Overall foreclosure filings were up 57% in November from a year ago. Still, foreclosure filings for November slid 5% from the month prior, with 30,677 U.S. properties having a default notice, scheduled auction, or bank repossession tied to them, according to a report from the real estate data analytics firm Attom.
The U.S. “may be at or near a peak level of foreclosure activity for 2022,” as foreclosure starts and completions have been rising from “last year’s artificially low levels,” Rick Sharga, executive vice president of market intelligence at Attom, said in a statement.
Lenders repossessed 3,770 U.S. properties through completed foreclosures in November 2022, down 9% from the prior month, but up 64% on the same month last year, Attom, a cloud-based national property database, said.
That said, foreclosure starts in November are approximately 80% of pre-pandemic levels, Sharga said. “We may continue to see below-normal foreclosure activity,” he said, citing historically low unemployment rates and mortgage delinquency rates.