According to Leon County Clerk of Courts data, the number of mortgage foreclosure cases are trending up. This trend is consistent with the direction at the national level.
The Mortgage Foreclosure Report, provided below, shows the number of foreclosure cases doubled in July when compared to the number of cases recorded one year ago. There were 22 cases in July 2022 and 11 cases filed one year ago.
A look at the 3-Mnth Ave. data – which smooths out the month to month volatility – shows a 153.7% increase in the number of foreclosure cases from one year ago.
These numbers are remarkable consistent with the findings of a national real estate data company.
ATTOM, a leading curator of real estate data nationwide recently released its Midyear 2022 U.S. Foreclosure Market Report, which shows there was a 153% increase in foreclosure filings — default notices, scheduled auctions or bank repossessions — in the first six months of 2022 when compared to the first six months of 2021.
For Leon County, filings show that there was a 141% increase in foreclosure filings in the first six months of 2022 when compared to the same period in 2021.
“Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022,” said Rick Sharga, executive vice president of market intelligence at ATTOM. “While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023.”
Looking at the level of foreclosure filings in the months before the impact of the pandemic (March 2020), “normal levels” for Leon County would appear to be between 30-40 foreclosures per month.
“It’s important to note that many of the foreclosure starts we’re seeing today – in fact, much of the overall foreclosure activity we’re seeing right now – is on loans that were either already in foreclosure or were more than 120 days delinquent prior to the pandemic,” Sharga added. “Many of these loans were protected by the government’s foreclosure moratorium, or they would have already been foreclosed on two years ago. There’s very little delinquency or default activity that’s truly new in the numbers we’re tracking.”
The chart below shows the number of mortgage foreclosure filings reported each month since July, 2019. A 3-Mnth Ave. line is also included.
It important to note there was a statewide suspension of mortgage foreclosures by executive order from April 1 through September 1, 2020.