The U.S. may escape a recession this year, as experts predict, but the toll on property owners of the uncertain economy has been high. Foreclosures are climbing once again and so are bank repossessions.
ATTOM's new report on the zip codes with the highest rates of foreclosure reveals a 28% increase since 2Q 2023 to 125,000 properties – a 34% increase from Q3 2022. As noted previously in GlobeSt.com, the level of foreclosures is approaching pre-pandemic levels after a freeze on the process imposed by the federal government was lifted. One in every 1,121 properties nationwide was subject to a foreclosure filing in the third quarter. This rise in foreclosures might also be attributed to pending filings finally processing, ATTOM noted.
The states with the highest foreclosure rates in 3Q 2023 were New Jersey, South Carolina, Delaware, Nevada and Maryland. The worst-hit metros were Houston, Atlantic City, Cleveland, OH, Bakersfield, and Columbia, SC.
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Looking deeper, the zip codes with populations over 1,000 with the highest rates in the third quarter were 77327 (Cleveland, TX), 33946 (Placida, FL), 95454 (Laytonville, CA), 34602 (Brooksville, FL), 95542 (Garberville, CA), 12547 (Milton, NY), 95684 (Somerset, CA), 12154 (Schaghticoke, NY), 95589 (Whitethorn, CA), and 12733 (Fallsburg, NY).
There was also an 11% increase in the number of foreclosure filings in September, 2023. That was an increase of 18% from the prior year. In this month alone 77327, Cleveland, TX, again led the metros with the highest foreclosure rates, where one in every 37 homes was subjected to the procedure. It was followed by 33946, 95684, 06420 (Salem, CT), 60461 (Olympia Fields, IL), 19132 (Philadelphia), 60428 (Markham, IL), 75229 (Dallas, TX), 32826 (Orlando, FL) and 78252 (San Antonio, TX).
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