Top 10 U.S. Metros with Highest Foreclosure Rates in Q2 2021
ATTOM’s newly released Midyear 2021 U.S. Foreclosure Market Report shows that foreclosure filings in the first six months of 2021 were down 61 percent from the same time period a year ago and down 78 percent from the same time period two years ago.
According to ATTOM’s latest foreclosure activity analysis, with just 65,082 U.S. properties with foreclosure filings in the first six months of 2021, only five of the greater populated metros saw an increase in total filings. Those metros included Tyler, Texas (up 88 percent); Brownsville, Texas (up 21 percent); Springfield, Illinois (up 19 percent); Sioux Falls, South Dakota (up 9 percent); and Lake Charles, Louisiana (up 5 percent).
The midyear foreclosure market report noted that nationwide, 0.05 percent of all housing units (or one in every 2,112) had a foreclosure filing in the first half of 2021. The report also noted that the states with the highest foreclosure rates in the first half of 2021 were Delaware (0.10 percent of housing units with a foreclosure filing); Illinois (0.09 percent); Florida (0.08 percent); Ohio (0.08 percent); and Indiana (0.08 percent).
The report mentioned other states with first-half foreclosure rates among the 10 highest nationwide included New Jersey (0.07 percent); Nevada (0.07 percent); South Carolina (0.07 percent); Louisiana (0.06 percent); and New Mexico (0.06 percent).
Q2 2021 Foreclosure Market Trends
The midyear foreclosure market report also cited a few of the high-level findings from ATTOM’s Q2 2021 analysis, including there were a total of 33,964 U.S. properties with foreclosure filings in the second quarter of 2021, up less than 1 percent from Q1 2021 and up 11 percent from Q2 2020.
Another key take-away from ATTOM’s Q2 2021 foreclosure market analysis is the national foreclosure activity total in Q2 2021 was 88 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007, making Q2 2021 the 19th consecutive quarter with foreclosure activity below the pre-recession average.
The report stated that second quarter foreclosure activity was below pre-recession averages in 92 percent of the metro areas analyzed among those with a population of at least 200,000 and sufficient historical foreclosure data, including New York, Los Angeles, Chicago, Dallas, Houston, Miami, Atlanta, San Francisco, Riverside-San Bernardino, Phoenix and Detroit.
ATTOM’s latest foreclosure market analysis mentioned that metro areas with second quarter foreclosure activity above pre-recession averages included Portland, McAllen, Huntsville, Salisbury, and Gulfport.
In diving deeper into the Q2 2021 foreclosure market data, we uncover those top 10 metros with that saw the highest foreclosure rates during the second quarter of 2021. Among those metros with a population of 200,000 or more, the top 10 with the highest foreclosure rates in Q2 2021 included: Macon, GA (0.10 percent of housing units with a foreclosure filing); Cleveland-Elyria, OH (0.08 percent); Peoria, IL (0.08 percent); Las Vegas-Henderson-Paradise, NV (0.07 percent); Pensacola-Ferry Pass-Brent, FL (0.07 percent); Florence, SC (0.06 percent); Mobile, AL (0.06 percent); Bakersfield, CA (0.06 percent); Champaign-Urbana, IL (0.06 percent); and Ocala, FL (0.06 percent).
ATTOM’s Midyear 2021 foreclosure market report also noted that properties foreclosed in Q2 2021 took an average of 922 days from the first public foreclosure notice to complete the foreclosure process, down slightly from 930 days in Q1 2021 but up from 685 days in Q2 2020.
According to the report, states with the longest average foreclosure timelines for foreclosures completed in Q2 2021 were Hawaii (3,068 days), New York (1,822 days), Indiana (1,617 days), Wisconsin (1,587 days), and New Jersey (1,471 days). While states with the shortest average foreclosure timelines for foreclosures completed in Q2 2021 were Wyoming (173 days), Arkansas (253 days), Tennessee (270 days), Virginia (280 days), and Mississippi (292 days).