High foreclosure rates have started to return to the housing market. Perhaps it is high mortgage rates that make homes harder to sell. Perhaps it is inflation that has pinched household budgets. The city with the worst foreclosure problem last year was Cleveland, which is among the cities with the poorest populations in the country. (Check out every year’s mortgage rate since 1972.)<\/p>\n
The Year-End 2022 U.S. Foreclosure Market Report from real estate research company ATTOM noted that foreclosure filings (default notices, scheduled auctions and bank repossessions) hit 324,237, up 115% from 2021. The report points out that the number was nowhere near as brutal as in 2010, when the housing market was in the midst of a total collapse.<\/p>\n
As well as analyzing city foreclosure rates, ATTOM looked at states. Those worse off based on the highest foreclosure rates in 2022 were Illinois, where 0.49% of housing units had a foreclosure filing. New Jersey followed at 0.45%, then Delaware (0.40%), Ohio (0.38%) and South Carolina (0.37%).<\/p>\n
ATTOM looked at all cities with more than 200,000 people; that is, 223 metropolitan areas. Cleveland\u2019s rate was 0.70%, followed by Jacksonville, N.C., and Atlantic City, both at 0.58%.<\/p>\n \t\t\t\t