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According to DSNews.com in the month of August 2022 there were a total of 34,501 properties with foreclosure filings, default notices, scheduled auctions or bank repossessions. This is up 14% from the month prior and is up a staggering 118% as compared to the same period a year ago. In the month of August there was an increase by 28% of completed foreclosures. Lenders repossessed some 3,938 U.S. properties through completed foreclosures (REOs) in August 2022 which up 59% as compared to the same period a year ago.

One in every 4,072 homes had a foreclosure filling nationwide in August 2022. The states that saw the highest foreclosure rates is Illinois, Delaware and South Carolina. Looking into the numbers a bit more the counties that had the highest rate of foreclosure were Cook County, Illinois with 798 foreclosures starting, Los Angeles County, California 􀍴 740 foreclosures starting, Harris County, Texas had 465 foreclosures starting, Suffolk County, New York had 297 foreclosures starting and Riverside County, California had 280 foreclosures started in the month of August.

According to dsnews.com article repossessions are likely to continue running below pre-pandemic levels for several reasons, most importantly that over 90% of borrow in foreclosure have positive equity in their homes, and would benefit from selling these properties at a profit rather than risk losing everything to a foreclosure auction or lender repossession.