Default notices, scheduled auctions and bank repossessions collectively rose in the past year meeting
Collectively, these foreclosure filings totaled 324,237 in 2022, up 115% from a year earlier but still 34% below the level seen
"Foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic," said Rick Sharga, executive vice president of market intelligence at Attom, in a press release.
However, some exceptions were found in state-level foreclosure starts.
Five states did see foreclosure starts increase above levels seen in 2019. Indiana's starts were 81% above pre-pandemic levels. The increases were less significant in the other states: Michigan (10%), Idaho (8%), Colorado (2%) and Minnesota (less than 1%).
The average number of days needed to complete a foreclosure was 852, down by 9% from a year. However, in some states it was much higher. The states with the longest foreclosure timelines were New Jersey, 2,041; Hawaii, 2,546; Louisiana, 1,925; New York, 1,828; Pennsylvania, 1,692.
"It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures," Sharga said.
Attom's report reflects records from more than 3,000 counties and accounts for more than 99% of the U.S. population.