-3.32<\/span><\/td><td><span style=\"font-weight: 400;\">175.47<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">New Jersey<\/span><\/td><td><span style=\"font-weight: 400;\">9,094<\/span><\/td><td><span style=\"font-weight: 400;\">0.24<\/span><\/td><td><span style=\"font-weight: 400;\">-0.9<\/span><\/td><td><span style=\"font-weight: 400;\">241.88<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Maryland<\/span><\/td><td><span style=\"font-weight: 400;\">5,858<\/span><\/td><td><span style=\"font-weight: 400;\">0.23<\/span><\/td><td><span style=\"font-weight: 400;\">99.66<\/span><\/td><td><span style=\"font-weight: 400;\">410.72<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Delaware<\/span><\/td><td><span style=\"font-weight: 400;\">1,004<\/span><\/td><td><span style=\"font-weight: 400;\">0.23<\/span><\/td><td><span style=\"font-weight: 400;\">11.18<\/span><\/td><td><span style=\"font-weight: 400;\">123.61<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Ohio<\/span><\/td><td><span style=\"font-weight: 400;\">10,546<\/span><\/td><td><span style=\"font-weight: 400;\">0.2<\/span><\/td><td><span style=\"font-weight: 400;\">-4.37<\/span><\/td><td><span style=\"font-weight: 400;\">156.03<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">South Carolina<\/span><\/td><td><span style=\"font-weight: 400;\">4,511<\/span><\/td><td><span style=\"font-weight: 400;\">0.19<\/span><\/td><td><span style=\"font-weight: 400;\">-1.25<\/span><\/td><td><span style=\"font-weight: 400;\">173.73<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Florida<\/span><\/td><td><span style=\"font-weight: 400;\">18,530<\/span><\/td><td><span style=\"font-weight: 400;\">0.19<\/span><\/td><td><span style=\"font-weight: 400;\">5.14<\/span><\/td><td><span style=\"font-weight: 400;\">136.02<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Nevada<\/span><\/td><td><span style=\"font-weight: 400;\">2,402<\/span><\/td><td><span style=\"font-weight: 400;\">0.19<\/span><\/td><td><span style=\"font-weight: 400;\">6.33<\/span><\/td><td><span style=\"font-weight: 400;\">161.94<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Indiana<\/span><\/td><td><span style=\"font-weight: 400;\">5,254<\/span><\/td><td><span style=\"font-weight: 400;\">0.18<\/span><\/td><td><span style=\"font-weight: 400;\">8.96<\/span><\/td><td><span style=\"font-weight: 400;\">142.12<\/span><\/td><\/tr><tr><td><span style=\"font-weight: 400;\">Connecticut<\/span><\/td><td><span style=\"font-weight: 400;\">2,437<\/span><\/td><td><span style=\"font-weight: 400;\">0.16<\/span><\/td><td><span style=\"font-weight: 400;\">23.14<\/span><\/td><td><span style=\"font-weight: 400;\">191.51<\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">While foreclosures rose in the first half of 2023, we are still far below the average foreclosure rates seen before the 2008 recession. It&#8217;s likely that we will see a rise in foreclosures in the coming quarters or even years as homeowners adjust to pandemic relief measures ending, but there&#8217;s no reason to think that the real estate market is crashing anytime soon.&nbsp;<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_f72975f078d8cc56f11279a781292e36\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_06cd8b8698a157168edadb4d4a362e14\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_e5e45793ed97dcb5a9d728a64074b050 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/foreclosure-activity-continues-to-steadily-increase-as-covid-era-policies-end&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Foreclosure activity continues to steadily increase according ATTOM&#8217;s Q2 report.<\/p>\n","protected":false},"author":613681,"featured_media":155545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,7119,6],"tags":[],"class_list":["post-155539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends","category-biggerpockets-daily","category-foreclosure-investing"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/155539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613681"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=155539"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/155539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/155545"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=155539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=155539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=155539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}