HUD Articles

Foreclosure starts increase monthly in 40 states including the District of Colombia
Lenders started the foreclosure process on 16,545 U.S. properties in February 2022, up 40 percent from last month and 176 percent from a year ago.

Those states that saw the greatest numbers of foreclosures starts in February 2022 included: California (1,868 foreclosure starts); Florida (1,527 foreclosure starts); Texas (1,488 foreclosure starts); Illinois (1,168 foreclosure starts); and Ohio (1,144 foreclosure starts).

Among the 220 metropolitan statistical areas with a population of at least 200,000, those that had the greatest numbers of foreclosure starts in February 2022, included: Chicago, IL (1,075 foreclosure starts); New York, NY (793 foreclosure starts); Los Angeles, CA (530 foreclosure starts); Houston, TX (471 foreclosure starts); and Atlanta, GA (415 foreclosure starts).

Highest foreclosure rates in New Jersey, Illinois, and Ohio
Nationwide one in every 5,320 housing units had a foreclosure filing in February 2022. States with the highest foreclosure rates were New Jersey (one in every 2,510 housing units with a foreclosure filing); Illinois (one in every 2,521 housing units); Ohio (one in every 2,801 housing units); South Carolina (one in every 3,001 housing units); and Nevada (one in every 3,112 housing units).

Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in February 2022 were Cleveland, OH (one in every 1,483 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,832 housing units); Columbia, SC (one in every 1,890 housing units); Lakeland, FL (one in every 1,983 housing units); and Chicago, IL (one in every 2,058 housing units).

Other than Cleveland and Chicago, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in February 2022 included: Jacksonville, FL (one in every 2,452 housing units); Las Vegas, NV (one in every 2,472 housing units); and Orlando, FL (one in every 2,655 housing).