Foreclosure filings — which include default notices, scheduled auctions and bank repossessions — were reported on 151,153 U.S. properties in 2021, down 29% from 2020 and down 95% from a peak of nearly 2.9 million in 2010. These figures represent the lowest level since ATTOM began tracking this data in 2005.

ATTOM released its Year-End 2021 U.S. Foreclosure Market Report yesterday. For the month of December 2021, there were 17,971 U.S. properties with foreclosure filings, down 8% from the previous month but up 65% from a year ago.

States with the highest foreclosure rates in 2021 include:

  • Nevada (0.26% of housing units with a foreclosure filing)
  • Illinois (0.23%)
  • Florida (0.21%)
  • Delaware (0.21%)
  • New Jersey (0.19%)

Metro areas with a population greater than 1 million with the highest foreclosure rates in 2021 include:

  • Cleveland, Ohio (0.37% of housing units with a foreclosure filing)
  • Las Vegas, Nevada (0.31%)
  • Miami, Florida (0.25%)
  • Jacksonville, FL (0.25%)
  • St. Louis, Missouri (0.22%)
Bank repossessions in 2021 were down 98% since their 2010 peak

Lenders repossessed 25,662 properties through foreclosure (REO) in 2021, down 49% from 2020 and down 98% from a peak of 1,050,500 in 2010, reaching the lowest level as far back as data is available — 2006.

States that saw the greatest number of REOs in 2021 include

  • Illinois (3,472 REOs)
  • Florida (2,287 REOs)
  • California (1,839 REOs)
  • Pennsylvania (1,293 REOs)
  • Texas (1,236 REOs)

Those metropolitan statistical areas with a population greater than 1 million that saw the greatest number of REOs in 2021 included:

  • Chicago, Illinois (1,733 REOs)
  • St. Louis, Missouri (1,255 REOs)
  • New York, New York (814 REOs)
  • Baltimore, Maryland
  • Philadelphia, Pennsylvania (571 REOs)
Foreclosure starts in 2021 hit a new record low

Lenders started the foreclosure process on 92,346 U.S. properties in 2021, down 30 percent from 2020 and down 96 percent from a peak of 2,139,005 in 2009, to a new all-time low going back as far as foreclosure starts data is available — 2006.

States that saw the greatest decline in foreclosure starts from last year included:

  • Maryland (down 81%)
  • Oklahoma (down 70%)
  • Idaho (down 64%)
  • Nebraska (down 63%)
  • Connecticut (down 60%)

Metros with a population greater than 1 million that had at least 500 foreclosure starts in 2021 and saw the greatest declines in foreclosure starts from last year included:

  • Philadelphia, Pennsylvania (down 56%)
  • Washington, DC (down 52%)
  • Charlotte, North Carolina (down 51%)
  • Cleveland, Ohio (down 42%)
  • Chicago, Illinois (down 42%)

Bucking the trend were four states and three metros with annual increases in foreclosure starts:

  • State: South Dakota (up 20%)
  • State: Vermont (up 36%)
  • State: North Dakota (up 71%)
  • State: Nevada (up 85%)
  • Metro: Birmingham, Alabama (up 4%)
  • Metro: Miami, Florida (up 17%)
  • Metro: Las Vegas, Nevada (up 142%)

For more detailed information, view the full report.

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