Figures released Wednesday by Attom show a total of 30,358 properties with foreclosure filings in July. Despite the slight drop, foreclosure activity is still up 143 percent from the same time last year. 

Foreclosure activity in the U.S. ticked down slightly between June and July while remaining extremely elevated compared to 2021 levels, new data shows.

Figures released Wednesday by the real estate data firm Attom show the rate of U.S. foreclosures slid four percent during July to a total of 30,358 properties with foreclosure filings. 

Despite the slight drop, foreclosure activity is still up 143 percent from the same time last year thanks to the expiration of foreclosure and eviction protections. The numbers may also represent a return to the normal seasonal patterns of foreclosures which tend to dip during the third quarter of the year.

“While it’s encouraging to see both foreclosure starts and completions drop off a bit in July, it’s also worth noting that there may be some seasonality impacting the numbers,” said Rick Sharga, executive vice president of market intelligence at Attom, in a statement. “In eight of the last 10 years Q3 foreclosure activity has been lower than the previous quarter, so we might just be seeing a return to a more normal seasonal pattern of delinquencies and defaults.”

The highest foreclosure rates overall were seen in Delaware, where one in every 2,127 housing units had a foreclosure filing, followed by Illinois and New Jersey, according to Attom.

On 21,428 U.S. properties during July there were 21,428 starts on the foreclosure process, a four percent decrease from the previous month and a 226 percent increase from the same period last year.

The major metropolitan area with the most foreclosure starts was New York City, where the foreclosure process was started on 1,380 properties, followed by Chicago with 1,247 starts and Los Angeles with 678, according to Attom.

Twenty-one states did see foreclosure starts increase on a monthly basis including Michigan, where starts went up 42 percent; Massachusetts, where they went up 39 percent; and Iowa, which saw foreclosure starts go up 26 percent.

Attom attributed those states’ increases to a backlog of loans that were delinquent before the pandemic.

“It appears that a few states are still catching up on processing foreclosures on loans that were seriously delinquent prior to the pandemic, which accounts for the year-over-year spike in foreclosure starts,” Sharga added. “But early-stage delinquencies continue to be lower than normal, so once these older loans have re-entered the foreclosure process, it will be interesting to see if foreclosure starts fall off significantly.”

Meanwhile, the amount of completed foreclosures decreased slightly during July, falling five percent to 3,068, still up 27 percent from July 2021.

Email Ben Verde

foreclosure
Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×